The Cost of Dog Ownership : Financial Stress

The majority of Americans own a household pet. In fact, nearly 65% of pet owners have a dog at home—over 50 million families. And with the pandemic, having one by our side can make the day go by faster. They have been shown to reduce stress, improve our wellbeing, and of course be a reliable companion! If you’re thinking about getting a dog, you might be wondering about the cost of dog ownership. The following is a breakdown of what costs to expect for having a dog.

Don’t Underestimate the Cost of Dog Ownership

The first thing we’ll say about owning a pet is that it costs a lot more than you probably think! Don’t believe us? Credit.com did a survey recently and asked people how much they think their first year of pet ownership costs. Most respondents got it wrong! Most people said the first year of owning a pet would cost between $500 and $1,000. In reality, pet ownership in the first year can cost well over $1,000.

The Costs of Dog Ownership

Dogs are the most common household pet in America. We’ve even got some proud pet parents and dog owners in our own offices! But between those licks and trips to the park, there are tangible expenses. If you asked a non pet owner how much a dog costs over their whole life, they’d likely be far off! The best guess is an assumption of a lifetime cost between $1,000 and about $6,000. Dogs have an average life expectancy of just over 11 years. In reality, pet owners can expect to pay almost $20,000 during that time.

The Initial Costs of Dog Ownership

Adopting a Dog

Whether you adopt from a shelter or get your dog from a breeder, adoption fees vary wildly. A shelter may charge a small fee to bring home a furry friend and cover their shelter costs. But if you seek out a specific dog breed, this cost may go up. It’s not uncommon to pay upwards of $1,000 for a popular dog breed like a golden retriever.

Spaying or Neutering

Unless you have a plan to breed your purebred dog for more puppies, having them spayed or neutered is important. Bob Barker famously said it’s the best way to help control the pet population. It’s a routine procedure, but expect to pay $200-300 for it.

Vet Bills

When you first bring your pet home, you’ll want to take them to the vet! It’s not because anything is wrong, but dogs need a round of shots and health checkpoints for future reference! Veterinary care is crucial to your dog’s health. Your first medical exam will cost about $100. This doesn’t include whatever necessary shots your pup may need too!

The Basics

For lack of a better term, you’ll need all of the basics for your dog! This includes getting food and water bowls, a bed, leashes, harnesses, tags, and toys! These are crucial for having a happy puppy at home. If you’ve never been to the pet store before, it’s easy to rack up $100 or $200 in costs to help your dog feel at home.

Crate Training

If you’re bringing home a puppy, you may be thinking about crate training them as well. This is a popular way to make your puppy feel safe in your home and get them used to going outside to go to the bathroom.

It may be counter-intuitive, but new puppies can sometimes be even more expensive than adopting a fully grown dog. This is because puppies need shots and extra vet visits. They also need training to teach them the basic tricks! You can of course learn off of YouTube, but having someone help give you guidance is always recommended.

Add all these things up and Fido may cost you upwards of $1,000 in your first year of ownership.

Recurring Expenses of Dog Ownership

After the initial cost of bringing your dog home, there will be recurring costs of ownership. If you use a budget, you will need to add them to your budget and keep an eye on it like any other cost.

Dog Food

For starters, you’ll need to buy food for your dog. Buying food happens almost every month. A bag of dog food costs about $50. If you have a small dog, this can last for a while! But if you’ve got a German Shepherd or Labrador at home, you’ll go through this much faster! This adds up to almost $600 for a year of food, if not more. However, you may be able to get a recurring subscription to save some money by having the food delivered to your door.

Vet Visits and Vaccines

You go to the doctor regularly, so why shouldn’t your pet? Your dog will need to go to get a checkup once per year. This can also come with vaccine boosters. An annual checkup varies based on your vet. But allocating $100-200 for this is a good ballpark.

Medication

Even if nothing is wrong with your dog, there will still be medical costs! Heart-worm and flea medicines are among the most common dogs need. This is in addition to any regular medication your dog also needs. You can bundle these meds for savings, but your dog will likely take these for their entire life.

Treats and Toys

We’d be remiss if we didn’t mention treats and toys as a recurring expense! Having a dog is exciting because you get to spoil them with new treats and toys. Obviously, too many treats can be unhealthy. But a special bone or ball can make them light up! Add these to your recurring expenses list too.

We don’t want to scare you away from dog ownership. But it’s important to be mindful of how much it actually costs! Knowing how much you need in your budget each month for some of the basics.

We’ve only outlined some of the basics above too. There are also costs that may spring up like hiring a pet sitter while you’re on vacation. Or getting a dog walker to come by once a week when you’re slammed with work. Budgeting between $500 and $1,000 for your furry friend is a good range each year. These costs fluctuate based on breed and an animal’s needs.

Having a dog can bring so much joy to your world. They become like family members. This is especially true if you’re working from home more often these days. Just know what to expect financially and you’ll be ready to make a lifetime of memories together! =)