SEVEN OUT OF 10 AMERICAN households own a pet, according to the American Pet Products Association. For many, pet expenses consume a significant portion of their budget. Dog and cat owners, for example, spend an average of $111 each month on their animal, according to a recent AskVet survey. Some surveys suggest pet costs may be even higher. According to a 2022 Lemonade poll, pet owners spend $276 on their animals each month, on average.
Multiply the monthly cost by the typical lifespan of your pet, and you're talking serious money. However, many people "underestimate the lifetime cost of owning a pet," says Brandi Hunter Munden, a spokeswoman for the American Kennel Club. "From emergency vet visits to food to doggy bags, these costs add up." And 26% of pet owners said they were struggling to afford their pet due to inflation, an August LendingTree survey found.
The good news is there are smart ways to trim your pet's expenses. These strategies will help keep your pet healthy and happy for less money.
How to Save on Pet Insurance
Veterinary care-especially emergency care-can be expensive. Overnight hospitalization for a pet costs between $600 and $1,700 on average, according to Emergency Vets USA, a national database of emergency veterinarians. That doesn't include emergency surgery, which can set you back as much as $5,000, the site says, though even higher emergency bills aren't unheard of. (A friend of this writer recently spent $16,000 on emergency veterinary surgery after her dog swallowed a large stick.)
"If the cost of an emergency veterinary visit or serious illness would be a financial strain, consider investing in pet health insurance while your pet is healthy," says Lori Bierbrier, senior medical director at the ASPCA.
Diese Geschichte stammt aus der March 2023-Ausgabe von Kiplinger's Personal Finance.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der March 2023-Ausgabe von Kiplinger's Personal Finance.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
MAKING A DIFFERENCE IN THE LIVES OF DISABLED VETERANS
He suffered grave injuries in the line of duty. Now he helps other veterans who have disabilities.
DO YOU NEED UMBRELLA INSURANCE?
A policy can protect you from financially devastating events.
Navigating Finances as a Blended Family
Money matters can get complicated when two families unite. Planning is key.
BREAKING UP WITH YOUR BROKER
Be aware of these challenges when you move your money to a new home.
CHOOSE A MEDICARE PLAN THAT'S RIGHT FOR YOU
Consider your health care needs over the long term as you weigh costs and coverage.
Keep Faith in These Stocks
IN 1997, I coined the phrase “faith-based investing.” It has nothing to do with religion or with picking stocks at random.
OUR ESG PICKS ARE THRIVING
Despite an ongoing backlash, our favorite stocks and funds focused on environmental, social and corporate governance issues had a good year overall.
MONEY MANNERS FOR THE MODERN AGE
The customs for splitting a restaurant check, purchasing a wedding gift, tipping and more have evolved. These guidelines can help.
ELECTION 2024: POLITICS AND YOUR PORTFOLIO
Who wins the White House matters—but only at the margins when it comes to your investments.
YOUR GUIDE TO OPEN ENROLLMENT
With health care costs on the rise, it’s critical to select a plan that fits your needs at the right price.