Caring for your furry friends can be very expensive.
The research asked 2,000 pet owners – half dog owners and half cat owners – if they had a monthly budget for their pets’ basic needs. About 52% have one and set it at an average cap of $308.
However, people spend around $276.40 per month on their fluffy friends, which comes out to $3,316.80 per year.
Ninety-eight percent of participants went well over their 30-day budget, and four out of five admitted they were fine if they went over the spending limit.
However, there are several causes for overspending, including pet care (37%), emergency vet visits (35%), improving their pet’s home situation, and caring for pets. annual medical needs (33% each).
Taking care of a man’s best friend apparently costs more than parenting a cat, according to the survey. Around 54% of owners think dogs cost more because of their food, while veterinary checkups (52%), medication (50%), grooming (46%) and cleaning supplies (38%) are also expensive.
Of course, pet parents love to indulge in fun products for their furry pals. Splurge such as all-natural pet food (38%), raw pet food (31%), modified home (29%), baked goods and pet-friendly desserts ( 28%) and pet technologies like smart collars (25%) are the top contenders.
“There’s no doubt that bringing a pet into your home can add immense unconditional love, but it’s important to understand that they come at a cost,” said Stephanie Liff, veterinary health expert at Lemonade. “Whether it’s a routine vet visit, food, toys, or emergency surgery, pets have financial needs that can add up.”
Liff suggested that “being prepared and knowing your options…is essential to put in place before a problem becomes a financial burden.”
But having pets can also be a burden, with four in 10 respondents saying they got into debt because of the urgent needs of their pets.
More than half of people don’t have insurance for their pets because the cost of it is far too high.
“Insurance doesn’t have to be daunting, but it’s important to do your research and find the best fit for your family,” Liff added. “Look for customizable plans to make sure you’re paying for what you really need, that’s easy to understand, and can get you the help you need when you need it.”
The survey also indicated how many pet owners don’t really understand and know exactly how expensive pet care can be.
Nearly 41% of pet owners think dental care for their pets costs between $101 and $500. But in reality, a routine dental cleaningcan cost between $500 and $1,000, and even up to $3,000 for more intense dentistry.
Some dog or cat surgeries can also easily cost $5,000 or more, and a third of people initially think cancer treatments can only cost around $501 to $1,000.
Thirty-six percent of pet moms and dads also assume that flea treatments and vaccinations can cost between $101 and $500. In reality, flea doses are around $15 per month and vaccines can charge up to $50 per vial.