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The pooch’s fuzzy face and wagging tail. The kitten’s nonstop purring. You want to scoop them up and take them home. Adopting from a crowded shelter is a good deed — if you understand what you’re getting into.
We are a nation of pet parents who gladly open our wallets for them. According to the American Pet Products Association’s National Pet Owners Survey, 66 percent of U.S. households, or a total of 86.9 million, have a pet. The association projects that Americans will spend $143.6 billion for pets and pet supplies this year.
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Animals need basics like good food, routine medical care and other items. Sometimes, the costs add up unexpectedly, and sadly, some folks find they can’t afford their pets.
Research conducted in June 2022 by the American Society for the Prevention of Cruelty to Animals (ASPCA) shows that in the previous 12 months, when pet owners across the country relinquished a dog or cat, the top contributing reasons were housing changes, job changes — and the expenses involved. Inflation has hit the price of pet-related items hard, as it has in other categories.
“When thinking about adding a new pet to your household, it is vital to consider the up-front costs, as well as the long-term financial obligations,” says Rena Lafaille, director of administration at the ASPCA Adoption Center in New York City. “Often, people aren’t aware of the ongoing costs of owning a pet, such as veterinary care, food, grooming, toys, training and supplies.” Fortunately, you can find ways to cut down on the expense of pet care.
Experts urge you to review your budget to make sure it can handle the additional expenses before bringing an animal into your home. You need to keep your financial plan intact.
In a recent survey by Lending Tree of 1,000 pet owners, 26 percent said they were struggling to afford their pet costs, with 23 percent taking on debt to cover them.
In a 2022 Forbes Advisor survey of 2,000 dog and cat owners, 63 percent said that inflation has made it more difficult to pay a surprise vet bill; 44 percent said they had used their credit cards to pay for their vet bills in the past year, 18 percent said they relied on their savings, and 5 percent said they took out a loan.
At PAWS Atlanta, people left 166 pets at the shelter’s front gate last year. Joe Labriola, who heads the facility, told CNN that some of those abandoned animals had serious medical issues. “The only thing we can guess is that people just can’t afford those expenses, and they’re hoping by dropping off [their pets] at our facility that we’re going to be able to pick up the slack.” In Washington, D.C., Lisa LaFontaine, CEO of the Humane Rescue Alliance, said in an interview with PBS NewsHour that she has seen owners surrender dogs, cats and even bunnies.
Do the math beforehand
Smart planning is the key. According to another pet products association survey, two-thirds of pet owners consider their pets when making their financial plans.
Chris Cybulski, a certified financial planner at Chisholm Trail Financial Group in Round Rock, Texas, has clients who plan to retire in January. Their dogs are “family” they would never give up. One required $10,000 worth of medical care before dying this year. Another dog is very old and requires frequent vet visits.
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