Although you might love animals, it’s important that you only take on this responsibility if you know you can actually handle it. In many situations, people get pets only to realize that they don’t have the time, attention, or money to spend giving their animals the care it needs.
But with a little forethought and some smart decision making, you can be financially ready to give your pet everything that it needs to a safe, happy home. To help you know if you’re prepared for this, here are three costs that you might not have considered that may come up when you get a new pet.
Unexpected Vet Bills
While everyone knows that there are certain costs associated with pet ownership regarding things like food, toys, and equipment, what many people fail to consider is what their medical costs could be if something bad were to happen to their pet.
Although you can’t plan for something like sickness or injury, you do need to be prepared to pay for medical services that your pet may need. To help with this, David Weliver, a contributor to Money Under 30, recommends that you plan to create an emergency fund for your pet. Try to keep at least $1,000 to $2,000 in this account. By having this money ready, you’ll be prepared to take care of your pet if something bad were to happen to their health or wellbeing.
Fewer Options and Higher Costs For Housing
Depending on the type of pet you’re wanting to get, you could also have some serious financial issues in finding adequate housing for yourself and your pet. Especially if you get a pet that should be spending time outside, like a dog, you’ll either need to build a fenced area for that pet to be or find housing that already have this amenity. Certain breeds could also increase your homeowner’s insurance, so be sure to check into this as well to avoid any surprises.
Additionally, if you’re a renter, Katey Troutman, a contributor to CheatSheet.com, shares that it can be much harder to find affordable housing that will allow you to keep your pet. Because of this, you might find yourself paying higher rent each month just because you own an animal.
Pet Sitting Costs
For many people, they can’t guarantee that they’ll be able to bring their pet with them when they travel. So if you’re going to be away from home, you’ll have to find someone who can pet sit for you and ensure that your pet is safe while you’re away.
According to Martha C. White, a contributor to Money.com, pet sitting can cost about $50 each day, depending on the type of pet you have and where you live. While this might not seem like much for just a day, if you’re taking a longer trip, the expense can really add up.
If you’re thinking about getting a pet, consider how the additional costs mentioned above might affect your ability to care for this animal.