Financial Considerations For Pet Owners – What You Need To Know

It is no secret that welcoming a new pet into your home will cost money. There are a wide range financial considerations, from treats and toy to medicine and microchips, pet ownership can sometimes feel like the monetary equivalent of a trying to fill a bucket with water bucket that has holes in it.

According to UK Parliament statistic, there are over 9 million pet dogs and 8 million pet cats in the UK. Each year, a quarter of a million pets are surrendered to animal shelters which equates to 700 animals each and every day.

It is likely that one of the main reasons for this is failure to take into consideration the amount of ongoing financial investment required to look after your pet. In this article, we will look at the financial implications of owning a pet.

The 5 Main Financial Factors to Consider For Prospective Pet Owners

Pet Insurance Today to Avoid Crippling Vet Bills Later

According to This Is Money It has been estimated that 40% of the cost of owning a dog goes towards unforeseen vet expenses and that only about one in five dogs and one in eight cats are insured.

Pet insurance provides insurance coverage for medical bills if your cat or dog becomes ill or has an accident, in addition to other benefits like theft or straying, kennel/cattery fees, and advertising and reward.

It’s no surprise that more and more pet owners are opting for comprehensive insurance coverage, which leaves them free to spend time with their pets without worrying about what might happen and to help keep the costs involved down.

If you’re feeling the pinch as living costs go up across the board, you may be able to get lower pet insurance by doing your homework and shopping around for plans with the lowest level of coverage.

Food Keeping Your Furry Friend Fed

It’s almost certainly one of the most expensive items in your pet’s life, but it’s also one of the most vital things to get right from the start. It is therefore another area where you cannot afford to cut corners because of its importance as one of the main ingredients in a cat or dog diet.

If your dog or cat has specific dietary needs or has an underlying medical condition, specialty food may cost up to twice as much as normal food For example, Dalmatians are prone to kidney and bladder stones as they are unable to process certain proteins and therefore require specialist pet food. The key point is to do your research about all aspect of your desired breed of pets requirements before you commit to taking on pet ownership responsibilities.

With the average annual cost of food for a pet averaging at £200 and £400 per year, you must weigh the financial responsibility of becoming a pet owner before committing to a decision that you will regret later.

Pet School – Training Your Pet

It’s one of the most frequently overlooked financial factors among dog owners, but if you want to teach your dog right from wrong early on, training should come first on your list.

If you’ve adopted an adult dog from a shelter, this is especially important because it likely lacks discipline and will require training similar to that of a new-born puppy. The cost of a single session ranges from £20 to £70 depending on whether you join a class or pay for a private dog trainer, but it is one of the only methods to prevent your canine companion from developing life-long behavioral challenges at such a young age.

The longer you wait, the less likely your dog will be to listen and respond to your commands which will make managing your pet difficult on an ongoing basis with your pet more prone to causing property damage.

Toys to Keep Your Furry Friend Entertained and Sane

If you don’t entertain your animal companion both inside and outside, they will become bored and develop undesirable and destructive habits that will be tough to fix.

For example, gnawing on your fixtures and fittings may be the ideal method for your puppy or kitten to soothe teething gums or cure boredom or anxiety in their eyes. When you throw away these items, it’s best to do it in a way that ensures that they won’t get into other areas of your house.

Invest in toys created from durable and resilient materials to safeguard your home from the fury of a furious pet. Your pet, your house, and you will be grateful for it.

Pet Grooming

The amount of maintenance your pet requires will be determined by a variety of factors, including its breed and genetic make-up. Pets with coats that are more prone to matting, for example, must be brushed daily. You should also budget around £30 – £100 per month for at-home grooming supplies and professional grooming sessions.

If you own a pet that does require regular grooming, you could help keep costs low by doing them yourself at home providing you follow relevant guidance and have the confidence to perform all required tasks. Invest in some quality pet nail clippers and a fur grooming kit.

Struggling to Manage Your Finances and Look After Your Pet?

If your finances have taken a turn for the worse and you are worried about paying your bills and continuing to look after your four legged friend, you could seek free advice from a charity such as the Citizens Advice Bureau. Alternatively, if you are also struggling with your debts as a result, here art Become Debt Free, we can listen to your circumstances and discuss possible solutions for your situation. Feel free to complete the form or call us on 0113 237 9500.

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Customers can get free debt advice from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. For more information from the Money Advice Service visit MAS is part of the Money & Pensions Service. We are not affiliated with MAS in any way.

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Become Debt Free specialise in providing and administering Individual Voluntary Arrangement (“IVA”) solutions to individuals based in England, Wales and Northern Ireland.  We do not administer Debt Management Plans, Debt Relief Orders, or any other debt solutions.  We only provide advice after completing or receiving an initial fact find where the individual(s) concerned meets the criteria for an IVA, therefore, all advice is given in reasonable contemplation of an insolvency appointment.

* To qualify for debt write off in an IVA with us, you must have a minimum of £7,000 of qualifying unsecured debt owed to two or more creditors.  The amount of debt write off is based on your own personal circumstances – typically this could be up to 85% of what you owe; and this has been achieved by over 10% of our customers who have successfully completed their IVA’s in the last 12 months.  The amount of debt write off differs for each customer and is dependent upon their individual financial circumstances and subject to the approval of their creditors.

Andrew Bowers is authorised in the UK to act as Insolvency Practitioner by the Insolvency Practitioners Association.


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