America loves its furbabies. The percent of U.S. households with a pet is climbing — about 70% now, with more than 23 million households adding a cat or dog during the first pandemic year. That’s a lot of snuggles and pats, but they do come at a price. A price that, thankfully, is more negotiable than you think, without skimping on love or care.
Pet parents are vulnerable to the same heartstring tugs that parents of human babies feel. You want to keep them happy and healthy, paving the path to a long life, and you are willing to pay the price.
Smart shoppers, however, know how to save money on pets and where they can safely trim costs. Here, we offer 19 tips for lowering costs, including:
• Cutting back on food expenses
• Keeping your pet healthy for the long run
• Reducing vet prescription costs
• Saving on pet supplies and accessories
Common Pet Costs
Whether you select a Labradoodle from a breeder on a rustic Pennsylvania farm, adopt a tabby kitten from a crowded West Coast shelter, or anything in between, you will likely face these basic expenses:
• Neutering or spaying
• Collar, leash, harness
• License fees
• Microchipping if you choose, to track a lost pet
• Vaccinations
• Food, treats, and toys
• Vet bills
• Boarding or pet care if you travel
19 Money-Saving Tips for Pets
Pet care can get pricey. Hidden fees can pad your expenses, and even if you pay the average cost of pet insurance, your critter’s care may not be cheap.
But you can make costs more manageable. Be sure to comparison-shop and ask friends and neighbors for recommendations. These tips will also help you navigate the road to being a good pet parent without going broke.
1. Buying Pet Medicines Online
When the vet prescribes meds, it’s to help heal whatever is wrong under that fur coat. Sites like Chewy.com and PetMeds.com generally charge less for prescribed pills and ointments than your vet’s office. They also typically sell heartworm, flea and tick, and other medicines at lower prices. You can schedule autoship and qualify for free shipping at a certain spend threshold.
Recommended: 5 Ways to Achieve Financial Security
2. Keeping Up with Vet Appointments
Keeping up with preventive care can be an example of how to save money on pets. Better to stay on track than skip well visits and find out an eye infection has gone untreated or that your pet has heartworm (generally detected in a routine stool sample test). A vet will typically check joints, ears, eyes, teeth, and weight, and keep your pet up to date on vaccines. (Some areas offer free rabies vaccination clinics. Check your town website.)
3. Researching Pet Insurance
Pet health insurance can cover well care or illness/accident treatment, depending on the policy, and averages from $30 to $50 per month (though some plans cost less and others might top $100 monthly, depending on the pet’s age, species, and breed). It’s advised to insure a young pet; later, a pre-existing condition may prevent coverage.
But let the buyer beware: An online search can produce a dozen lists of the “best” insurance, but most are on sites that make money from a brand if you click and purchase. Check to see if your “human” health insurer has a pet policy (Geico does, for instance). Other reputable organizations, such as the ASPCA, offer pet insurance, too.
Recommended: Choosing Pet Insurance
4. Walking Your Pet Yourself
If you are home to walk your pooch, you can save a bundle. Professional dog walkers can get pricey. Rates in the Northeast can run up to about $20 to $25 or more per visit for drop-in dog walkers and even more for group doggie daycare. The going rate for a hired kitty sitter is often about $25 per hour. Doing the job yourself or asking a young person in the neighborhood to step in can be the most money-smart option.
5. Adopting Instead of Buying
Learning how to budget for a dog? It’s generally more affordable to adopt from a shelter or rescue organization than to buy a pet from a breeder or pet store. Standard adoption fees for dogs can range from $129 to $767; for cats, costs typically run from $39 to $317. Fees may vary by breed but typically cover a veterinary evaluation, vaccinations, deworming, flea/tick treatment, and the cost of spaying/neutering.
Recommended: Guide to Practicing Financial Self-Care
6. Spaying and Neutering Your Pets
If it’s costly enough to house and feed one dog or cat, what will happen if she delivers a whole litter? Spaying and neutering is the safe, recommended option for dogs and cats.
7. Researching Human Food Pets Can Eat
Avoid chocolate and other foods that can be toxic to pets (the Humane Society lists potential poisons ). Otherwise, though, some owners make their own say, rice, steamed carrots, and chicken dinner or dog biscuits (using ingredients such as peanut butter, oatmeal, and/or pumpkin). There are even some doggos with refined palates who turn up their nose at store-bought biscuits but love the home-baked ones.
Quick Money Tip:Typically, checking accounts don’t earn interest. However, some accounts will pay you a bit and help your money grow. Online banks are more likely than brick-and-mortar banks to offer you the best rates.
8. Buying a Smaller Pet
The bigger the pet, the higher the cost may run to feed, house, and even board or travel with the critter. So before you set your sights on Lassie or Marmaduke, think it over. Can you afford a large pet? A smaller animal may be a cheaper pet to own.
