How much do you spend on your pets? Are pets worth the money? How can you keep costs down? Those fuzzy little critters are the topic later today on 
the 8th episode of The Personal Finance Hour, a BlogTalkRadio program all about personal finance. You can catch it live at 3pm Pacific (6pm Eastern) every Monday.
During today’s episode, Jim and I will be discussing companion animals — and how to cope with their costs. Jim has a new puppy. I have four cats. (Or “400 cats”, as one GRS reader recently suggested.) We’ll share what we’ve learned, but more than that, we encourage you to call with your comments and questions.
There are three ways to hear the show. You can listen through an audio feed at the show page, or you can dial the call-in number at (347) 327-9144. You can also listen through this widget:
Note that the widget always holds the archive of the most recent episode. So, right now it contains last week’s episode about gardening. Later this afternoon it will contain episode number eight.
Jim and I intend to do this every Monday — soon with guests! — and we hope you’ll join us. We think this will be a fun way to connect with readers and to help everyone learn more about money management.
Update! We’re now on iTunes! You can subscribe to The Personal Finance Hour as a weekly podcast by following this link (which will open iTunes).
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Can’t listen tonight, but…
We have 4 cats. They are actually incredibly cheap since none have chronic health conditions. We used to buy Science Diet but downgraded to Costco’s Kirkland Signature cat food. Its $17 or so for 25 lbs which lasts us roughly 2 months. Cat litter at Costco is about $7 for 30 lbs, and we go through a couple containers a month.
Our animals do not go to the vet for well visits, and they do not get boosters on their shots since they are indoors only. There is an increased risk of cancer – injection site sarcomas – for animals who get shots every year. If there is no risk of rabies, feline leukemia etc, why bother?
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I have two dogs, and I would estimate that I spend about $6,000 per year on them. This includes food, treats, vet costs, flea/heartworm medication, occasional boarding, and $50 per week to have a pet sitter come in every day to let them out for a short walk. According to my analysis, my dogs account for ten percent of my spending in a typical quarter.
Are they worth it? I think so — my dogs are my “family,” and my constant companions. My wife passed away a couple of years ago and my dogs were an incalculable aid in helping me deal with that.
We owned a dog several years ago which was diagnosed with lymphoma — we spent nearly $10,000 on treatments and medical costs. I’m not sure I could do that again.
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@Shannon – Kirkland Signature was an upgrade from Science Diet! Though there is a healthy debate about dog food, my understanding (after spending far too much time figuring it out when our dog had allergies) is that Kirkland Signature is a good deal at an excellent price … and that Science Diet is a mediocre food with a terribly high price.
Generally for comparison – the first ingredients in Kirkland are meat, the first ingredients in Science Diet are plant (corn).
Why do you think Science Diet is a better food? Vets do look out for you, but they also get heavy promotion and financial incentives from Science Diet. Just for general thoughts on this topic, consider reading “The End of Overeating” which discusses the impact of advertising and branding. This is drawing something of a broad parallel, but the sales and psychological mechanisms are similar.
Source: http://www.funadvice.com/q/soup_up_dog_food
Dog food scores and grades:
Kirkland Signature Chicken, Rice, and Vegetables / Score 110 A+
Science Diet Advanced Protein Senior 7+ / Score 63 F
Science Diet chicken adult maintenance / Score 45 F
Science Diet for Large Breed Puppies / Score 69 F
Other comments on the Costco food:
http://dogfoodchat.com/kirkland-signature-range-super-premium-puppy-chicken-rice-and-vegetable/
http://dogfoodchat.com/kirkland-dog-food/
http://www.dogfoodanalysis.com/dog_food_reviews/showproduct.php?product=1030&cat=5
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Even though I’m a huge dog lover and advocate for animal rescue, there are a A LOT of times when I will discourage potential pet owners from bringing home a new pet. Most of the time this will follow a conversation where they are making the decision based on emotions and not logic.
Bottom line: pets are a drain on resources; both time and money. But if you understand that going in and are cool with it then I think you will be rewarded with a wonderful experience in providing an animal with a forever home.
Oh, and if anyone is looking for a new dog I highly recommend http://www.petfinder.com. They search all the rescues in your area for the specific dog you are looking for: breed, purebred or mix, sex, age, etc. I rescued an Italian greyhound/Jack Russell mix through them and it was an amazing experience.
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What an impudent question. Some people view their pets as family too. That would be like asking “How much money do you spend on your kids?”.
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I have three dogs and they are my family members. I want them to stay healthy and I feel preventative care and good nutrition saves money over the long run. Sometimes cutting their food costs isn’t worth it. I did a lot of research and found a great website that rates pet food quality. I was very surprised to find that Kirkland’s brand dry dog food is a very, very high quality food when it costs so much less than the big names. http://www.dogfoodanalysis.com/dog_food_reviews/index.php
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Listening now, good topic.
I hate when people think using a cheaper food is a good way to “cut costs.” That’s like the equivalent of converting yourself to a Ramen diet to “cut costs.”
It might work for a few years. But just wait til all the health issues pop up.
The easiest way to cut costs? Always print out coupons. I have never once gone to Petsmart or Petco or ____ without a $5 off $25 or $10 off $40 coupon. They accept competitor coupons, so there is always one to be found.
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@ #5: Well, asking how much money should be spent on kids is a good question/topic too. Some people feel you need to spend a ton of money on your kids. Others say you can get by being more frugal. The discussion would be about trips to Disneyland vs. trips to the local city park, whether to buy clothes used or not, how you can save by packing your kids’ lunches rather than sending them off with lunch money (which they might spend on junk food anyway).
So why shouldn’t the same questions apply to both pets and kids? Not impudent at all.
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One savings that many people don’t count in when they calculate the costs of pets is the benefits to the owner’s health.
