Pet Costs: Pet Parents Going Into Debt No Matter What

With over 86 million U.S. people sharing their lives with a pet, the American Pet Products Association estimates that this equates to about 66 percent of households. Although many consider pet costs to be significantly less than those associated with raising a child, there are numerous expenses, especially related to medical care, that can lead to substantial debt or financial strain.

Pet parents like 35-year-old Kali Bauer of California know all too well about the unexpected costs of caring for a pet. She admits she’d go into debt to keep her dog, Dexter, healthy, as she did years ago when her cat got sick.

“I just made the decision to cut costs elsewhere — typically [an] eating lots of ramen for that month sort of thing,” Bauer stated. “Vet care is expensive, but there are resources. I’ve always worked with local rescues that would offer coupons for spay/neutering costs.”

Bauer and her partner, like millions of other younger adults, are opting for pets over children, despite any associated costs. Despite mounting costs, pet parents often prioritize their pet’s well-being, even if it puts more pressure on their finances.

What’s driving the “no matter what” approach to pet costs, and what would you do if faced with hefty pet-related fees and costs?

Pet Costs and The Burden of Going Into Debt

Today's pet parents are all about sharing experiences, especially with dogs. Millions are bringing their dogs along for daily routines, weekend plans, travel adventures, and more. For them, quality time is an integral part of the pet parent lifestyle, present company included.

When my first Cocker Spaniel, Brandy Noel, was diagnosed with skin cancer, we knew a long road lay ahead. Although I returned to college as an adult at the time, my spouse and I drew on our savings to cover the costs. We also invested in pet health insurance years earlier, which helped immensely. She made a full recovery and lived one week shy of 15 years. 

In another case, a 55-year-old woman from British Columbia, named Jennifer, had set aside some emergency money in case of need. Her French Bulldog required expensive gastric surgery that exceeded the amount saved.

“I don’t have kids—my pets are my kids, and they’re essential to my emotional well-being and keeping loneliness at bay,” she stated. “My dog also helped me stay physically active.”

Jennifer, like many others, took out a line of credit to cover the surgery and medication for her dog. She suffered from anxiety, but admits she would make the same decision again in a heartbeat.

Why Are Pet Parents Going Into Debt?

Pets are more than just companions to millions of people; they're part of the family. Pet parents form emotional bonds with their dogs, cats, guinea pigs, ferrets, snakes, birds, etc. If you love someone, whether a pet or a person, you do whatever you can to make them happy and healthy.

Although pet insurance is a viable and helpful option, most statistics indicate less than 10 percent of U.S. pet parents carry a pet insurance policy.

Chronic or unexpected conditions often result in long-term costs. For example, arthritis, kidney disease, epilepsy, cancer, or an autoimmune disease come with ongoing costs for medications, special diets, tests, and veterinary visits, often with specialists.

At the heart of it all, pet parents care about their non-human family members deeply and are willing to do whatever it takes to cover unexpected costs and expenses.

Saving for Vet Bills and Pet Bills

The easiest way to stay a step ahead and not be caught off guard by a huge bill associated with pet costs or veterinary bills is to save in one capacity or another.

Here are five ways to financially prepare so that you can

Start a Pet Emergency Fund: Even saving a few hundred dollars a year is a start and often serves as a down payment. Set yourself up for success by budgeting what you can successfully save and automate the process with regular transfers. For example, putting $25 a week into an emergency fund adds up to $1,300, which can be applied to pet costs and expenses.

Try the Nibbles Pet Rewards Credit Card: This pet-focused credit card is designed for pet parents and comes with pet insurance built in, among other benefits. Read our full review of the Nibbles Pet Reward Credit Card.

Consider Pet Insurance or a Wellness Plan: Pet health insurance can be a lifesaver, but there are many different options available. Do your homework and check out Petful’s expert guide to pet insurance.

Purchase in Bulk and Split Costs with Friends and Family: Shop at big-box stores or online when a sale on your pet’s food and supplies occurs. Consider food and treat subscription services to save on long-term costs. Ask family and friends with pets if they might split the cost of shared items with you so everyone wins and saves.

Use Pet Financial Assistance Resources if Dire: If you need pet financial assistance resources at some point, consider the resources on this list from Best Friends. 

Pro Tip: Here’s how emergency pet funds can save your pet’s life in critical times.

Feature Image by Martine from Pixabay and other image by JackieLou DL from Pixabay