You Choose -- Pets or College for the Kids

Ok, here's a post most pet lovers will hate.

I've written a lot about the cost of pets and whether the cost of a pet is more than $48,000 or $12,000 to $23,000, the fact is that they are expensive (after all, they need their acupuncture treatments, fancy Christmas presents, and the like).

But let's do a little math. Let's assume:

• Your pet lives 15 years
• The cost of the pet during that time is $17,000 (midway between the numbers above, rounded down)
• You only own one pet at a time (several people own two or more)
• You own the pets back-to-back through your adult life (i.e. one dies and you get a new one right away)
• You own pets from age 25 to age 70

Under this scenario, you will own three pets in your lifetime at a cost of $51,000. If you own two pets instead of one (after all, Fluffy gets lonely), that's over $100,000. Yikes!

I've joked before that there's a trade off between having pets and sending your kids to college or owning a few nice, new cars, but the fact is, that's not too far from the truth. Owning a pet is a financial choice you really need to consider before you take the plunge.

The pet owners reading this can now commence berating me in the comments section below.

Comments

[Dave]

Holy cow, you are making some big assumptions. If I'm doing the math right, that's more than $1100/year on fluffy. To me that seems *way* to high for the average pet owner whose real costs will only be food and a visit to the vet every year or two.

[FMF]

Dave -- Read the posts I note above, then see if you think the "real costs will only be food and a visit to the vet every year or two."

[Dan]

You're absolutely right that pets aren't cheap. We have a 10 month old beagle and we don't spend on him beyond the necessities - food, an occasional toy, boarding when we travel, occasional minor grooming, etc. - and even then it's not cheap. So I can't imagine how people justify spending extra on the luxuries for their pets.

That said, I think this is one of those quality of life issues. We're humans. We can't deny ourselves every possible pleasure in pursuit of another thousand dollars to stuff into our IRAs. We can cut out the lattes, the sodas, and every other little thing, but where do you draw the line?

Believe me, I'm as financially responsible a person as you'll meet. But sometimes it's important to spend money on things that make you happy. Our puppy makes me smile and runs up to greet me when I get home from work. That's worth something.

I think the real solution is to find that right balance of spending on the extras. Do enough to make yourself happy and enjoy life, without overdoing it. Get a dog, but just one, and cut back on the lattes. Or get the lattes, but take a couple less dinners out each month.

[FMF]

I agree with you 100%. I am just pointing out that pets do have an associated cost that isn't insignificant, and people need to consider this before they get an animal. I don't think many think of the financial implications when getting a pet.

[MedWanderer]

Don't forget to deduct from that number what the pet can save you. For instance, I have a German Shepherd and I have never felt any need for a security system for my house. That alone saves me the price of his monthly food. Plus there is the health benefits from having a pet- decreased stress level and increased sense of well being, and an incentive to go for walks, etc. I would be interested to see how much someones average yearly medical expenses can be decreased by having a pet.