HONOLULU (HawaiiNewsNow) - With National Dog Day coming up in August, today's Smart Money Monday, we'll be diving into one of the furriest financial decisions you'll ever face – pet ownership! When it comes to adding a new animal to our lives, money is usually the last thing we're thinking about, but there are costs to consider, as well as ways to save.
It starts with where you get your pet. Adopting a pet at a local shelter will have lower costs compared to purchasing a purebred that may run up to thousands of dollars. So an obvious money saving tip is to adopt. But even with a shelter animal, there are vaccinations and spaying, neutering, deworming and micro-chipping – the list goes on. But a shelter will usually do these things with a big break on price. These essentials can run around $800 on their own, but are included in most adoption fees at almost half that.
The average vet visit can run from $50 to $400. That's why you should consider pet insurance! It can cost as little as $10 a month and will help cover many of these costs. Or you can start what I like to call a "Pet-mergency Fund." Basically a "rainy day fund," but specifically for your animal.
One last thing to consider is housing fees. Some buildings charge pet rent or require a pet deposit for your furry friend.