Hidden Expenses of Pet Ownership

Canadian pet owners spent an estimated $8.23 billion on pets, food, supplies, medical care and pet services in 2017, according to Statistics Canada. Although the love and companionship our furry (or feathered, or scaly) friends provide are priceless, it’s impossible to ignore the effect that pet ownership has on our wallet.

Like walking the dog or scooping out the litter box, budgeting is a part of basic pet care. If you’re thinking about getting a new pet, start by looking at your finances. You want to ensure that you can provide for your pet’s regular needs and that you can respond to emergencies. Searching for pet expense worksheets online is a good starting point and will provide rough estimates for things like adoption fees, food, medicine, supplies and pet services.

When you welcome a new pet into your home, you’ll likely pick up a few items to make their stay cozier. Modifying your living space also makes your home safer for your pet. Picking up some extra hardware to make sure cabinets stay closed and bookcases are anchored to the wall is an excellent idea to ensure your pet does not discover any harmful materials or accidentally hurt themselves. Identifying and eliminating potential hazards before you bring your pet home helps reduce preventable injuries and illnesses (not to mention the associated veterinary bills). Many house plants can be toxic to animals so it’s important to make sure if you have any that they are pet friendly.

Even if you’re a watchful pet parent, it’s reasonable to expect a little (or a lot!) of mischief from your pet. This usually results in repairing or replacing damaged items in your home. Table and chair legs are magnets for chew marks but thankfully they can be restored to their former glory with wood putty and polish. Opting for durable window coverings may be the best option when trying to avoid mischief as curtains often end up tangled and damaged. Budgeting for these extra expenses will ease the pain when your pet decides that your brand-new rug is the perfect place to have an “accident”. Though obedience training can help limit the frequency of pricey pet shenanigans, you can still expect to repair or replace a few items.

Medical expenses should not come as a total surprise—as a new pet owner, you should already be budgeting for routine veterinary visits and have a healthy emergency fund set aside for serious medical issues. Some medicines, such as heartworm, flea and tick medication, are a regular part of your pet’s well-being and need to be budgeted for. Many pets require a special diet or must be given supplements with their meals, these costs may increase over time as your pet ages and are something you should consider saving for when budgeting.

Pets play many roles in an owner’s life, offering support and companionship whenever needed. Even with the best of intentions, it’s easy to overlook the expenses required to give your pet a healthy and happy life. By factoring in the hidden costs of pet ownership above, you’ll be better able to keep your pet safe and well-cared-for.