They're an important part of the family
but sometimes they can be as expensive as a teenager.
This week I'm going to show you how to budget for your pets.
(upbeat music)
It's not uncommon to think we only have minimal expenses
for our four-legged friends, but the truth can be deceiving
and the true cost may actually surprise you.
In this video, I'm going to talk to you
about six different areas of spending
you should have a plan for
if you plan to be or already are a pet owner.
First, food.
Every pet has a different food need.
Regardless of whether your pet is eating Meow Mix or caviar,
take stock of the expenses over time.
Calculate how often you buy their food,
how much it is each time,
add it up annually and divide monthly
to get a monthly budget.
Here's an example.
Puppy Chow costs $30 per bag at Petco and lasts six weeks.
52 weeks in the year divided by six is 8.67 occurrences.
$30 times 8.67 equals $260.10 annually.
Divide that number by 12
and you get a monthly budget for pet food of $21.68.
Doing math like this will help you
have a sustainable long-term budget in this area,
and may even open up your eyes
to more inexpensive ways to meet your pet's food needs.
Try to buy the food in bulk
either online or from a wholesale club.
This can be a great area for cost savings
depending on the true dietary needs of your fur-baby.
Second, litter.
If you're a cat owner and haven't somehow learned
the art of teaching them to use the toilet
then you'll need to buy litter.
Again, do the math and break it down monthly,
but this can be another tremendous area for cost savings.
For example, the local grocery store
charges anywhere from $9 to $15
for 15 to 19 lbs of clumpable litter,
whereas BJ's Wholesale Club brand
is $10 for 40 lbs of a similar product.
Your mileage may vary,
but it's worth trying a more inexpensive alternative.
Either way, break it down
and add it to your pet budget total.
Third, grooming.
If you have a long haired pet,
they will likely need grooming on a regular basis.
As long as you're not taking your life into your own hands
you could possibly do this at home yourself.
If you need to hire a professional,
this is a decent cost that can add up quickly,
so make sure to budget appropriately.
And fourth, boarding.
Especially for dog owners, when you're away from home
and don't have the help of friends or family,
you can trust that the costs for boarding
can really add up significantly.
This tends to be the second largest cost
that dog owners have.
Ranging anywhere from $25 to $45 a night,
it's like putting your pet up in a mini hotel.
A dog sitter can be an alternative,
but is often the same cost or more.
And fifth, medications.
This covers everything from a sick pet
that needs prescription medications
all the way down to standard tick prevention.
These things can add up
and you need to make sure you're breaking the costs down.
Again, shopping online can result in some decent savings
so get hunting!
Lastly, the vet.
Office visits, shots, and more fall under this category.
It's important to keep your pet healthy, but at what price?
Make sure to discuss with your veterinarian
the recommended plan for care and the associated costs.
The last thing you want is to end up in debt to the vet
or on a 26.99% CareCredit card!
By being proactive and having set the budget aside
you may even be able to negotiate a cash discount
because you were prepared.
Think savvy.
So this covers the major areas
you need to be budgeting for your pet.
In my experience indoor cats, and most outdoor ones,
tend to cost between $20 to $40 total per month on average,
while dogs are a minimum of $100 per month
and often around $120 per month.
Make sure that your pet is being taken care of
but that the costs of upkeep
aren't keeping you back from reaching your dreams.
I hope you found this information helpful.
Make sure to download my free eBook The Money Finder
which helps you save in six major expense areas,
and come join me in the Strong Together Money Community.
It's my free Facebook community
designed to keep you focused, informed,
and growing on your financial journey.
This has been Jeremy with Strength In Numbers
helping you Find More Money To Fund Your Dreams.
(upbeat music)
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