9. Storing the Pet’s Food Properly
Safeguard your pet’s nutrition; you don’t want to waste your investment. Keep dry kibble tightly sealed in a cool, dry place. House mice love to hoard and nibble it. Store any refrigerated pet foods in the fridge and check expiration dates.
10. Joining a Loyalty Club at a Pet Store
Sign up for no-cost rewards programs at stores like Petco and PetSmart to earn coupons or discounts. When you enroll in the PetSmart Treats Program, you can earn points for every $1 spent in stores and online and redeem them on services including Grooming Salon, PetsHotel, Doggie Day Camp, and Dog Training.
11. Making Your Own Pet Furnishings & Toys
Here’s how to save money on pet supplies: Get creative. Why buy a cute tent for your kitten? The rascal will prefer to curl up in an open sock drawer or suitcase, or inside a shopping bag. Toys? Cats adore an empty box, a ping-pong ball, or an empty paper towel tube. For dogs, forfeit a designer bed. A cute, washable throw rug on sale makes a soft sleeping pad.
12. Buying Pet Food in Bulk
If you’re driving distance to an animal feed store, price dry pet food in bulk. You may save a bundle. Costco also sells pet food and supplies in multi-packs, a bargain compared to the supermarket.
13. Grooming Your Pet at Home
Shampoos, blowouts, and pink satin bows at the groomer are pricey, and keeping a curly dog coat from matting and knotting requires frequent visits. Early on, get your pet used to at-home grooming. Buy the right tools to clip your cat’s nails and trim your dog’s hair. Brush their teeth and clean their ears, too. You can save a nice amount by DIYing it.
14. Shopping Pet Goods at Discount Stores
Below-retail stores like T.J.Maxx and HomeGoods carry pet holiday costumes, beds, and bowls. Dollar stores often stock pet items, too. (As with human food, check expiration dates on discounted pet food.)
15. Finding a Veterinary Discount Plan
Your job could help you cut petcare costs. Some workplaces offer the perk of being pet-friendly, eliminating the need for doggie daycare or a professional walker. Others provide pet health benefits for employees. Pet Assure can help you know how to pay vet bills because they lower costs at clinics in the network; ask your HR department about it.
16. Training Your Pet Yourself
To save money on obedience training, learn the basics with a guidebook and YouTube videos, or sign up for more affordable group classes at a big-box pet store.
17. Handling Your Pet’s Dental Care
This can take a big bite of your budget, especially when a dog’s teeth decay, requiring anesthesia for extractions. Ask your vet early on about the best brush and toothpaste, how often to brush, and recommended dental chews.
18. Finding Cheaper Pet-Friendly Hotels
It can be challenging to find a hotel that accepts pets when you’re traveling, and harder still to find one that doesn’t add a surcharge for the privilege.
Nearly all Red Roof Inns welcome pets for free. (They can’t top 80 pounds, so maybe not an option if yours is Clifford-size.) Other hotels may charge up to $50 or more per night or up to a $75 pet fee per stay, on top of your rate as a human. Doing your research before you hit the road can help you identify the cheapest way to travel with pets.
19. Getting Free Secondhand Crates and Carriers
Rather than buying new, check swap sites for dog crates and cat carriers, or ask on your Facebook page. Many people no longer have a pet but still have a crate or carrier in the basement. As any new parent knows, the importance of saving money is an even bigger issue when you add a new member to your household, even if a canine or feline.
The Takeaway
Owning a pet can be costly, from vet visits to food bills. But the estimated 85 million families and singles with pets is a number that’s growing because of the unconditional love and loyalty a furry friend can bring. You can find plenty of ways to embrace the affection but trim the costs, from DIY grooming and dental care to bargain-hunting at discount stores for accessories.
FAQ
Are pets worth the expense?
While it’s a highly personal assessment whether a pet is “worth it,” the fact that 85 million U.S. households own pets says a lot about how much people value them. Pets can’t pay us back in money but do lavish intangible dividends, such as love, friendship, joy, loyalty, and companionship. These are gifts you cannot put a price on.
How much does a typical pet cost?
Standard adoption fees for dogs can range from $129 to $767; for cats, costs typically run from $39 to $317. If you buy an animal, there’s a wide range of costs. You could spend very little with someone locally whose cat had a litter or you might pay top-dollar for a purebred dog. After the first year, cat owners can expect to pay about $801 annually and dog owners $875 a year in standard expenses.
What is generally the biggest expense to owning a pet?
Typically, the biggest expense of pet ownership is vet care. A new pet will cost more, due to spaying/neutering. But even after that, you can easily spend several hundred dollars annually to cover well checks and vaccines. For this reason, some people investigate pet health insurance to help with the cost.
Photo credit: iStock/alexei_tm
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
SOBK0822039