Bringing home a pet is exciting. You think about the food, the bed, the toys, the vaccinations and maybe the occasional trip to the groomer.
What’s much harder to plan for is everything that comes after.
An unexpected vet visit. Medication every month. Dental treatment you didn’t realise they needed. A specialised diet. Boarding when you go away. And as your pet gets older, their healthcare needs can change too.
The reality is that the cost of pet ownership goes far beyond the obvious monthly expenses. With veterinary care and other pet-related costs increasing, understanding what you could be paying for throughout your pet’s life is an important part of responsible pet ownership.
Why is pet ownership becoming more expensive?
Veterinary care is one of the areas where pet owners may be feeling rising costs most noticeably, particularly when it comes to emergency treatment, specialist procedures, diagnostic testing and chronic medication.
There are a few reasons for this.
Veterinary medicine has advanced considerably. Pets can now access sophisticated diagnostic tools, specialist procedures and treatments that weren’t always widely available in the past. That’s great news for the standard of care available to our pets, but advanced veterinary care can come at a higher cost that impacts pet ownership.
Medication, equipment and other veterinary supplies can also be affected by broader increases in costs, particularly where products are imported.
And it isn’t only the vet bill. Pet food, grooming, preventative treatments and other everyday pet care expenses can all add to the increasing cost of being a pet parent.
Discover questions to ask your vet about your new puppy.
7 pet ownership costs that are easy to underestimate
Food and annual vaccinations are usually the first expenses that come to mind when budgeting for a pet. But they’re only part of the picture when it comes to pet ownership.
Here are some of the costs that can catch pet owners by surprise.
1. Emergency veterinary treatment
You can’t exactly add “dog eats something they definitely shouldn’t” to next month’s calendar.
Accidents and sudden illnesses can happen without warning and may require consultations, diagnostic tests, hospitalisation, surgery or medication.
Unlike many routine pet expenses, emergency treatment can mean having to find a significant amount of money at very short notice.
2. Chronic conditions
Some health conditions aren’t solved with one trip to the vet.
Arthritis, diabetes, allergies and heart conditions, for example, may require ongoing management. This could mean regular veterinary appointments, repeat testing, medication and changes to your pet’s diet.
A relatively manageable individual expense can become significant when it needs to be paid every month for several years.
3. Dental care
Dental health is easy to overlook until there’s a problem when it comes to pet ownership.
Professional dental cleaning, extractions and treatment for dental disease can become another veterinary expense during your pet’s lifetime.
Good dental care at home, combined with veterinary dental checks when appropriate, can help you stay on top of your pet’s oral health before problems become more serious.
4. Preventative healthcare
Preventative care isn’t necessarily one large expense. It’s often several smaller expenses throughout the year.
Depending on your pet’s individual needs, these can include:
- Vaccinations
- Routine veterinary check-ups
- Flea and tick prevention
- Deworming
- Sterilisation
- Dental care
- Other preventative treatments recommended by your vet
These are relatively predictable expenses, which means they’re worth including in your regular pet budget rather than treating them as unexpected costs.
5. Specialised food
Your pet’s nutritional needs can change throughout their life.
Some pets may require specialised or prescription diets because of allergies, weight management, digestive issues, kidney problems or other health conditions.
If a specialised diet becomes a long-term requirement, it can have a noticeable impact on your monthly pet budget.
6. Grooming, training and pet care
Not every pet-related expense happens at the vet.
Depending on your pet, your lifestyle and their breed, you might also need to budget for professional grooming, training, boarding, doggy day care or a pet sitter.
A weekend away suddenly looks a little different when someone also needs to look after the four-legged member of the family.
7. Caring for a senior pet
Your pet’s expenses at two years old may look very different from their expenses at 12.
Older pets can require more frequent veterinary visits, ongoing medication, diagnostic tests, specialised nutrition or additional support to keep them comfortable.
Thinking about the entire lifespan of a pet, rather than only what they cost today, can give you a more realistic picture of the financial commitment you’re making.
