Finances and Pet Ownership: How to Check If You Can Afford a Dog

Having a pet can be emotionally rewarding and can make us happier and healthier based on the findings of Allen McConnell. However, what a lot of new pet parents neglect to consider is the actual financial cost of the initial procurement and eventual continuous maintenance of dog ownership. If you’re thinking of adding a furry friend to your household, it’s best to look at it with a realistic eye. So how can you tell if you can afford a dog?

Establish Your Financial Capability

Roughly two-thirds of Americans lack the ability to pass a financial literacy test based on the study of the FINRA Foundation. Financial literacy is critical when you are thinking of getting a dog. A good rule of thumb is to take a good hard look at your current financial capabilities like your debts, savings, and financial commitments. Debt and pets do not work well together. If you have a regular expense that you have to pay off, it does not make sense to take on another consistent financial commitment as it can pile up over your head.

Research Costs

Most people think that the annual cost of keeping a dog isn’t that high. The truth is much steeper at USD$3,370 according to the findings of The cost of a dog goes beyond any adoption papers or purchase price. Dogs need vaccinations, regular check-ups, regular meals, and just like humans, they may get medical emergencies. For entertainment, exercise, and even discipline, dogs need some chew toys and treats to help them grow. Getting actual prices of all things involved in caring for a dog can help you better understand the overall all cost.

Run Scenarios

Once you have a better idea of your current financial capability and the running costs of getting and keeping a dog, you can now do a diagnostic of how the cost of a pet can impact your finances. As a future pet parent, you need to really find out what comes with getting and keeping a dog. You can make use of social media and community groups to get a feel out of what responsible pet owners spend and do for the welfare of their fur baby. This will help you paint a stronger picture in your mind about how ready or how capable you are to be a pet parent.

A dog can bring about a lot of fun memories and a steady companionship that cannot be beaten but you should be realistic. Part and parcel of responsible pet ownership are deciding if you can feasibly take on the financial responsibility of a dog. It’s always best to get off the right foot when it comes to being a pet parent as it will create a healthier and happier environment for you and the dog.

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