Will your new four-legged friend cost you an arm and a leg?
Like any other major purchasing decision, getting a pet is something that should be considered within the context of the total household budget.
The initial outlay can be high, with Aussie pet owners expected to fork out between $3000 and $6000 in the first year, according to ASIC’s MoneySmart.
Then there are the ongoing costs. ASIC’s MoneySmart revealed the average annual cost of ownership for a dog is $1627 and $962 for a cat.
These costs can include:
Despite the outlay, these expenses can be essential to ensuring your pet is happy and healthy.
Some products, such as kitty litter and leashes, are essential while others, like designer doggie beds, are more nice-to-haves.
Regardless, the costs add up and you may find yourself spending hundreds of dollars on pet accessories over the course of a year.
Depending on the breed and size, dog owners can expect to pay $500-$600 per year for preventative treatments.
This is a small price to pay compared to the vet costs of treating heartworms or paralysis ticks, not to mention safeguarding the wellbeing of your animal.
Food will be one of the biggest ongoing expenses, with dog owners expected to pay more than $600 on food alone according to ASIC’s MoneySmart.
This can increase dramatically if you have a large dog or your pet requires a special diet.
Tips to save money as a pet owner:
The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.