In addition to receiving lots of unconditional love, you should be prepared for vet bills and lots of pet supplies. Also, did we mention the unconditional love?
By Vincent Birardi, CFP®, AIF® as featured in Kiplinger
February is Responsible Pet Owners Month. Suppose you’re considering owning your first pet. In that case, you should know that it can be a wonderful experience — but it’s important to consider the responsibilities and financial implications before welcoming that pet into your home.
There are several categories of costs involved in owning a pet, including the initial cost of buying all the necessary pet-related gear, monthly costs for ongoing food and other needs, regular veterinary costs and unpredictable expenses such as medical treatment. The cost of owning a pet can vary depending on the type of pet you choose, along with its size, age and health status.
For example, owning a larger dog can cost more than owning a cat or small mammal such as a guinea pig or rabbit. But if you’re considering adopting a small dog, annual expenses will be roughly comparable to owning a cat.
