An increasing number of millennials have been buying pets for companionship, but they might not realize that there are some hidden expenses headed their way.
An FKD Feature exclusive

Millennials are known to put off marriage and parenthood, but an increasing number have been replacing parenthood with pets. Owning a pet can be expensive, and along with pets come bills as well and other expenses that might take millennials by surprise.

Visiting the vet

Believe it or not, the cost of pet health insurance is actually increasing faster than the cost of human health care; in 2015, Americans spent $15.4 billion on veterinary care alone. Visits to the veterinarian can be surprisingly expensive because additional treatments can be unexpected but necessary. Expenses may also vary depending on what kind of pet you have, as some breeds of animals are more prone to have health issues as they grow older.

Although visiting the veterinarian is important to keep your pet healthy, there is another expense that is important to keep your pet in shape.

Exercise needs

Daily exercise is mostly associated with dogs, so we’ll use them as an example. It’s very easy to underestimate the cost of services such as doggy daycare or boarding. Going away for the weekend won’t be so easy when you have to dish out almost $200 so that your dog can stay in a kennel. If you live in the city and have a job, it will also be difficult to give your dog the space and time it needs to exercise, and many people resort to paying dog-walkers, which can also be expensive.

An important factor in estimating how much money you’re going to pay for your pet is to know where you’re buying it from.

Type of pet

As mentioned previously, some breeds of animals are more prone to develop health issues than others. While you can reduce the risk of your pet having these issues by finding a reputable breeder, there really is no guarantee that your pet can avoid developing health issues altogether. Purebred dogs can be really expensive down the line when compared to other breeds because they are more prone to develop health issues. But in light of all the money that goes into owning a pet, millennials aren’t backing away from the challenge.

Revolutionizing pet ownership

Despite all the expenses, millennials have revolutionized the world of pet ownership. While millennials are putting off marriage and families, many are buying pets to fill the gaps. A whopping 76 percent of millennials said they were more likely to “splurge” on their pets than themselves, including items such as expensive treats and custom beds. Millennials are also twice as likely as Baby Boomers to buy clothing for their pets.

Takeaway

Pets may not be as expensive as buying a new house or starting a family, but they do come with their own set of expenses that quickly can add up. Veterinary bills as well as other expenses can come as a surprise for those who don’t do much research into the type of pet they want to own. It’s important for millennials to do their research before buying a pet so that they can be financially prepared for whatever comes their way.

Have something to add to this story? Comment below or join the discussion on Facebook.

Header image: Adobe Stock

Author

Posted 05.09.2017 - 03:49 pm EDT