People love their pets, but not necessarily the costs of caring for them. A recent survey found many people are getting priced out of owning a furry friend and can no longer afford them.
Bob Slusher struggles with the cost of feeding his four dogs.
"It's about $60 a week, and that's in wet food," he said. "It's kind of like raising a child. I mean, they don't need clothes or shoes, but the food and the vet bills (are expensive)."
In the latest consumer price index, the cost of purchasing animal and pet supplies and accessories was up a little more than 3% in the last year. Fortunately, food costs were up less than one percent compared to last year.
But that comes after three years of hefty increases.
Save on pet food
Noah Freed manages a pet store that specializes in food and accessories, the Delhi Pet Center. He has seen a dramatic rise in costs over the past four years. He says to keep food costs down, skip smaller bags at the grocery store, which are the easiest thing to purchase.
"Just because it's more convenient doesn't mean it's cheaper," he said.
Freed recommends buying the biggest bag you can carry and store. Pet supply stores typically stock 40-pound bags, which he says are the best deal.
"The best value is going to be your bigger bags," he said, "because you are going to get the most amount of food for the dollar."
RELATED STORY | Warning signs of counterfeit NFL and sports merchandise
He's a proponent of local pet stores that often have rewards.
"Those have rewards programs where if you buy a certain number of bags, you get one free," he said.
The site LendingTree came up with some unpleasant findings in a recent survey. It found that:
- 12% of Americans have surrendered a pet in recent years because they could no longer afford it
- 37% of people have gone into debt over a pet
Save on medical costs
LendingTree's Matt Schulz says a pet hospital visit can break the band.
"Medical emergencies are the primary cause of it," he said.
He suggests setting money aside for a pet emergency fund.
"They can be an amazing thing and they can help our health and our well-being, and just our overall feeling, but they're expensive," Schulz said.
The other option is pet insurance, especially policies designed to cover high-expense emergency visits.
Save on boarding
And don’t forget about the cost of caring for pets while you’re away.
Since kennels can be expensive, Checkbook.org suggests hiring a pet sitter to save money, or bringing your pet on trips with you, especially since many hotels are now dog-friendly.
"For a lot of families, taking the pet along is more convenient," Checkbook's Kevin Brasler said. "It's less costly and also it doesn't, you know, might not traumatize the pet so much.”
RELATED STORY | Hacked Facebook friends offering bogus Taylor Swift tickets
Slusher has one last tip: Know what you are getting into before you buy or adopt.
"I would not tell anybody to get a dog if you're not going to put money into it," he said.
That way you don't waste your money.
___________________________
"Don't Waste Your Money" is a registered trademark of Scripps Media, Inc. ("Scripps").
Follow John:
- Facebook:John Matarese Money
- Instagram: @johnmataresemoney
- X/Twitter: @JohnMatarese
For more consumer news and money saving advice, go to www.dontwasteyourmoney.com
