Anybody who knows me well knows that a very important part of my world is my dog, Luna. We’re practically inseparable. But, in addition to the emotional investment, dog ownership comes with a financial responsibility as well.

Are you thinking about bringing a loyal, frisbee-chasing, treat-seeking, sock-stealing, face-licking, tail-wagging, bed-cuddling Canis familiaris into your life? If so, you’re in good company. According to Forbes Advisor, 65.1 million U.S. households own a dog, making it the most popular pet by far (cats are second, at 46.5 million households). To help you create a budget for dog parenthood, consider these typical expense items and general cost estimates:

INITIAL COSTS

Adoption or purchase fee. If you’re adopting from a shelter, the fee may range from $50 to $300, whereas purchasing from a breeder can vary widely depending on the breed, ranging from a few hundred to several thousand dollars.

Spaying/neutering. This procedure is typically required and can cost between $50 and $300, depending on the dog’s size, gender and your location. Some shelters include this in the adoption fee.

Microchipping. This one-time expense typically ranges from $25 to $50. It’s a crucial step in ensuring your dog can be identified if they get lost.

Vaccinations. Initial vaccinations for puppies can cost between $75 and $200, not including annual boosters and other vaccines that may be needed.

Initial supplies. A good starting point is to budget $300 to $500 for items like a bed, crate, leash, collar, food and water bowls, toys, grooming tools and training aids.

RECURRING COSTS

Food. The cost of dog food varies depending on the brand and quality, as well as the size of your dog. Expect to spend anywhere from $250 to $700 annually on food for an average-sized dog.

Routine veterinary care. Regular care includes annual check-ups, vaccinations, flea and tick prevention and heartworm medication. Depending on your location and the services required, budget around $300 to $600 annually.

Grooming. Costs for grooming services can range from $30 to $90 per session or you can choose to do it yourself with the purchase of grooming supplies.

Training classes. Basic obedience classes or specialized training can range from $50 to $200 per session or course.

Licensing fees. Costs for licensing your dog with your local municipality vary but generally fall between $10 to $50 per year.

Don’t forget that unexpected expenses, such as accidents and sudden illnesses, can result in significant veterinary bills. Emergency visits can cost hundreds to thousands of dollars, depending on the severity of the issue. Planning to travel without your dog? You’ll need to budget for boarding fees or pet-sitting services, which can range from $20 to $70 per day.

Informational Sources: Forbes Advisor: “Pet Ownership Statistics 2024” (January 25, 2024); Rover.com: “The Cost of Dog Parenthood in 2024” (accessed June 20, 2024).

If you have questions regarding your financial investments or plans for retirement, please do not hesitate to reach out to Lloyd with Worth Wealth Management at (303) 558-0214 or Lloyd.Worth@LPL.com.

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