Aww is not the puppy cute? Dogs, cats, and many other little creatures have been our companies for many years now. Especially during these times, many people are adopting to have someone to keep us company at home. Humanity has had these animals for tens of thousands of years. It started off as a mutual relationship, the animals receiving shelters and food from us to eat and in return, they keep predators away from us and our homes. In today’s word, that is not the case anymore. Now it is more of a one-way relationship, as we choose to bring them home in reward for companionship.
We spend lots of money on our furry friends, but we do not receive any financial reward back from them, excluding the internet sensation pets. What is shocking is 98% of pet owners significantly underestimate the lifetime cost of their pet(s). Well, how much are we expected to spend on our pets? According to the PDSA in the UK, the average lifetime cost of a furry friend is about 30 thousand euros on dogs and 25 thousand on cats, what is more, shocking is that number does not include property damage or boarding. It may be shocking at first, but as you start itemizing each cost, you begin to visually see and understand how much you really pay. Most people do not see a new pet being as expensive as a new car or a down payment for a house but think again we spend almost 2 thousand each year on our buddies.
Even though your pets are not working for you for a living, it does not mean you are not getting something in return financially. Many owners consider their dogs as their home security system, as they are more deterrent than burglar alarms. Pets also give us a return on our health. There are numerous studies finding a relationship between the pet’s owner and improved mental and physical wellbeing.
You can still be cost-conscious and save money from owning a pet. To start, you can adapt your pets rather than buying one. Not only is it cheaper, but it also helps alleviate the widespread problem of animal homelessness. To avoid more costs, you could potentially foster pets. Not only does the organization pay for its medical fees, but some of your taxes are deducted also.
We are not here to tell you it is bad to spend money on your pets. Our pets make us happy and we want to be able to provide for them and ourselves without falling into debt. Keeping track of how much you spend on your pets will help you be more conscious of how you spend your money and making better financial plans with the whole family!
Lucas Zhang was a Finance major at Ohio State University. He writes about finance, mortgages, and technology for Irish Mortgage Brokers.
Relevant Links: Cost of Owning a Pet, Pet Insurance