Cute pets are a tempting buy for many college students and families. Before bringing one home, take some time to figure out what it will cost to support the pet and how those expenses will fit into your spending plan.
I recently talked to several Iowa State University students and a few financial counselors, who indicated that pet ownership is often unplanned and takes a chunk out of the budget. One student got a kitten because a roommate's friend had kittens that needed homes. His roommate brought the kitten home without asking. Before they knew it, they had spent $10 for food; $7 for a collar and tag; $10 for toys; $15 for grooming supplies; $50 for a litter box, cat condo, and litter; and another $120 for vet bills. The new, "free" kitten cost $212. That did not include later flea treatment for the carpet and damage to the window sill. They eventually ended up with another cat and had to buy more food and litter and pay another $50 vet bill.
With research, I was able to determine some average costs for pets. For kittens, the average person spends about $355/year or $7/week for maintenance costs. Dogs cost approximately $730/year or $14/week. Average costs exist for other pets, too: ferrets, $310/year or $6/week; fish, $20/week; and birds, $15/week.
Pets can be great companions and a joy to have in the household. But they also are a big responsibility and can add expense to your budget. Take time to do some planning before you add that pet to your household. Do you have an extra $14 per week to maintain a dog? What else could you do with $730 a year? Would it help to put that money towards a credit card or student loan?
If you think you need the companionship of a pet, but are concerned how it fits into your spending plan, there are other alternatives. Offer to pet sit for a friend or volunteer at an animal shelter.
Iowa State University Extension has a pamphlet on spending plans that includes a worksheet and lifelong money management table to help you guide your finances. Ask your local Extension office for a copy of PM-1454, Money Mechanics, or go to www.extension.iastate.edu/Publications/PM1454A.pdf. For more information, contact the Polk County Extension Office at (515) 263-2660.