How to make a paw-fect budget for your new pet

Estimated reading time
 5 min

Learn all about

• The cost of owning and raising a pet in Australia
• What you need to factor into your pet budget
• Simple and effective tips to save money on your pet

It’s no secret – Aussies really love their pets.

In fact, according to research conduct by Animal Medicines Australia, around 69% of Australian households own a pet. This is around 28.7 million pets in about 6.9 million homes!

But buying a cat, dog or even a snake (if that’s your thing) comes with different upfront and ongoing costs you’ll need to consider. Jump in to learn how you can create the paw-fect budget, so you can buy or adopt your new pet with confidence.

How much does a pet cost in Australia?

Well, that depends on the type of animal you want in your life and how you plan to get them. For example, a dog from a breeder might be more expensive than one from an adoption shelter. The final upfront cost of your pet might be influenced by their species, breed, age and other factors. Then you’ll need to consider the ongoing costs of owning a pet, like regular trips to the vet and everyday pet essentials.

When it comes to the cost of pet insurance, that will depend on the type of policy you decide to take out and your provider. Pet insurance usually covers accidents and injuries, but you can get extras to help cover other costs. There are plenty of pet insurance comparison websites out there you can use to find a policy that’s right for you, your animal friend and your finances.

How much do you need to save for a pet?

Again, it all comes down to the type of pet you want to buy. If you want a cat or dog, then having a ballpark figure of $3,000 to $6,000 in the bank can help cover the costs of looking after your furry friend in their first year, especially if they’re a young animal. But for reptiles, birds, fish and small mammals, it would be a safe bet to have around $1,000 saved up to cover the initial purchase and any licenses or council regulations you may need.^disclaimer
 

  Brain hack

So you’ve made the call to get a puppy – congrats! You’re overjoyed at the thought of having a cuddly companion, going for long walks on the beach and showing off your pup’s cuteness on social media. But be careful you’re not underestimating the responsibilities, challenges and finances that come with owning a puppy because you’re only focused on the good times you’ll have together. When you eventually meet your new best friend and reality sets in, you might feel overwhelmed or unprepared. This way of thinking is called optimism bias and you can overcome it and feel prepared for pet ownership by doing your research about what’s involved. Creating a detailed budget that factors in the costs of owning your new pet – think vet bills, food, toys, a kennel or bed – will make a big difference when ‘gotcha’ day rolls around.

What do you need to think about in your pet budget?

Without the right preparation, the cost of your new animal companion can quickly snowball. This is where budgeting and having a plan in place can save the day.

Budgeting for the costs of your new pet can give you a snapshot of how your little (or big) buddy will affect your finances now and in the future. That’s why we’ve broken down some of the common one-off and ongoing costs you can add to your budget:

One-off costs

• The initial cost to buy or adopt the pet
• Microchipping, vaccinations and de-sexing for puppies and kittens when they are old enough
• Pet-friendly home modifications, if required, for your animal

Ongoing costs

• Trips to the vet, animal healthcare products and pet insurance
• Pet essentials, like food, a place to sleep, toys and other animal-specific items
• Other services for your animal such as training and grooming

Don’t forget to add an emergency buffer too. Being financially ready for any unexpected costs relating to your pet can be a huge help if things don’t go according to plan.

5 ways to save money on your pet

1. Check if your private health insurance also offers pet insurance

If your health insurance provider offers pet insurance, chances are you can save some money on your policy. Chat with your health insurance provider or go on their website to see any discounts or bonuses they may offer. Covering your pet for unexpected vet visits and saving money? That’s a win-win in our eyes.

2. Train the pet yourself

By training your new pet yourself, you can avoid paying for professional pet training, while also building a stronger bond with your buddy. There are plenty of no- or low-cost online videos, courses and apps you can use to get the support you need. Also, check with your local council to see if there are any free pet training events in your area.

3. Keep your pet fit and healthy

To reduce the number of times you need to take your pet to the vet and pay for those trips, keep them healthy and in tip-top shape. This will vary from pet to pet, of course, but feeding them a good diet (with an occasional treat), giving them plenty of exercise and keeping up with their vaccinations can all play a part in having a healthy pet.

4. Cut back on all those toys

While it might be tempting to go all out on treating your new pet with all the cute little toys, it’s really not necessary. If you do offer your pet 10 different plush toy choices, they’re likely to fixate on a couple and neglect the others. So buying two, maybe three toys is more than enough. And when buying the toys, make sure they’re made from durable, sturdy materials so they last a bit longer.

5. Buy pet essentials in bulk

Whether it’s food pellets for your turtle, litter for your cuddly cat or pee mats for your puppy, buy your pet products in bulk where you can. This can help you make fewer trips to the shops and ensure you’ve got a steady supply of products ready to go.