The initial cost, whether it’s the pet adoption fee you pay to a shelter or rescue, or the purchase fee from a responsible breeder, is just the beginning. So be sure you’re ready for a serious, yet rewarding commitment. Many pets can live well over 10 years, and caring for a pet can be a major expense.
While you can expect to pay upfront costs including vaccinations, pet training and more, you should also consider ongoing expenses including food, veterinary visits, pet boarding or pet sitters.
According to the American Pet Products Association, Americans spent $103.6 billion on their pets in 2020, an increase from the $97.1 billion they spent on pets in 2019.
What makes up that 103.6 billion? Let’s consider the basic annual cost of owning a dog and the annual cost of owning a cat — our two most popular pets.