Since having a dog for the past year and half, I’ve lost weight as a result of multiple walks during the day and gained an enormous amount of stress relief and laughter from him. I don’t know how I’d put a financial figure on my own preventative care because of it, but it’s a definite benefit that outweighs the additional costs.
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I agree with Anne that Petfinder is a great resource. That said, I still advise people to research where they get their pet from, as some so-called “rescue” organizations have been found to be someone who has discovered that the adoption fees they can charge are even more lucrative than if they had advertised “for sale” in the paper. If they tell you they don’t have a facility you can visit & want to meet you in a park or deliver the dog, & especially if they want cash payment, call your local police to check them out. We found our last family member through Petfinder & I also researched the facility & their affiliation organization (Paws For Life). The organization checked out top-notch & the facility was the best managed, cleanest, friendliest, & most professional I’ve ever come accross. Our little adoptee is a perfect match & much loved.
I also agree with Brenda. Spending is an excellent topic regarding pets & children.
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You said some mean things about me on the radio show. I plan on keeping you awake all night to get back at you.
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$450 this past weekend, our 12 year old dog has hit the expensive phase of life. Dog food is $50 a month and the dog walker (the only service we pay for and we did without it for a couple of years when our old dog walker retired but as our dog ages he likely will need more mid-day visits) is @$60 a month.
Last year he had cancer, this past weekend was a skin infection and the cost will increase as we have to take him back in a couple of weeks for a follow up.
But, all in all, I don’t count him as expensive as the joy and love he brings us is worth every penny.
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i have seven cats and I foster for a local shelter, so there are usually more than seven in my home.
To me, my cats are not only family, but they are part of my entertainment budget as well. They make me laugh and get the warm fuzzies more than almost anything else I can spend my money on.
As to their care, I believe it is less expensive to take them for wellness exams once a year. Would rather catch something early and treat it and be done with it, than to catch something too late and either have to pay through the nose to take care of it or lose my pet to it. I found out my cat was diabetic when she was nine, and I lost her seven years later to cancer.
As for vaccines, there is a lot of controversy around those, but *most* communities require by law that all pets be vaccinated against rabies. if anything were to happen and your pet was not vaccinated, not only would you find yourself in some legal trouble, but your are putting your pet’s life at risk.
Lastly, feeding the highest quality food might be a higher expense on the outset, but in the long term it is actually cheaper. how? well my cats eat way less of the “good stuff” than they did of the cheaper food. Cheaper foods are full of fillers that do little beyond pass right through the pet. Does your pet produce huge smelly stool? well that is the food that wasn’t processed by your pet. I feed less food, and use less litter because their output is greatly reduced by the higher percentage of food utilzed by my cats. and to top it all off, their health is great, so I spend less on vet visits as well. to read more about which foods are appropriate for cats, check out http://www.catinfo.org a website run by a vet who actually studies feline nutrition
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@ #5 — Pets are not human. Children are. No matter how much you love your dog, cat, fish, turtle (and I have all the above), pets’ll never take care of you the way you take care of them. And while I certainly enjoy my animals and do my best to care for them, it’s the children that truly matter.
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I’ve told my dog that he needs to get a job and start paying his own way. I have 2 cats and they cost hardly anything. The dog is the most expensive. Day care at $19 per day is a killer. He goes about 3 times per week, less in the winter. I told him he needs to start doing commercials and print ads and bring home some dough. Then I give him kisses and hugs. He’s my baby.
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#14 pakalolo, you HOPE your children take care of you! Visited a nursing home lately? My pets provide a lot more for me than those folks’ kids do for them. Anyway, this post is about pets so please take your children-are-better sentiment elsewhere.
By the way, we visit my father-in-law often, and we do what we can, but the truth is it’s his dog that gets him through every day. His wife is dying, his friends are gone, his kids have their own challenges, but his dog is there for him and him alone.
I agree with #8, Brenda – spending on either or both is valid and worth discussing. This particular discussion happens to be about the beasties.
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Last week our 11 YO rescued Lab ate something that caused him to vomit lots of blood (methinks his eating grass that had been sprayed on his walk). $1600 vet bill. Next week he has to have his teeth cleaned for the first time with xrays due to gingivitis. That will be about 1300 bucks. Is he worth it? You bet. He is my constant companion and goes where I go, inside the house and out. I feel one can judge the humanity in a person by how they treat their animals. It just means that the planned bathroom renovations are on hold again. One makes choices in life. A co worker was a big 4Her and told me that he only spends the cost of a 22 cal bullet on a dog or cat.
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Well, the day this discussion was posted I was at a veterinary dental specialist outside Boston with my 3-year-old golden retriever. $3500, and that was just for this visit–we’ve probably spent slightly more than that all told in the past, and it doesn’t end here.
I call his mouth “Mommy’s Little Money Pit.” His tooth problem wasn’t his fault, or our fault, or a genetic problem–just bad luck of getting a virus at the exact wrong time, disrupting the formation of enamel on his teeth.
Letting him go untreated would lead to infection, sickness and pain, while otherwise he is a happy, healthy, sweet goofball of a dog. So even though I’m gritting my teeth, swallowing hard and figuring out how I’m going to pay this bill off (in the three interest-free months a Care Credit account provides), when it comes down to it, he’s worth it.
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Robin L, thanks for the link to that site. I have often questioned the quality of some of the higher priced dog food.
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I grew up in a family of animal lovers, particularly dogs. I waited until I had my own apartment (no roommates) and a dog savings account until I got Bear from the shelter. I had money saved for his surgery, his dog food, his vaccinations, treats, toys, grooming, etc. I was prepared.
That said, the best advice my father has ever given me was, “Never add up how much the dog costs. You’ll consider thinking that much isn’t worth it, and it always, always is.”
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