6 days ago
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May 10, 2026 — 5:00am
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As children, my sister and I petitioned our parents (well, mostly our dad) to get a dog, pulling out all the stops including, but not limited to, PowerPoint presentations, drawings, notes hidden in work bags, and good old-fashioned pestering.
Obviously, they eventually caved, and we got two dogs that we promised to walk every day, feed, and train, which, obviously, we didn’t.
Me, being 12 years old or something, didn’t give much thought (other than “yay, dog”) to the consequences of getting two puppies in as many years, and especially not what it might mean for my parents’ budget. And I suspect I’m far from the first person to not really consider the financial reality of owning a pet.
What’s the problem?
Approximately 70 per cent of Australian households own a pet, with most of them owning dogs. Those dogs cost $4000 in the first year of ownership, according to Moneysmart, and then an average of $2500 a year after that, with the majority of expenses going towards food, vet visits and grooming. Cats are slightly cheaper, but will still set you back $1600 a year. This means over the pet’s lifetime, you’re looking at costs of upwards of $20,000.
It might be a bit unsurprising then that a recent Finder survey found one in five pet owners regret getting a furry friend, with 10 per cent saying their main regret was due to the unexpected cost.
What you can do about it
So if you’re wondering if you can afford a pet, or want to know how to make the one you’ve already got a little easier on your wallet, read on:
- Can you afford it? Some would say it’s impossible to put a price on the love of a pet, and they might be right. Unfortunately, this is a newsletter about money, so those people don’t get a look in, and if you’re trying to work out whether you can afford a pet it really is best to strip all emotion out of it. Much like a car, you’ll need to factor in the upfront cost, which can stretch into the thousands for pricey breeds (looking at you, oodles), along with ongoing maintenance costs such as vet visits and grooming. Pet food is a cost that’s a bit harder to gauge until you actually get the pet, as there’s a good chance they might not eat the cheap stuff, and you’ll have to shell out for the gourmet option. In essence, this is really just another budgeting exercise, so sit down and work out if you have enough room in your finances to spend on a pet each month. And keep in mind some vet bills can be truly exorbitant, with a 2023 survey showing a quarter of pet owners had paid up to $5000 for their pet’s health at some point.
- Should you buy insurance? The pet insurance industry has exploded over the past decade or so as Australians have become more willing to spend on their pets. Ceyda Erem, insurance expert at Finder, says pet insurance can ease the financial pressure that can come with owning a pet, but it’s not cheap. Pet owners spend an average of $143 per month in pet insurance, with the cost varying drastically depending on what breed of dog you have. “Problematic” breeds such as dachshunds, which are prone to health issues, can cost you more. Erem says if you are considering pet insurance, get onto it early. “By insuring your pet as early as you can, you can ensure they’ll be covered for any costly pre-existing conditions they may develop,” she says. “Alternatively, if you are looking for the most cost-effective option, consider accident-only coverage. Just remember to shop around for the best deal.” If you don’t decide to insure, it’s still wise to prepare by putting aside some money each month into a “vet bills” fund so you’re not caught out if something does go wrong.
- How else can you save on pet costs? I’m cautious to continue the pet-car analogy, but there really are many similarities between the two. If you want your car to run, you have to feed it and get it regularly checked over, and the same goes for your pet. That means there’s not exactly a huge number of ways you can cut back on those essential costs, though Erem has a few suggestions. “Buying your pet food in bulk from a wholesaler not only saves you time from frequently visiting the pet store, it can also help you save on food. If you aren’t pressed for time, you could also opt to buy the ingredients yourself, meal prep your dog’s dishes and freeze them for later,” she says. “Also, rather than constantly purchasing new toys to keep them busy, start a rotation of their current supply so it ‘feels’ like they’re getting a new toy.”
Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.
