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.
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