So you’ve done your reflections, you’ve considered some of the less common questions to decide if a retirement pet is right for you, and now the big question remains. Are you financially ready? If so, how will this impact your finances?
While exact costs will vary from pet to pet and person to person, there are some guidelines to help you with what to expect. We’ll also show you how to break down the expenses so you can track your spending and use the information to know what kind of range to expect.
When you’re bringing home a pet, most expenses can be put into one of two categories: Recurring Costs, and Non-Recurring Costs. The two categories are just as the name implies- expenses you pay once and are done with or expenses you pay on an ongoing basis. In general, your non-recurring costs will be bigger expenses like pet furniture, the cost of adoption, or an emergency vet bill. Your recurring costs will usually be smaller, everyday expenses such as pet food, a new toy here and there, or yearly wellness exams at the pet’s primary vet.
The biggest non-recurring costs generally occur when either when you bring your pet home, or when dealing with end-of-life care. As an example to reference, our infographic breaks down the bigger expenses of bringing a pet home; However, it’s important to note that it’s not a complete list of costs. It’s always a good idea to have a sum set aside as an emergency fund for general household costs, and it would be wise to include potential vet bills for your new pet when planning how much to set aside.
The last non-recurring expense we didn’t include is the cost of the pet themselves. This is because that expense will vary greatly depending on whether you rescue an animal independently, adopt from a shelter, or buy from a breeder. As a general guideline, it’s safe to expect costs to run you anywhere from 250-1500 dollars for the animal itself. However, an ethical, responsible breeder can charge anywhere from 800 to 3000 for a pedigreed puppy or kitten, so be sure to research beforehand.
So now that you have a better idea what to expect, how do you prepare your pocketbook for Fluffy or Fido?
One way is to do a trial run. Add up what you expect to spend per paycheck on your pets recurring costs and start setting that amount aside in a savings account. If you’re struggling to put the amount needed aside, then it can be an indicator that your budget may need some more tweaking. It also simply may not be the right time to introduce a pet to the mix- only you can know for sure. If you’re able to put the amount aside comfortably, then you know you’ve hit a sweet spot—and, depending on how long you save for, you can consider using those savings as an emergency fund for your pet, or put it towards a bigger purchase for your new furry (or scaly, or feathery!) friend.
A related point to keep in mind is that outfitting your pets doesn’t have to be expensive. Pets can’t tell the difference between store-bought and second-hand items, and sometimes you can find pet supplies so nice you can’t tell the difference either! Some places to look for gently used supplies for cheap or free include your local Buy Nothing group on Facebook, Facebook Marketplace, or local yard sales. Additionally, you can be creative! Mismatched China sets can become unique, beautiful food and water dishes, or baby-safe plush toys might become novelty chew toys.
In addition, if you’ve had pets in the past, consider if you’d feel comfortable reusing your old pets supplies. Not only is this a good way to save money and reduce consumption, but it can also be full of meaning. For example, if your last pet passed away, bequeathing a toy, a soft bed, or a blanket they used to love to a new pet can honor their memory by bringing joy and comfort to their successor’s life.
No matter where your journey into retirement takes you, giving the best life to your four-legged retirement friend is an incredibly rewarding endeavor. If you're not sure where to start, or if you have questions about what retirement can look like for you, we're happy to help here at AZTEC Financial Group. Call our office during our business hours of M-F from 8:30am-4pm at 603-343-4515, or send us a message through the Contact form!