Your Complete Guide to Financial Planning for a New Pet

Bringing a new pet into your home can add love and energy to your family and raise some bills. A new puppy might set you back a few thousand dollars in the first year, and you’ll have recurring costs even after the one-time early expenses. Before you decide on a new pet, you should know the different decision factors, potential expenses, and supplies you need.

Things You Should Know Before Deciding on a New Pet

One topic that can become a potentially heated discussion is whether or not you want to adopt a rescue or buy a pet from a breeder. If your heart is set on something specific, you might not find that through a rescue. Then again, rescues are often cheaper and already have their shots and spaying or neutering.

You also need to decide what kind of animal to get. Puppies can be sources of joy and exercise but might need a lot of time, whereas many cats might be more solitary and self-sufficient. Decide whether you want an animal that needs time outdoors or will be an indoor creature. Other animals can bring a unique vibe to your home but require distinct care and extra commitment.

If you take the traditional route of starting with a puppy, be sure your home is ready. Puppy-proofing is necessary because dogs are very curious creatures and don’t understand the potential dangers or what personal possessions you truly value. Restricting a puppy to a certain area of your home helps you keep them safe and under supervision.

Budgeting Your Pet’s Needs and Expenses

The longer you can wait before getting a pet, the more time you have to save up for the first year of expenses. Even a healthy puppy can set you back several thousand dollars for neutering, adoption fees, and vet visits before you shop for treats, toys, food, and a crate. Create an emergency savings account, and fund it.

Find a vet. As much as you probably use a doctor you trust for your health, you need a veterinarian you can rely on for your pet’s health. You might also need a dog trainer or a professional specific to the kind of pet you get. Puppy training can help your four-legged family member follow basic commands, behave on a leash, and interact successfully with other dogs. The bonding experience alone is often worth it.

Pet insurance is another must-have item. In the eyes of the law, pets are often considered property instead of family members, but pet insurance is crucial to affording the recent advances in pet medicine. These policies rarely cover pre-existing conditions, so start coverage while your animal is young. As with most other kinds of insurance, it pays to shop around. That’s easy to do when you access a single portal with multiple pet insurance offers available at the same time.

Supplies You Need for Your Pet

Supplies are pet-specific, but consider what you might need for a dog. A crate is an essential training tool for new pups that aren’t house-broken yet, but remember how big they might get later in life. He will also need a dog bed, his place to rest, and dog bowls where he eats and drinks from the first day. High-quality dog food fuels his growth and nutrition. Make sure your home has an abundance of treats and toys.

A dog collar and leash aren’t all you need for walks. You’ll also need poop bags and a holder for them. You also need your dog to have a microchip and ID tags if you lose track of him.

You Can Fit a Pet Into Your Budget

Minimizing discretionary spending can free up dollars for a pet, and canceling five subscriptions or services might free up nearly all the money you need. Planning goes a long way toward being a successful pet parent, and you should extend that to times you might be away. Whether you need to board your pet while you travel or plan their new home if you become incapacitated, you need to know how your pet will thrive if you’re not around.