The value of pet parenting
5-minute read
It’s a new year! While you’re making plans to improve your health and wealth, consider if a pet can help you reach those goals.
Whether you’re already one of the 59.8 million Americans who own a dog or 42.1 million who own a cat, or if you’re just thinking about adding a new family member, read on.
Caring for a pet—whether it swims, flies or walks—has so many positives. The National Institutes of Health cite various studies that show pets can lower stress, reduce blood pressure, improve empathy and mood and get you moving. No doubt, caring for a pet helps you learn responsibility—or teach it to your kids.
And according to new research from Empower, the administrator of your Texa$averSM 401(k) / 457 Program, it can even motivate you to work harder and seek higher pay. They report that “Americans associate pet ownership with positive money habits, with 39% of people saying it inspires them to be more financially responsible, and 36% saying it motivates them to reach their financial goals.”
While the benefits of sharing your life with a friend of another species can be invaluable, choosing to care for a pet should be a thoughtful decision. It’s important to know the everyday costs and be able to pay for the unpredictable ones too.
The American Veterinary Medical Association (AVMA) reports that average annual spending on dog and cat companions is roughly $1,500. About one-third is spent on vet care and two-thirds on things like food, medication and toys. For typical one-time and ongoing costs for dogs and cats, see this itemized list from the ASPCA.
The Bureau of Labor Statistics confirms that people across generations want to spoil their pets with spa days, grooming, behavior specialists, birthday parties, therapy, treats and toys.
But you don’t have to spend a fortune on these discretionary items to be a responsible pet owner. The essential costs of quality food, regular vet visits, bedding and toys can fit into your household budget with proper planning.
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Costs to consider
Health care
You'll want to account for routine expenses, which may run about a third of your pet budget. Tally the costs of predictable care like annual checkups, vaccines, and heartworm, flea and tick prevention. Save more if you vet offers pet health plans or seasonal discounts on things like dental cleanings.
Be sure to set aside money for the unexpected, like when your dog eats the Halloween chocolate or your cat gets in a fight.
"The average cost of a veterinary visit—which includes all costs for all pets seen, even if the visit included multiple pets—was … $147 in 2024,” according to the AVMA. Most of this was for a routine checkup or preventive care.
An ounce of a prevention is worth a pound of cure! The small steps and preventive care you give your animal friend will quickly pay for themselves. If you’re concerned about costs, seek out clinics that offer these services at free or reduced prices.
- Spaying and neutering prevents health problems, including cancer, and also helps with behavior, including aggression, restlessness and the urge to run away to find a mate.
- Flea and tick prevention helps stop skin irritation and blood infections.
- Teeth brushing and professional cleanings can prevent expensive invasive problems and systemic infections.
- Regular checkups at the vet can prevent and identify problems when they are easier and cheaper to treat.
Insurance
Empower says, “Over three-quarters of Americans (77%) would tap into their savings or emergency fund to pay for an unexpected medical expense” for a pet. Which won’t come as a surprise to many, since an overwhelming majority of dog and cat owners view their pet as a member of the family, says the AVMA.
Pet insurance can be a literal life saver, even when you’ve done your best to save for an emergency. Don’t forget that dogs and cats can develop chronic conditions like diabetes or arthritis, just like humans, that could need long-term care; insurance can help with these costs. While keeping a pet can help improve emotional and mental health overall, not being able to afford health care for your pet can add to emotional and financial stress.
When deciding on an insurance plan, don’t go on rates alone. All policies are not equal, so take your time to evaluate what you are getting. Be sure to understand their claims process, payout limits, lifetime maximums, condition limitations and options like physical therapy or naturopathic treatments. Save money by buying the policy when your pet is young or as soon as you adopt it. Note that it’s not intended to cover predictable expenses like preventive care.
Check out the Texas Department of Insurance’s 5 questions to ask when buying pet insurance.
Food
This may account for about a third of your budget. Setting up auto-shipping and subscription ordering often scores you a discount. Choose a quality food you can regularly afford; it will save money in the long run by helping to keep your pet healthy.
Boarding and sitting
When you’re out of town you’ll need a pet-care plan, so research the costs of boarding near you or seek out family or friends who can watch your pet, or in-house sitting services. Trusted Housesitters comes recommended by at least one state employee who successfully used them to watch her cats during a three-week vacation. Trusted Housesitters is free to use once you pay a relatively low annual membership fee, which goes toward vetting and background checking the sitter, as well as the technology behind the online platform. In Texas, boarding costs roughly $25-$50 (or even higher) per night.