Here’s how pets affect your finances

A dog or cat can cost you a pretty penny. But as anybody will tell you, pet ownership is beyond worth it. The Sum breaks down the costs.

To Sum It Up

• Owning a pet can cost around $3,000 a year, according to a survey from Pettable.com.

• With vet visits, insurance and food, Delaware is most expensive state for pet owners, while Idaho is the cheapest.

• California, New York, Massachusetts and Washington were not far behind Delaware.

The Background

• Delaware dog lovers pay around $2,864 a year on snacks, grooming and more.

• Idaho pet owners pay around $1,232 a year.

• Insurance can be the biggest drain, around $500 a month.

• And boarding has also gone up about 10% over pre-pandemic.

What’s Happening

• Despite high costs, 23% of dog owners would take 10% pay cuts to WFH with their pets.

• And while “pandemic pets” get anxiety as humans return to offices, 32% would swap jobs for a dog-friendly work place.

• It’s no wonder: Pet owners have more meaningful interactions with others, and are happier overall than non-pet owners.

Keeping Costs Down

• Ask your vet for a payment plan
• Swap toys/linens with neighbors
• Before giving up, check out local assistance programs

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Why It Matters

• High bills can force pet owners to neglect their own needs: 33% have prioritized a pet’s health bills before their own.

• Raising costs can also lead to abandoned and neglected animals, and overrun shelters.

• In the UK, high electricity bills are already forcing exotic pet owners to abandon snakes, bearded dragons and frogs.

Sources

• Pettable.com
• Idaho Statesman: Owning a dog in the U.S. can cost nearly $3,000 a year, but here’s what Idahoans pay
• BBC
• Forbes: The True Costs Of Owning A Pet
• Newsweek: Is Pet Insurance Worth It? Vets Explain How to Choose the Best Plan
• The Wall Street Journal: What That Pandemic Puppy Will Cost You
• The Humane Society: Are you having trouble affording your pet?
• The New York Post: Pet parents prioritize fur babies’ happiness over their own: poll

READ MORE ABOUT THIS IN THE SUM

The Sum breaks down complex economic issues and how they impact your life in just a few minutes a day. Follow thesum.news on Instagram for the full story.

This story was originally published October 4, 2022 at 1:27 PM with the headline "Here’s how pets affect your finances."

The Sum

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The Sum breaks down complex economic issues and how they impact your life in just a few minutes a day. Follow @thesum.news on Instagram for the full story.