how to financially prepare for a pet

Here's what to expect financially when preparing to buy a pet!

Organising your finances is one of the best things you can do in preparation for getting a pet. Not only is having a pet an ongoing financial outlay, but owning a pet can be quite expensive in the long run, too.

According to the Pets in Australia report by Animal Medicines Australia, a cat or dog can cost you between $3,000 and $6,000 in the first year alone. After the first year, a dog can have ongoing costs of approximately $1,600 and a cat can have ongoing annual costs of nearly $1,000.

We asked the my millennial money community what pet loving and management tips they had and they delivered some gold - here’s our collective tips to help you welcome that furry, feathered or finned friend without financial stress.

what expenses are involved in getting a pet?

We first need to list the full extent of what you’ll be covering financially. Below are some approximate annual costs to consider once you have your pet - plug these into your spending plan:

Microchipping
Vaccinations
De-sexing
Vet expenses
Pet insurance (plus check out what Katie from our community shared):

Flea, tick and worming medications

Council registration
Pet food and treats
Additional collars, crates, or items for your pet if it will grow (like a puppy!)
Grooming services
Training
Boarding kennels or catteries if you need to go away (or Pawshake!)

Remember, whether you own your home or if you’re renting, a pet can cause damage to your living environment. It’s important to buy and prepare necessary measures like crates, fencing, and enough toys for your pet.

how to reduce your pet expenses

Now we know the full extent of what we’re paying for, let’s list the ways to cut back on costs! Reducing the expenses involved in purchasing or having a pet can be done in a few different ways – depending on what you’re game for!

#1 choose to adopt a pet from a shelter

One simple way to cut back on the costs of buying a pet is by considering adopting from a shelter!
Nicole, from the my millennial money Facebook group shared the below about her experience:

#2 buy second hand, baby

When you’re preparing for your pet, think about what you can buy second hand on online marketplaces instead of buying brand new.

This could be:

Collars
Beds
Toys, and

Even unopened food!

Jump onto online marketplaces and setup regular searches for the items your pet needs.

#3 search for price matching

Many stores like Petbarn and Pet Stock will price match any online or offline prices you find - don’t be afraid to walk in and ask them to match. When it comes to medication, this can also be bought online or negotiated with vets.
Pet Circle is good for sourcing food and you can set up ongoing delivery which will make budgeting easier for your pet’s food.

#4 get serious about cashback

Use tools like Shopback and Cashrewards to get additional cashback which you can in turn spend on your pet! You could make hundreds of dollars back. See what Carla shared below about her experience:

#5 check out all of your options

It’s okay to call around (if something is not urgent) to see what pricing you can receive for the same procedures. Lou shared this:

#6 create a bank account for your pet

A really simple and effective idea is to create your pet a bank account for all of their needs! This way you could factor in a small amount to transfer each week and you’ll have a sinking fund ready for any costs that pop up.

can a pet fit into my budget?

If you want to check if you can afford a pet financially, make sure you review all of your essential spending against your income. To make this easier, you can use a spending plan to review all of your annual incoming and outgoing finance so you know how much money you have left over. You can do this before you purchase a pet, or you can build all of your pet expenses into your spending plan so you know they’re budgeted for.

what if a pet doesn’t fit in my budget?

If a pet doesn’t fit in your budget, there are a few things you can do to make things work.

#1 change the pet type

First up, consider potentially change the type of pet you buy. Maybe you and your family are not financially ready for the full-time commitment of a dog or cat that can live for at least ten years. Consider all pet options and select one that suits your budget.

Is another pet, like a chicken or guinea pig, a good option for you? It’s worth doing your research so you know exactly what your options are.

#2 adjust your expenses

If you’re really looking for your cuddly, friendly side-kick but you’re not sure they can fit into your ongoing expenses, it would be worth reviewing your expenses. Trim off any fat and get super lean about your other life expenses. Sometimes cutting back to your core expenses of housing, transport, basic bills and groceries is a great reset point to build up from.

#3 consider pet sitting instead of owning

If changing your pet or your expenses don’t work for you, it may be a first step to offer to pet sit for your friends and family. You don’t even need to pay for their food! ;)

#4 turn your love of pets into a side hustle

If you’re wanting to dip your toe into the water after reviewing your expenses, start looking after pets on sites like MadPaws or PawShake! This could be a great way to dip into the world of pets without the cost.