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Finance

How to Budget for a Pet

A pet isn’t just a responsibility you need to care for with loving and making sure they go out when needed or they have food and water. They are also a financial responsibility. Making sure you have it in the budget to afford a pet and it isn’t an impulse decision is important. You need to make room in the budget before making this family addition. This is how to budget for a pet.

Find Out How Much You Have to Spend

kittens in a field

This can be as simple as laying out the income and expenses for each month – going back between three and six months so you can have an average – and looking at what you typically have as “extra” to spend on a pet.

Choose a Pet You’d Like that You Can Afford

dog and cat

Some pets cost more than others in both initial investment and also in maintenance. It’s important to pick a pet that will fit into your budget but also one that the family will enjoy. There are typical pets like dogs, cats, and birds. But you can also choose a pet like a reptile or other mammal such as a finger monkey. You never know what is available until you visit your local pet shop or do some research online.

List the Related Expenses

pug in arms

Some research will be required here. Each type of pet requires different things that you will have to purchase as initial investments, such as a bed or a cage and other things of that nature, as well as regularly purchased items like food and treats. You will have to budget in for regular and emergency veterinarian visits as well.

Adjust Your Original Budget

dogs sleeping

Do you need to adjust your original budget to make room for your new pet’s expenses? Are there things you need to account for that you wouldn’t be able to afford unless you trim your extraneous expenses somewhere else, such as eating out or something else that may not be necessary? It’s important to prioritize and if adding a pet to your home is a priority then other things can be cut or trimmed.

Prepare for Your New Pet

kid playing with cat

Make sure you have everything set up in your new home for your pet when they arrive. The initial purchases are often the most expensive because there are a lot of things you will have to buy to prepare your home for the new addition. It’s important to make sure you have everything you need in place. You can talk to someone at the pet shop or even a veterinarian to make sure you have everything set up properly well in advance.

Are you ready to bring home a new pet both by having everything you need in your home and by making sure your finances are ready to take on the responsibility? It’s important to budget for a new pet long before you actually make the addition to your home.

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