Calculating the True Cost of a Pet

Well, well, well. The Wall Street Journal is finally getting with the program.

With their article on Calculating the True Cost of a Pet this past weekend, they join the likes of these "famous" (or should I say "infamous"?) posts by me:

• How Much Would You be Willing to Spend to Save Your Pet's Life?
• Cost of a Pet is $48,000!!!
• Financial Horror Stories from Pet Owners

Though they come up with less of a cost than I do, they still show that it's an expensive undertaking. here's the bottom line:

How much? Almost $12,000 over a lifetime for a small dog that lives 15 years, and more than $23,000 for a larger breed that lives for 12. Those are just averages; the numbers grow quickly if, say, illnesses require trips to the vet.

I can hear the throngs screaming, "NO WAY!!! There's no way my Poopsie costs this much!!! What animal-hater calculated this number?"

Not an animal-hater at all. It's from an animal lover:

These figures come from Jim Wilson, a veterinarian, lawyer and consultant who has created a detailed spreadsheet, down to the last chew toy, using data from the American Pet Products Manufacturers Association, the American Veterinary Medical Association and owners. Dr. Wilson crunched the numbers as part of his research into damages in lawsuits over pets and his work for a pet-insurance company.  "People think they can get the puppy from the pound for $125," he says. "And they honestly don't have a clue as to what the annual costs are going to be."

Here are some other quotes I found interesting:

Some highlights from the spreadsheet: "Destruction of Household Items" averages $1,000 for a larger dog. Dr. Wilson knows of a Weimaraner that chewed up $3,500 worth of SUV dashboard. "Sometimes a tail takes out a whole table, and then you have broken china, red wine stains," he says. "Nobody takes that into account."

It's the veterinary bills that can really add up. These days it's a snap to spend a four-figure amount or more on care that wasn't even available a decade ago. That can lead, inevitably, to difficult choices. Trade journal DVM Newsmagazine asks vets every three years for the dollar amount at which most clients would stop treatment. In 2003, it stood at $961, up 67% from the 1997 figure. A 2004 American Kennel Club survey of dog owners found that 14% said their current ownership costs would deter them "significantly" or "quite a bit" from getting another one.

Then the article gives some hints on how to minimize your pet costs:

• Before you buy, see a vet for a "pet selection" appointment. Once there, ask about recurring costs and potential genetic and behavior problems.
• Also set a realistic budget.
• Finally, consider insurance.

Comments

[Cat Lover]

Here's a tip -- get a cat. They're a lot more loving than most people think, are less work, and cost loads less. In the last 3 1/2 years I've spent a grand total of $404.27 on my cat -- that includes the adoption fee, all the shots, all the food, all the litter, a litterbox, catnip, a carrier, brushes, toys, etc.

Anyone who writes an article like that should change the title to "Calculating the True Cost of a Large or Exotic Pet"

[FMF]

Ha!

I actually prefer cats myself. They're kind of moody and have an "I'm the king/queen of the world" attitude -- kind of like me. ;-)

But don't get a very big cat. Some cats are so large that they're more expensive than dogs. Like this one:

http://www.freemoneyfinance.com/2005/12/best_movie_of_2.html

:-)

[Neo]

Funny how so many PF bloggers have posted about the cost of owning a pet. I am sure I will be posting something in the next few days as well.

I looked at the chart available at PetEducation.com and decided to try to create an interactive form for calculating the cost of owning a dog. Check it out and let me know what you think.

http://www.our3rdplanet.com/~neos/cost_dog.htm

Neo

[FMF]

I LOVE it!!!! The only thing I could think of adding was if the categories (food, vet bills, etc.) were hyperlinks that linked to articles that told how people could/should estimate the cost for that category.

Let me know once it's done and I'll post about it.

[Neo]

I would be happen to link to such categories. Since I don't know of any, please send them my way and I will get it updated.

Neo

[FMF]

I don't either. You're going to need to hunt them down using Google.

[Neo]

I will see what I can dig up and definitely add once I find anything.

Neo

[Neo]

I will see what I can dig up and definitely add once I find anything. By the way, let me know if you think of anything else that can be adjusted on the form I created.

Neo

[Blaine Moore (Run to Win)]

It may be expensive to have a pet (I have a cat and once I have a house will probably get a dog) but the cost can be quite worth it. It is still cheaper than having a kid. The quality of living for having a loving pet is well worth the cost of raising them.

[Anita Campbell]

Gee, folks, no entrepreneurs among you?

Now an entrepreneur reads something that says a pet lover spends $23 Large over the lifetime of Poopsie, and starts salivating. He or she barely finishes reading the article before the wheels are turning to think up some way to make money from all those free-spending pet lovers. After all, someone is getting that $23 grand -- they might as well get their fair share, they figure.

Sheesh! And here I thought this was a money $$$$$ site!

You might want to read the guest post on my site about Pet Industry Trends for 2006, to get the rest of the story:

http://www.smallbiztrends.com/2005/12/pet-industry-trends-for-2006.html

Happy Holidays!
Anita