Pets are indeed becoming the main alternative to having children. In fact, more than half of pet owners not only consider their pets to be part of their family, but they say they are just as much a part of their family as a human member, according to the Pew Research Center.
Pets show love and can give life more meaning – but they definitely become a major item in the budget, considering the cost of insurance, vet care, food, shelter and of course, the trendiest bandages and chains. However, having a pet is much more affordable than having a child. Parents can expect to pay between $16,000 and $18,000 a year, according to USDA estimates. Pets, on the other hand, cost their owners just over $1,300 a year, according to Empower, a financial services company that offers planning, investing and advice.
While owning a pet is more affordable than having a child, these beloved furry friends actually serve as a great catalyst for financial health. In fact, nearly 40% of people say having a pet inspires them to be more financially responsible, and another 36% say it motivates them to reach their financial goals, according to Empower’s survey of 1,000 pet owners pets in the US.
This is especially true for Julio Bedolla, a wealth manager with LourdMurray. He and his wife have six dogs, which “significantly affect our expenses,” he says wealth.
“Regular expenses for food, health care, grooming and other fixed costs teach owners the importance of budgeting, planning for future expenses and building emergency funds for unexpected vet trips or paying for vet insurance,” Bedolla says. . “Because we plan accordingly, we’re able to make it work.”
Pets can be a primer for having children
While they’re not ready to have children, Bedolla says caring for pets gives them “an eye-opening sense of responsibility” and prepares them to make ongoing financial investments. However, he admits that the cost of having a child is still far greater than caring for a pet, especially when child care and education are factored in.
But pet parents still need to consider their pets when making other important financial decisions, like buying or renting a home. Not all homes are pet friendly – or even allow them there. This similarly plays into other major costs such as planning and saving for travel.
“You have to consider the costs of pets, whether it’s boarding them or taking them with you,” says Bedolla.
Good money habits – and ‘not so good’ money habits
Owning three cats — and planning to add a puppy to her household next month — has inspired millennial public relations specialist Kristi Hedrick to adopt some good money habits as well as some “not so good” money habits , she says. wealth.
Good money habits always include keeping cash in case an emergency happens with one of her pets. Plus, her cats are on a special diet, so she has to factor the cost of their food into her monthly budget.
However, “bad money habits tend to come from wanting to spoil my pets and get them new toys or treats,” says Hedrick. “My pets have a lot of toys, so it’s not always the best way to spend any extra money I might have.”
Still, Hedrick and other professionals say it’s “incredibly important” that pet owners really understand how much it costs to raise a pet. Ali Smith, CEO and founder of dog training company Rebarkable, encourages aspiring pet parents to do their research on average costs for their breed, as well as any health and temperament issues that come with owning that breed. of animals.
“If you choose to rescue, be aware that with unknown health and temperament issues, you may face large health and training bills to achieve a happy and harmonious home,” says Smith. “Budget for them.”
According to Empower, pet parents spend the most on golden retrievers, beagles, German shepherds, labrador retrievers and dachshunds.
Other costs of pet ownership stem from lifestyle and employment choices. However, the Empower survey shows that pet parents are willing to make big life changes with their pets in mind. Almost 60% of respondents said they switched jobs for more pet-friendly benefits while the pay remained the same. And more than a quarter said they would take a pay cut with flexible hours so they could spend more time with their pet.
“Think critically about your lifestyle,” says Smith. “Do you need support from a kennel? Or a dog walker? All this costs money. Making this pledge is potentially 14 years of financial commitment. Sure, there’s no college or cars to buy, but [pets] it can be an expensive luxury in our lives.”
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