The joys of taking on a family pet often outweigh the actual cost, but take heed because if you are considering taking on a four-legged friend, the costs are not insignificant.
Welcoming a new pet, especially a cat or dog, is a 15-year financial commitment which will include vets bills, insurance, food costs and potentially kennel or cattery fees while you are away. That extra member of the family, no matter how small, could cost you dear.
The most popular pet in the UK to keep is a fish, with over 40 million people owning them. This may seem surprising, until you think about the fact that fish are among the cheapest pets to keep.
According to figures from the Pet Food Manufacturers’ Association (PFMA) cats and dogs are the next most popular at 8 million each respectively. Not such a surprise given how the UK feels about its furry friends, but the cost to the owner over a 13-year lifespan for a dog would reach around £17,000, according to research commissioned by Sainsbury’s Finance. A cat would reach a similar figure over its 15-year life – and thank goodness you do not have to multiply that by nine!
The main bill to consider is food, with around 34% of this figure being spent on food for a dog alone – nearly £6,000 worth of chow. Some people are overfeeding their pets too, which will not only add to the food bill, but to the vets’ fees when you deal with the obesity-related illnesses.
Vets’ bills already make up 15% of these costs, and vet fees are set to increase by around 15% in a year, which will make those bills even higher.
While having a pet may seem a nice idea, you really should not consider it unless you can afford to. The Dogs Trust has reported that the number of abandoned dogs has reached an 11-year high in 2011, with 126,176 dogs picked up by Local Authorities, and sadly 7,121 of these strays put to sleep – although it never euthanises a healthy animal.
An increasing number of people simply refused to reclaim their family pet when it was found by local wardens, suggesting that either they no longer cared for their pet, or that they could no longer afford it.
If you would be in either position, then a pet is not for you. Getting an animal means a lifelong financial and caring commitment, and if you already have debts and cannot afford it, do not buy one.
Tags: debt, financial advice, Financial Planning, pet, pets
