Having a pet is very much like having a child – they both need love, affection and cost money. The only initial difference is that you have to buy your pet – children always come free! Unless they’re trafficked in from another country illegally which is a whole different story!!
Anyway, after you’ve spent, let’s say £400+ on a dog or £300+ on a cat, they are going to need certain things to keep them happy such as toys, blankets, vaccinations etc. These usually average between £97 for dogs and around £68 for cats. Monthly costs for food, insurance, poop bags etc. will set you back a further £55 for dogs and £28 for cats.
Ok, so not too expensive then? Well, taking into consideration the monthly costs and estimated extra expenses for things such as accidents and vaccinations, you can expect to spend anywhere in the region of £7,337 for a dog and £5,088 for a cat (over the course of their lifetimes).
Pets are great – but it takes a lot of cash to keep them happy and healthy. The average household debt (excluding mortgages) in the UK stands at just under £8,000, so if pet fees can run into the thousands it makes good financial sense to make sure you can afford them first.