The real cost of pet ownership

While many people dream of owning a pet, it can be more expensive than you might expect.

Here we outline the average costs of pet ownership, including the top level costs for owning dogs, cats, rabbits and fish.

The unexpected costs of pet ownership 

The dream of owning a pet can quickly become a nightmare.

Despite being an aspiration for many people, high inflation over the last few years and rising bills mean it’s become less affordable.

Due to this unaffordability, it’s an unfortunate reality that many owners just can’t afford to keep their pets. 

Since the pandemic, and the wave of new pet ownership, the number of pet abandonments in the UK has recently hit a three-year high. 

Among the reasons is the high cost of care, including vet and grooming costs.

While many pets live with loving owners, it’s important for anyone considering buying a pet to be fully aware of how much they cost, so they aren’t met with an expensive surprise further down the line.  

What are some of the average costs of owning pets? 

There’s no exact amount for how much owning a pet will cost, as it varies depending on how much you choose to spend on them.

There are some rough estimates that can be made: 

• Dogs: Depending on the breed and level of care you give your dog, you could be looking at a lifetime cost of up to £30,800.
• Cats: With the same conditions as dogs, you should expect to spend between £12,000 and £24,000 over a cat’s lifetime.
• Rabbits: The average cost of owning a rabbit is lower than larger animals, but you should still plan to spend roughly £6,500 to £9,000.
• Fish: Fish are a more budget-friendly pet to own and will typically  cost a couple of thousand over their short lifespans.

What are the upfront costs of buying a pet? 

The first cost you will need to prepare for is the upfront price of the pet itself.

The amount you’ll need to pay will vary depending on what pet you’re looking to buy, but generally, the larger, more popular and better pedigree the pet, the more you should expect to pay.  

Cats and dogs from rescue homes and reputable breeders can be cheap, but if you’re looking to buy a pedigree breed, you might need to spend thousands.

Guinea pigs, hamsters and small birds will normally cost only around £20.  

How much does pet food cost? 

Pet food is another area where costs can vary a lot.

More budget-friendly pet foods for cats and dogs won’t set you back too much, but more premium foods cost a lot more.

In a year, with a larger pet like a cat or a dog, you’re looking at spending between £200 and £400.

For fish and other small animals, food is cheaper and won’t set you back as much.   

How much do medical bills and pet insurance cost? 

Many pet owners choose to take out pet insurance for the same reason they may have some form of life insurance of their own; should their pet get ill or need treatment, it can be an unexpected cost.  

Vet bills are extremely expensive, meaning owners can be set back hundreds, sometimes even thousands of pounds, for surgeries and treatments.  

But this doesn’t mean that insurance premiums are significantly more affordable.

In a year, cat and dog owners will be expected to pay anywhere between £77 and £146 to protect their pets but this can be much higher depending on the plan you choose.

Also, premiums become more expensive the older they become.  

Smaller mammals can also get insurance, and these policies are normally more affordable howe; however,same caveats apply.

Exotic animals, like snakes, are much harder to insure, and many providers won’t cover them. 

How much does it cost to get a pet neutered? 

While many pets don’t need to be neutered, many dog and cat owners choose this option to avoid having more kittens and puppies than they bargained for.

Unfortunately, this isn’t always a cheap option. Costs vary anywhere between £50 and £299 for average-sized cats and dogs, and several hundred for much larger pets.  

How much does it cost to get a pet microchipped? 

Microchipping helps pet owners keep track of their animals should they get lost.

Owners must microchip their dogs over the age of eight weeks, and from 10 June 2024, it will be compulsory to microchip cats over the age of 20 weeks. 

Thankfully, microchipping pets is affordable and should cost around £15.  

How much does pet grooming cost? 

From keeping pets in good shape to avoiding worms and other illnesses, lots of pets need regular grooming to keep them healthy.

These are running costs, and depending on the breed and pedigree of your pets, they can be substantial.  

Flea and worm treatments usually cost around £5 and £15 a month.

However, dogs that need (or owners that prefer) more regular grooming can be more expensive to maintain.

Dog owners should expect to pay between £20 and £80 each time they look to groom their pets.  

How much do kennels and catteries cost? 

When pet owners go away, there are a few options for ensuring their pets are still looked after.

If owners choose to keep their pets in a kennel or cattery, they can expect to pay between £15 and £30 a day. Live-in carers will cost more.  

Accessories and pet beds 

From toys to beds, it’s a pet owners’ preference how much they spend on their pets.

There are ways to keep costs down, though, even when it comes to ensuring pets are entertained and have fresh beds to sleep in.

In a year, owners can expect to spend around £200 on accessories.  

Diligent planning is the key to ensuring you can afford a pet, avoiding any nasty shocks down the line.

And when planning your financial future, it always helps to seek advice.

Click below to connect with the right financial expert for you.