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4 October is World Animal Day where we remember and pay tribute to all animals and the people who love and respect them.

For those who are thinking of having a pet, besides focusing on the benefits and joy brought from the companion, have you worked out a budget plan for it? We often overlook the costs of raising a pet, and the reality is, pet abandonment exists and is adherent to the fact that many owners do not consider the significant costs involved with raising a pet.

Regardless of animal species, there are considerable costs which should be factored accordingly to your decision of having a pet:

  • The initial pet’s adoption/ purchase fee
  • Pet registration fees
  • Veterinarian expenses, eg micro-chipping, vaccination, de-sexing, worming, flea treatments, regular vet check-ups, etc.
  • Pet food - this expense will be the biggest proportional costs for raising your pet
  • Accessories - collars and leads, food and water bowls, kennels, beds, toys, toilet mats, scratching posts, etc.
  • Pet insurance
  • Other services - obedience training, grooming, etc.
  • Medical expenses (increased medical expenses when ageing and sickness)
  • External costs, such as cleaning or good damages

These costs will invariably be dependent upon the animal species you decide to take on. However don’t be fooled in thinking all animals within the same species will unanimously cost the same, in truth, the type of breed is just as important as the animal species you pick. For example, the costs associated with raising a Chihuahua compared with a Labrador can be drastically different, despite both of them being dogs.

Use our Savings goal calculator to calculate how much you need to save regularly to achieve your goal of getting a pet.

Your ‘pet raising’ approach

Further, you’ll have to be realistic with your ‘pet raising’ approach. For example, if you lead a busy lifestyle, having to find time to walk and exercise your Labrador is perhaps unlikely; unless you can find someone else to exercise your dog. Failure to provide for the physical attention and the requirements your respective pet requires, may ultimately be reflected in the health of the pet’s later life. For example, obesity can lead to arthritis which may cause you extra medical expenses. It is therefore imperative to research about the physical demands your desired pet requires, in suiting your lifestyle.

Furthermore, you need to be weary of the amount of time and energy you are capable and prepared to give. Some pets require more attention than others, for example, a dog compared to a goldfish. However all animals require some time and energy regardless of its breed and species. Aside from the financial costs you will have to bare, make sure you are also ready and capable to take on the ‘time and effort’ responsibility too.

There are obvious benefits and joy of raising a pet. However, raising a pet is filled with commitments and financial costs which you must bear in mind before taking on a pet. If these factors are considered appropriately, pet abandonment can be curbed.