I Own A Pet – The Five Most Expensive Things When Owning A Cat Or Dog Revealed And The Shocking Annual Price

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IF you want to own a pet, be prepared to have an annual budget of over $3,500 for its basic needs.

A new study of 2,000 pet owners – of which 1,000 own dogs and 1,000 own cats – found that half of respondents set a monthly budget for their pets (52%) with an average cap of $308.

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Aspiring pet owners should have an annual budget of more than $3,500 for basic needs, study findsCredit: Getty

In fact, pet owners spend an average of $276.40 on their furry friends each month, which translates to $3,316.80 per year.

While nearly all respondents went over their monthly budget (98%), four in five admit they ‘don’t care’ if they go over their pet’s budget limit (79%) – but what what makes them do it?

Caring for pets (37%), emergency veterinary visits (35%), improving the situation of their pet’s home and taking care of annual or ongoing medical needs (33% in both cases ) were all cited as the main reasons.

Produced by OnePoll on behalf of Lemonadethe research also found that 45% of all pet owners think dogs are more expensive than cats, 13% think the opposite and 42% think they are both equally expensive.

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Respondents think dogs are expensive because food (54%), veterinary exams (52%), medication (50%), care (46%) and cleaning products (38%) are expensive.

On the other hand, people think cats are more expensive due to expensive food (41%), vet exams (40%), bedding (38%), cleaning products (38%) and grooming (38%).

And when they splurge on their pets, owners go out of their way – citing buying them trendy items, such as all-natural pet food (38%), raw food for pets (31%), a modified home like a catio (29%), pet-friendly baked goods and desserts (28%), and pet tech like a smart collar (25%) .

But research suggests more than half (55%) don’t have an insurance policy for their furry friends, citing cost as the main challenge (41%).

Of the 45% whose pets have insurance, they researched an average of three policies for their furry companions before selecting the best match.

Two in five (41%) realized they needed insurance for their pets from the day they bought them, and the same percentage listed an emergency visit/surgery as the main reason why they got one in the first place.

Whether or not their pets have insurance, three in four owners agree that planning for their dog’s or cat’s end-of-life care is essential (75%).

“There’s no doubt that bringing a pet into your home can add immense unconditional love, but it’s important to understand that they come at a cost,” said Lemonade Veterinary Health Expert Dr. Stephanie Liff. .

“Whether it’s a routine vet visit, food, toys, or emergency surgery, pets have financial needs that can add up.

“It is essential to be prepared and to know your options, whatever they are for an individual owner, before a problem becomes a financial burden.”

Four in 10 respondents have gone into debt due to the urgent needs of their pet (42%).

The procedures and care can be expensive for pets, and depending on the results, many pet owners are fairly unaware of how much they cost.

For example, 41% of pet owners believe that something like dental care for pets costs between $101 and $500.

But in reality, a routine dental cleaning costs on average between $500 and $1,000, with more complex dental procedures costing up to $3,000.

A third of respondents think expensive cancer treatments and surgery cost as little as $501 to $1,000. Still, according to Lemonade, some dog or cat surgeries can easily cost $5,000 or more, with a full course of cancer treatments costing pet parents $10,000.

Meanwhile, many pet owners believe that flea treatments (36%) and vaccinations (34%) cost between $101 and $500, but in reality, flea treatments cost around $15. per month and vaccines cost up to $50 per dose.

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“Insurance doesn’t have to be daunting, but it’s important to do your research and find the best fit for your family,” Dr. Liff added.

“Look for customizable plans to make sure you’re paying for what you really need, that’s easy to understand, and can get you the help you need when you need it.”

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