Yahoo Finance Which Generation Spent the Most on Pets in 2023?
GOBankingRates surveyed 1,021 Americans aged 18 and older from across the country in October 2023 and found that, among the various age groups, older millennials aged 35 to 44 stood out as the top spenders when it comes to their pets. Approximately 17% said they spend over $1,500 monthly on pet expenses, whereas only around 6% of 18 to 24-year-olds and 14% of younger millennials said the same.
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Of course, as pet parents, you want the best for your pets. However, $1,500 a month is not a trivial amount. It’s enough to cover the rent for a studio apartment in most U.S. states. To avoid letting pet ownership impact your financial health, learn to strike a balance between spoiling your pets and staying within a budget.
Common Pet Care Expenses
With 17% of older millennials shelling out over a grand each month on pet care expenses, it’s clear that pet ownership can be expensive if you don’t budget wisely. Here are some common pet care expenses to consider if you decide to become a pet parent.
Veterinary Care: The cost of veterinary care could vary widely depending on your location, the service your pet needs, and the type of pet you have. But generally speaking, regular check-ups for cats and dogs can cost between $40 and $90 for each visit. Emergency care is typically much more expensive, and it’s not uncommon for pet owners to dish out hundreds or even thousands of dollars per visit.
Food and Treats: Depending on the brand and type of pet food — dry, wet, or specialty diets — you can expect to spend between $20 to $60 per month for a small pet and more for larger breeds or higher-quality food.
Grooming: Professional grooming can cost anywhere from $30 to $90 for dogs and $50 to $80 for cats every 4 to 8 weeks.
Pet Insurance: Pet insurance premiums depend on the coverage level, your location, as well as your pet’s age and breed, but most fall between $25 and $70 per month.
Pet Supplies and Accessories: Pet supplies and accessories could include pet beds, crates, toys, collars, leashes, litter boxes, and more. Costs can vary significantly depending on how much you want to spoil your pet. You could spend as little as $20 per month for these items or over $200.
Boarding or Pet Sitting: If your family or friends are not available to care for your pet when you’re away, you may need to budget for boarding or pet-sitting services. The cost can range from $15 to $50 per day or more, depending on the location and other factors.
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5 Ways To Start Budgeting for Your Pet
While pets can provide support, companionship and comfort, they can also put a dent in your wallet if you don’t carefully track your expenses. Here are five actionable tips to help you budget for your pet so you can enjoy all the benefits of pet ownership without financial stress.
Purchase Pet Insurance
As mentioned earlier, pet insurance generally costs between $25 and $70 per month, depending on your pet’s breed, age, location, and the level of coverage. However, it’s often worth the investment. Without pet insurance, you could find yourself shelling out thousands of dollars in vet bills if your pet faces some unexpected health curveballs.
By choosing the right pet insurance plan, you’re not only protecting your pet’s health but also making sure your finances stay in the green. “As is the case with human medical insurance, there are many coverage variables and add-on plans to choose from. Your goal is to select the plan that provides your companion with the coverage you desire at a price you can afford,” advised Jan Blakeley Holman, CFP at Thornburg Investment Management.
Look Into Loyalty Programs Offered by Your Vet
Just like your favorite coffee shop gives you a freebie after every 10 coffees, certain vet clinics may also offer rewards to thank you for being a loyal customer. For example, some vets might toss in a discount or a free service after you’ve visited a certain number of times, while some allow you to earn points for every dollar you spend — which you could, later on, redeem to pay for veterinary services like in-hospital stays, surgery and diagnostic testing. So, if you haven’t already, ask your vet clinic if they offer any loyalty programs you could join.
Consider DIY Grooming
Professional grooming costs could add up quickly, especially when you own a furry pet with fast-growing hair that requires trims every four to six weeks. Over the course of a year, you could be looking at $500 or more on grooming expenses.
If you’re ready to start saving money but have no idea where to start when it comes to DIY grooming, YouTube provides plenty of free tutorial videos you can follow along to learn basic grooming tasks at home, such as brushing, bathing, and nail trimming.
Invest in Training
Investing in training may not be necessary if you own an older pet. But if you bring home a puppy, for example, training is a must. “A well-trained dog helps you avoid unnecessary headaches and expenses like replacing furniture, clothing, wall coverings, and anything else that can be eaten,” said Holman.
Depending on where you live, how much training you want, and the type of pet you have, training could range from $20 to $200 per session. For example, PetSmart’s website quotes $89 for a one-hour private dog training lesson and $20 for a potty training class. If you’re on a tight budget, consider purchasing group classes or packages since they’re typically much more affordable.
Start a Savings Account for Emergency Vet Bills
Like humans, your pets could unexpectedly get sick or injured at any time of the year. So, consider stashing away some money each month to prepare for these emergencies — either by setting up a separate savings account or designating a portion of your existing savings for pet-related expenses.
Having around $500 to $1,000 saved up is a solid starting point, but how big your emergency fund should be ultimately depends on your pet’s health, age and any specific needs they might have. For example, if your pet is older or has a knack for sniffing out trouble, you may want to contribute even more to your pet savings account each month.
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This article originally appeared on GOBankingRates.com: Which Generation Spent the Most on Pets in 2023?