Understand which pet insurance plan works for you.
So, how much should you budget for a pet?
There’s no single monthly amount that will work for every pet owner.
A young, small, healthy dog could have very different expenses from a senior large-breed dog with an ongoing health condition. Cats have their own needs, and costs can vary depending on your pet’s breed, age, lifestyle and overall health.
Instead of choosing an arbitrary amount, break your pet budget into different categories.
Regular monthly costs could include food, pet insurance, medication, parasite prevention and grooming.
Planned annual costs could include wellness checks, vaccinations, dental care and other routine veterinary expenses.
Then there’s a third category that’s often forgotten: unexpected expenses.
This is where an emergency savings buffer and appropriate pet insurance can become part of your financial planning.
Is pet insurance worth considering?
For many pet owners, the value of pet insurance isn’t necessarily about saving money on every small pet expense.
It’s about being better prepared when a larger, unexpected veterinary bill arrives.
Accidents, surgery, hospitalisation and the treatment of certain illnesses can become expensive quickly. Depending on the policy you choose, pet insurance can help cover qualifying veterinary expenses and reduce the amount you need to fund entirely from your own pocket.
But not every pet insurance policy works in the same way.
Before choosing cover, understand things such as:
- Waiting periods
- Exclusions
- How pre-existing conditions are treated
- Annual and benefit limits
- Excesses
- What routine or day-to-day care is included, if any
- What accident and illness benefits are available
- Whether chronic conditions are covered and under what circumstances
Pet insurance also isn’t the same as human medical aid and won’t necessarily cover every veterinary expense.
Read the policy terms carefully and choose cover based on your pet’s needs, your budget and the expenses you’d struggle to manage unexpectedly.
Financial mistakes pet owners can avoid
One of the biggest mistakes you can make is thinking only about what your pet costs right now.
Pet ownership is a long-term financial commitment, and planning ahead can make future expenses much easier to manage.
Some common mistakes include delaying pet insurance until after a health problem has developed, skipping preventative veterinary care to save money, having no emergency fund and choosing a breed without researching common hereditary health risks.
Another potential mistake is delaying veterinary treatment because you’re worried about the cost. Some health problems can become more complicated, and potentially more expensive, when treatment is delayed.
If you’re concerned about the cost of recommended treatment, discuss your options with your vet. For major procedures, you can also ask questions about the costs involved or consider getting a second veterinary opinion where appropriate.
How can you reduce pet costs without compromising their care?
Being budget-conscious doesn’t mean cutting corners with your pet’s health.
In fact, some of the best ways to manage long-term pet expenses start with taking care of the basics.
Keep up with preventative care. Routine check-ups, vaccinations and parasite prevention can help you stay on top of your pet’s health.
Look after their teeth. Appropriate dental care at home and veterinary dental care when needed can help prevent more serious oral health problems.
Maintain a healthy weight. Feeding an appropriate diet and keeping your pet active can support their overall health.
Research before bringing home a pet. Different breeds can have different grooming, nutritional and healthcare needs. Understanding these beforehand can help you budget more realistically.
Start an emergency pet fund. Even a small amount set aside regularly can build up over time and give you an additional financial buffer.
Consider pet insurance early. Waiting until your pet develops a health condition could affect how that condition is treated under a future policy.
Plan for more than the food bowl
The best pet budget isn’t one that predicts every cent you’ll ever spend. That’s almost impossible.
It’s one that recognises that pet ownership comes with both predictable and unpredictable expenses.
Budget for the everyday costs. Think about how those costs might change as your pet gets older. Keep something aside for emergencies. And if pet insurance forms part of your plan, understand exactly what you’re covered for before you need to use it.
Because when an unexpected vet bill arrives, the question you want to be asking is how to help your pet, not how you’re going to afford to.
Oneplan Pet Insurance can help you plan for qualifying veterinary expenses, with cover options designed for different pets, needs and budgets.
Your Pet Insurance Family,
