Most pet parents consider their pets as a part of the family, but according to a new study almost half of pet owners underestimate the lifetime cost of care for their furry friend. Here to help pet owners understand the finances of being a pet parent is pet expert Andrea Arden.
A recent survey by Synchrony found the lifetime cost of owning a dog can be up to $55,000 and for a cat it can be up to $45,000. While many of these costs are expected, the survey also found every year about 3 million families face an unexpected pet care cost.
The highest expense is usually veterinary care, but grooming can also cost families more than they expect. When you pair these costs along with food, training, and any toys, it can start to make a dent in your bank account. However, there are options for pet insurance, like Pet's Best, and Care Credit specifically for veterinary costs. Even with planning and budgeting, if there's an emergency pet owners could face a big bill they weren't expecting. Care Credit is accepted at over 25,000 veterinary clinics and has up to 18 months of differed interest.
