Why More Pet Owners Feel Financially Advised
Important takeaways
- Owning a pet is very expensive: Nearly one-third of pet owners say they spend more than they did in the past year — and many spend $100 or more each month on food and treats.
- Pet owners make trade-offs to keep up: Many downsize elsewhere, hunt for better deals and turn to pet insurance to handle unexpected bills.
- A little planning can go a long way: Experts say tracking your spending, prioritizing what’s important and building a small savings cushion can help keep costs under control.
Inflation has hit almost every aspect of consumer spending, from electricity and groceries to housing and health care to travel and education. But pet owners feel the pinch especially.
Nearly one-third of pet owners say they spend more on their pets today than they did last year, and 36% spend at least $100 a month on food and treats alone, according to a recent survey of 1,590 US dog and cat owners by Money.com and Healthy Paws Pet Insurance.
As many pet owners can attest, the friendship of a furry friend is worth the cost. But that doesn’t make paying for it — or making decisions about spending more on nonessentials like pet insurance — any easier.
“It’s not just dollars and cents,” says Joon Um, a certified financial planner for Secure Tax & Accounting. “For many people, these are family members, so the decision is often emotional and financial.”
Rising costs are accompanied by financial concerns for pet owners; nearly one in three (31%) said pet-related expenses cause financial stress. The challenge is greatest for those with chronic pets, with 58% reporting financial difficulties.
As a result, many pet owners adjust their budgets in real time. More than half (62%) of people with chronically ill pets say they have been forced to cut back on other spending, while 48% of owners with healthy pets say the same.
The reduction can only go so far. For pet owners trying to regain control of their budgets, experts suggest taking a step back to get a clearer picture of where. everything their money goes away.
After that you can decide that all those things are needed again [what] you want to prioritize,” says Crystal Cox, a certified financial planner at Wealthspire.
There are things you should keep, but maybe some – like the monthly dog toy and treat box subscription – can be cut. Almost 4 in 10 survey respondents say they shop for the best deals to reduce pet-related spending while 30% say they shop in bulk, 32% groom their pets at home and 17% switch to generic medicine when possible.
Cox suggests budgeting for what you need and saving automatically. For example, if you spend $4,000 a year on your pet, try putting $333 a month, or $80 a week, into a dedicated pet savings account (a strategy 15% of survey respondents said they already use).
Pet insurance can help you save on pet bills, which will jump 43 percent as of 2021, according to the Department of Labor. Plans usually don’t cover routine care like exams and vaccinations, but they can relieve some of the financial burden if your pet gets sick or injured.
“It would make sense if someone wanted to be protected from large surprise costs,” said Um. “But it’s not always a clear financial win. It depends on price and supply.”
Some people choose to pay for peace of mind, while others put money aside and handle expenses as they come, he adds.
More from Mali
Is Pet Insurance Worth It In 2026? What the Data Shows
Some Pet Owners Go into Debt to Pay Pet Bills. Here’s Why That’s Dangerous
Living Expenses for a Pet – and How to Pay for It
