Pets are pricey, let’s not pussyfoot around

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When it comes to children, the costs of raising one from birth to the age of 18 (and, realistically, the costs don’t just magically stop then) are estimated to be anywhere from $237,000 to just over half a million dollars. That’s a whopping amount of money (thanks mum and dad!), which could instead be used for a house deposit in some capital cities or a really nice holiday.

You can understand why the 21st century has witnessed the rise of “fur babies” – as adults opt for pets in lieu of children as both a low-commitment and lower-cost, option. According to Animal Medicines Australia’s Pets in Australia report, just under 70 per cent of households had a pet in 2022, up from around 60 per cent reported in 2019 and 2016.

They bring love and joy to your household, but pets also come with many expenses.Credit: Michael Howard

They attribute part of this to the pandemic, which saw a massive jump in the number of households getting cats and dogs to help them through lockdowns. The survey also reports the number of inexperienced pet owners has jumped sharply to almost 50 per cent.

What’s the problem?

First-time pet owners may be in for a shock when they realise owning a pet isn’t exactly cheap. Animal Medicine’s report shows the average annual household spend in 2022 was $4247 for dogs and $2718 for cats, figures that are likely higher now given the rising cost of everything from pet food to insurance.

And there’s some evidence that pet owners are struggling with those rising costs, with Melbourne-based animal shelter Second Chance Animal Rescue reporting this week a “severe” drop in adoptions, which it attributes directly to the escalating cost-of-living crisis.

What you can do about it

If you’re thinking about introducing a furry friend into your home, here are some hidden and not-so-hidden costs to consider:

• Buying a pet: While the price of a dog or a cat can vary wildly, they’re very rarely free. Even adopting a pet, which is generally the cheapest option available, will cost you between $200 to $800. Furthermore, if you’re looking to buy a specific breed from a breeder, expect to pay multiple times that amount: for example, a cavoodle puppy, ranked as the country’s most popular dog breed, will set you back between $4500 to $7000. The breed you choose can also affect more than just how much you pay upfront, warns the Australian Veterinary Association (AVA). “Some breeds of dogs and cats can be prone to serious breed-related health issues, for example dogs and cats with exaggerated features (e.g. flat-faced breeds),” a spokesperson said. The AVA says these breeds are not only potentially expensive due to the high cost of ongoing veterinary care, but may not enjoy the same length and quality of life as some other pets.

• Healthcare: Regardless of the breed, the AVA points out pets have a far shorter lifespan than humans, meaning they reach old age faster and can (and likely will) develop chronic conditions that require treatment. “Planning for this is essential,” the AVA says. “Additionally, animals can have accidents, so how to manage veterinary care costs of unexpected illness or injury during the lifetime of a pet must also be planned for.” Dog owners report spending about $600 on vet services a year, but these can easily blow out to more than $1000 for one-off surgeries and procedures. Additionally, new pets require vaccinations (about $170), microchipping ($40), and desexing ($200 to $500).

• Insurance: To try and reduce these costs, pet owners will often take out insurance which – surprise surprise – is also relatively expensive at $80 to $120 a month for comprehensive policies. While this is pretty steep (on par with some monthly car insurance plans), if it means you don’t have to shell out $11,000* for your French bulldog’s brachycephalic airway disease treatment then it could be worthwhile.* Yes, that’s actually how much that costs, as per industry body Pet Insurance Australia.

• Making your house a (pet-friendly) home: Theoretically, you can just plonk a cat or dog into your home or backyard, and it might be fine, but more than likely you’ll have to spend some time and money making your house pet-appropriate says Dr Sarah Zito, senior scientific officer at RSPCA Australia. “For example, appropriate escape-proof fencing for dogs, safe enclosures for companion animals such as small mammals and birds which protect them from predators and prevent escape, and ideally providing a secure outdoor enclosure for cats,” she says. Many councils also impose curfews for cats, which can leave you with a hefty fine if you don’t comply.
• Everything else: This has been in no way an exhaustive list, but does set out some of the higher costs to think about when it comes to supporting a pet. There’s a plethora of other things to consider, including (but not limited to) food for the entirety of your pet’s life; training and exercise (including equipment like harnesses and leashes); collars; toys; bedding; grooming; registration (up to $200 for dangerous breeds); and boarding or pet-sitting services if you go away (the latter of which can be extremely costly).

Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.