Cost of a Pet is $48,000!!!

Saw a great post today at Let's Make Cents.  It was about buying a pet, but the part I picked up on was the cost of owning a pet.  I clicked through to Baby Center where they commented:

"As far as cost, you can expect to spend up to $400 a month on your pet for food, training, and other expenses — especially in the first six months, when you'll be buying supplies and going to the vet more often. Buying a dog or cat can set you back anywhere from $100 to $200 for a shelter animal to $2,000 or more for a purebred (plus extra costs for spaying or neutering, vaccinations, and microchip identification)."

Let's put a few numbers to this.  If a pet costs $400 per month and lives for 10 years, that's $48,000 (not to mention what you could have earned on that money if you had invested it).  If the pet lives for 15 years, that's $72,000!!!  Even if the pet only costs $200 per month, that adds up to $36,000 over 15 years.  Yikes!!!

Now before I get all the "you are a pet hater" people commenting, let me say that I love animals.  I am not saying that people shouldn't own pets.  What I am saying is that you just need to be aware of the cost -- and that the cost is probably more than you think.

One time I heard a financial advisor say that the key to prosperity was to "minimize the number of beings in your household that eat food."  After doing the math on pets, it seems like he was on to something.

Update: Time to post to the Beltway Traffic Jam.

Comments

[Steve Mertz]

Not only are they expensive on a monthly basis but I spent over $3,000 on accupuncture for my Doberman, Bruno, before I had to put him down. Six months later I bought another Doberman, Boomer :)

[jim]

I think $400 a month every month is a bit high, though $400 a month in the first six months may be reasonable since you will be visiting the vet, buying pet stuff, food, etc.

BTW, fmf, a reader and i had been emailing each other about tax lien auctions and he sent me a recap of what he saw when he went to one last tuesday. i figured you might be interested

[FMF]

Yes, I would be interested. Will you be posting on it?

[jim]

Haha, yeah sorry, I meant I had posted it. :)

I also posted a net worth value (with some explanatory text) in my monthly review for May.

[bruce]

With my dog it comes far less than $400 per month. Heck, I don't spend that much on my two kids!
My golden retriever was from the human society for $100 and that including the "fix". You don’t need to spend big bucks on pure breed champion dogs to get a good one. We bought two dog dishes and got an old quit from the Salvation Army for $5. Her fetch toy costs less than $5 and I got a free doghouse from a friend. The most expense is the once a year vet visit with heartworm pills and shots. That's about $200. Then add in dog food and treats and it's that’s about $25 per month. The amount of pleasure my children get from the dog far exceeds the $500 per year we pay. If you decide do not take the family out for dinner once per month you have covered the cost of the pet with ease. Seeing the kids playing and loving the dog is a greater overall benefit than one meal at a restaurant. Your kids will always remember the dog but they will never remember that missed restaurant meal. This is fiscal responsibility.

[FMF]

Bruce -- Knowing you, you probably stuff your pets after they expire just to make the costs "really low". ;-)

[bruce]

I would never spend that kind of money to stuff a pet animal. Maybe you on the other hand...

[FMF]

Bruce -- I can give you the next mattress I decide to toss instead of dumping it at the local complex. Then you'll get your stuffing for free! ;-)

[beachrat]

I concur with Bruce, with the exception that I paid more for my dog but even counting that spent far, far less than $400 per month (even for the first six months). I'd had a dog before, so I already had all of the "durable goods" I needed (and much of that from friends, Goodwill, or purchased on sale); the breeder supplied all but one of the shots etc., and I get heartworm preventative at a huge discount from Australia. $5 rabies shots from the county. I have a big dog so I buy a lot of food, but I buy it in bulk so it's cheaper per pound. If I spend much more than $400/year on average I'd be astonished.

[misskelley]

I tracked my dog's costs over the years, she's a Black Lab mix we got from a pound, and is the sweetest doggie in town. Costs for everything average $200 a month, and she's 15 years old. Her meds are quite expensive in her old age, and she had surgery when she was younger. We also incur kennel costs a couple of times a year when we travel. She's the best doggie in the world, and we gladly take care of her. But it occurred to us last year that the amount we spend on her annually amounts to a mortgage payment. Yikes!

[Alanna]

I'm going to argue that cats don't cost as much as dogs do, but, that said, I probably spend about $100/month on my two cats. They are both young, though, so I so far have not had to deal with too many health problems.

But that said... kids are so much more effin' expensive then that. Since I never plan to have kids, nor do I have to send my cats off to college, consider how much money I'm actually saving! ;)

[Mary Schmidt]

I agree that $400 is high, until I factor in what I spend over the lifetime of one of my cats. I look at it this way - much cheaper than therapy. They make me smile, keep me grounded (it's hard, for example, to get too carried away with your importance when you scoop litter on a daily basis.)

[TransconLendingGroup]

I think its just a waste of money. I rather spend that money wisely.

But again, its one's choice and love for their pets.

:)

[Gabe]

I first of all want to note that this article seems to refer solely to dogs. I've written an article in response to it in my own blog, petmanic[dot]blogspot[dot]com. Here I outlined the fact that you don't have to morgage the house in order to get all the benefits pets provide.

However, A) how about cats? How much does it cost to keep a cat (in the West... these figures do not apply in Asia)? B) Any info on particularly expensive exotics, such as Macaws? I immagine they would cost even more (after all, they can live for 50 years!!)...

$400 dollar? hahhaha...i already spent 600 on her and shes only 13 weeks old....Not including all her stuff like kennel,foods,clothing or toys......

$400 dollar? hahhaha...i already spent 600 on her and shes only 13 weeks old....Not including all her stuff like kennel,foods,clothing or toys......

[Laine]

Great Dane Puppy (7 months old)
$1000 purchase
$500 travel to breeder and shipping
$750 ($150 * 5 months for food )
$300 crates
$300 beds
$200 bones and treats
$200 toys
$350 rug shampooing
$250 5 months pet insurance
$1500 vet ($1000 less thanks to VPI pet insurance)
$400 training
$280 occasional doggie daycare visits
---------
$6030 over the 5 months I've had him, that's $1206 a month.

Good lord! I hope it gets easier as they get older.

On a side note, at a year he starts to be a therapy dog, and my CPA says we can deduct a portion of his expenses.

[raj]

Come on! $400/m for a pet? Not a chance, unless you are pampering them above and beyond the love and care a pet needs. (Which is fine, if you have the money.)

Of course, a well-bred dog is definitely going to cost more. And Danes eat like horses, so they'll cost even more. But I stick to my guns that the average household pet (dog, cat) does not cost $400/m.

[FMF]

Raj --

Read my later posts on this issue. I estimate a pet really costs around $800 to $1,200 a year.

[Kane]

And cost of a human is only 0.5 cents. Ugh! I hate materialistics people.

[Livingalmostlarge]

Dogs are expensive. So are kids. But how many people consider the cost children?

[Ryan]

Steve Mertz, you are a dumbshit

[Josh]

You're doing something very wrong if you're spending $400 a month on your pet.

Are you feeding him solid gold nuggets, idiot?

[John]

"You're doing something very wrong if you're spending $400 a month on your pet.
Are you feeding him solid gold nuggets, idiot?"
LOL.
I agree.
You people must be retarded if you are spending that much money per month on a pet.