Affording Fido: A Cost Checklist for a New Pet

Most of us have friends and family who treat their pets like humans. They’ll scrutinize the nutrition labels on pet food, hire the best-loved dog-walker or cat-sitter in town and buy heaps of toys and treats. And when their pet falls ill, many wouldn’t think twice about paying for veterinary care.

Unfortunately, it’s not unusual to see pet owners put their finances at risk. Take it from current pet owners: 43% of dog parents say they’re concerned about the rising cost of pet care. That’s not surprising since, in 2025, the lifetime cost of owning a dog is estimated at anywhere from $20,000 to $55,000.

So if you’re thinking of buying or adopting a pet, be sure to think through the financial side first. It might cost (a lot) more than you think to give an animal a good life. Here are a few costs to consider.

1. Research the breed

Did you know you can look up estimates on the cost of owning a pet?  The ASPCA and other organizations publish annual estimates of first-year and ongoing costs for a variety of pets. For more information, you can also check to see if the leading adoption or rescue sites in your area post any resources online.

Once you start researching, you’ll find that up-front costs alone can vary a lot by the species, breed and your location. Before you bring a pet into your home, be sure to research the following information for their breed:

• Behavioral needs 
• Common health problems
• Average cost of healthcare and feeding

2. Talk to other pet owners

Do you have a friend or family member who’s raised their own pets? If so, ask them for information about breeds, costs and the potential risks involved.

Ideally, you can reach out to someone in your local area who has recommendations for pet-sitters, vets, insurance plans and other resources. If you do, talk to them about how much each of these services costs. You might be surprised to find that pet daycare alone can cost nearly $3,000 a year for just two days a week depending on where you live.

For even more precise information, reach out to a local veterinary office to ask about common out-of-pocket costs for specific breeds.

3. Add your pet to your budget

Do you have any disposable income? If not, you’ll have to make some changes in order to afford a pet. Depending on your situation, that could mean having to cut expenses, increase your income or a combination of both.

When it comes to the financial side of caring for a pet, it’s best not to just wing it. Instead, review your budget to make sure you have room for all of the expenses — both up-front and ongoing — including but not limited to:

• Adoption or breeder fees
• Vaccinations and vaccination boosters
• Spaying/neutering
• Microchipping
• Initial supplies (collar, bed, crate, etc.)
• Food
• Pet health insurance
• Veterinary and dental care
• Grooming
• Cleaning supplies
• Pet sitting or walking
• Toys
• Treats

There’s a good chance that, once you list everything out, the total cost will be much higher than you think.

For example, estimates on the annual cost of owning a dog start around $1,500 but range up to $4,300. That breaks down to anywhere from $125 to $358 a month, and many people don’t have enough savings to cover those expenses for very long.

If you really want to be financially prepared, a great way to start is by estimating the average monthly cost and then contributing that amount to a savings fund each month. If you find yourself struggling to save, you might need to come up with a new financial plan before taking on a pet.

4. Check your home or renters insurance

Owning a pet can increase your renters insurance or homeowners insurance premium. That’s because insurers worry about liability or property damage — including things like a pet biting one of your visitors.

How much will your premium increase? It depends on what kind of pet you’re planning to bring into your home or apartment. In particular, certain breeds of dogs are considered higher-risk, including:

• Akitas
• Chow chows
• Doberman Pinschers
• German Shepherds
• Great Danes
• Rottweilers
• Siberian Huskies
• Staffordshire Terriers
• Pit Bulls

5. Consider pets in your estate planning

There are certain pets— including some birds and tortoises — that can live well beyond 20 years.

Depending on your circumstances, and particularly if you are older or living alone, you might want to add specific instructions to your estate plan for the care and financial support of your pet after you pass away or if you become disabled. You may even want to leave some money to help a loved one care for your pet. For planning ahead, pet trusts can be a great solution.