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Are your pets putting you in debt? The cost of owning a pet can put anyone into debt. I do not own a pet, but I have friends that do. My ten year old daughter suggested I write an article on pets and debt. Then she told me if I write it I would probably get beat up. You know how people love their pets, no matter what the cost of pet ownership is and the debt that can come with pet ownership. Well, I told her I would take that chance and I wouldn't be mean when writing
about pets. I said, "I would just give the facts." Therefore, I will keep my promise and just give the facts on how pets, unfortunately, can put people in debt. The cost of pet ownership varies greatly. I have a friend that paid $3,000 for her pet dog. When she told me that, my mouth dropped permanently to the floor. Of course the dog was not trained when she purchased it, so she had to send the dog to training school for two months. And when they went on their multiple vacations each year they had to pay for a dog-sitter, which added to their pet ownership cost. I know dogs are a man's best friend, but goodness, they may also put you in the poor house. Pets and debt seem to go hand in hand, and if you do not live on a budget or track your pet expenses, then you probably have no idea how much your lovable pet could be costing you. Tracking your pet expenses is important to know if your pet is putting you into debt or not. The last time I talked to my friend they were getting rid of their dog because of the sheer cost of pet ownership. She said, "The dog was costing them too much money." According to the American Pet Products Manufacturers Association (APPMA), Americans spent $38.4 billion on pets. Is there still any question that pets can cause debt? The association says that 63 percent of American households own at least one pet and there are almost 74 million dogs and 90 million cats living in the country. Whether you have a cat, dog, fish, bird, rat, snake, guinea pig, or turtle, pets take time and money. Depending on the pet, some can be very expensive to own, while other pets are less expensive to own. Usually, as a pet owner, if your animal needs something you get it, without a second thought of the expenses that could put you into pet debt. Also, the average dog or cat lives around 6-15 years. Therefore, for many years you invest your current and future finances into your little friend. Many pet owners feel like money is not a consideration-it's their pet for goodness-sake. However, if you want to get out of debt, the cost for pet ownership should definitely be considered. Below are some of the things pet owners spend their hard-earned money on. These pet expenses add up and can put pet owners into debt. The numbers below are an average cost, primarily for dogs and cats. Food - $240/year Veterinarian visits - $211/dog or $179/cat Neutering - $142/dog and $99/cat Boarding or pet sitter - $15 to $100 per day Dental care - $400/year Kidney transplant - $7,000 or more Canine cataract surgery - $2,000-$3,000 Cancer treatment - $5,000 or more Chemotherapy - $2,000 Surgery after animal is hit by a car - $3,000 Diabetes maintenance - $600-$1,000 a year So how much are you spending daily, weekly, monthly and yearly on your pet? To find out how expensive pet ownership is, and how far into debt you're going for your pet, you need to keep track of your pet spending. Now, how much are you saving in your retirement, emergency fund and 401K? It's great to have a pet, but are you taking care of your current and future financial needs, too? If you spend an average of $1,000 a year on your pet, and they live for 15 years, that's $15,000 a year. Do you have $15,000 in savings or investments? You need to evaluate if your pet has you in debt. Sharman Lawson is a financial coach, speaker, and author of the book 12 Steps to Eliminate Debt Forever! Visit her website at www.sharmanlawson.com. |
