Pet Budget - Gone to the Dogs!

“I want a puppy!”

Yes, every parent has been there. Your child wants a puppy. So you start with a low maintenance pet such as a gold fish or maybe a hamster. This is a good time to have the “responsibility” talk but it’s also a good time to discuss the financial responsibility of pet ownership.

Explain to your child that it’s not only the price of the pet. They have to consider all the costs of caring for your pet. The pet budget will need to include food, shelter, pet toys/treats, training lessons, collars/leashes, boarding and vet visits (both routine and emergency).  Don’t forget that these are recurring annual costs! The ASPCA has a great chart listing Pet Care Costs for Dogs, Cats, Rabbits, Small Mammals, Small Birds and Fish.

You can expand your discussion to talk about the cost of hobbies, sports, and extracurricular activities. The first step before taking on a new hobby or sport is to do your research. This involves putting together a budget. Check out to see if there are membership/club fees, special equipment (buy vs rent), and lessons.

Teaching your kids and teens that their “wants” (as well as their needs) must have a budget of it’s own is a great money lesson.

BTW, our “puppy” is now 2 years old and she is a big part of the family…and our budget, too!