3 Key Signs You Pay Too Much for Pet Care (and How To Spend Less)
Pet parents know that the cost of pet care can quickly eat away at any savings. It’s easy to spend hundreds – or even thousands – of dollars on pet care per year, but when is it too much?
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GOBankingRates surveyed 1,021 Americans aged 18 and older nationwide between Oct. 12-16, 2023. The survey asked how much each participant spent on their pet in the last year. Of those who had pets, 37% said they spent under $600, and 35% said they spent between $601 and $1,200. Some (8%) even claimed a yearly pet care cost of over $2,000.
But you don’t have to burn through your budget to give your pet the proper care. Here are several key signs you pay too much for pet care, and ways to spend less.
1. High Vet Bills
Vet bills can get pricey, and most pet owners will do whatever it takes to make sure their furry friends get the care they need.
According to the 2021-2022 American Pet Products Association (APPA) National Pet Owners Survey, dog owners spent $700 on surgical and routine vet visits over the 12-month period, while cat owners spent about $379. If you pay more than the average pet owner, there are still ways you can save.
How to spend less:
Shop around: Veterinarian prices vary widely. Call different clinics and ask about the base cost of a visit.
Consider a veterinary school: Veterinary schools are typically cheaper than clinics and animal hospitals. Students perform the procedures, but a licensed professional oversees them.
Research charitable organizations: If you can’t afford your pet’s medical bills, you may be able to get help from a national or local charity.
2. Costly Grooming Services
Basic dog grooming can cost anywhere from $30 to $90, according to The Academy of Pet Careers. Some breeds may cost more than others or even require more frequent grooming. Your location and the groomer’s qualifications can also impact the cost, so the price of services varies widely.
How to spend less:
DIY: You can save money by doing some grooming on your own.
Look for a less-expensive groomer: Call different groomers in your local area and ask about their services and fees.
Brush your pet more often: Brushing your pet more often could help you stretch the time between grooming appointments.
3. Expensive Pet Insurance
Pet insurance is similar to health insurance for people. When you purchase a policy, you pay monthly premiums and file insurance claims for covered veterinary care. If the claim is approved, the insurer will reimburse you for a percentage of the vet bill. Pet insurance can help you save money on vet bills, but the premiums can add up.
How to spend less:
Compare insurance companies: There are several pet insurance carriers to choose from. Review the coverage for different plans and compare costs.
Choose the right coverage: Pet insurance plans cover different types of pet care. According to Experian, you can save money by avoiding coverage you don’t need.
Look for discounts: You may be able to get a discount on pet insurance if you bundle it with an existing insurance policy, such as your car or homeowners insurance, Experian added.
Methodology: GOBankingRates surveyed 1,021 Americans aged 18 and older from across the country between October 12 and October 16, 2023, asking twenty-three different questions: (1) How much did you spend on your pet in the last year?; (2) How much have you spent/are you planning to spend on Halloween this year?; (3) How much money do you spend on kid-related activities in a year?; (4) How much do you spend on average on your monthly utility bills (electric, heat/gas, water)?; (5) What spending/saving habits have you had to change in the last year due to inflation/rising prices? (select all that apply); (6) What was the biggest unexpected expense you had this year?; (7) How much do you currently spend on monthly car payments?; (8) Do you live in a single-income or dual-income household?; (9) In the past year, did you have to take on a side gig because of rising prices/inflation?; (10) How much do you bring home from your side job(s) each month?; (11) How much have your overall expenses gone up in the past year?; (12) What is your top financial priorities to end 2023?; (13) What is the top way you’ve earned your money/gained wealth?; (14) Have you started financially preparing for 2024?; (15) How much have you spent on home upgrades in 2023?; (16) How will the resumption of student loan repayments affect your budget?; (17) How much do you currently owe in student loans?; (18) How much do you spend on yourself (not including housing, food, etc.) out of each paycheck?; (19) How much do you spend on online purchases per month?; (20) Where do you shop for groceries most often?; (21) Do you shop around for groceries to get better deals?; (22) What are you currently invested in? (Select all that apply); and (23) What is the current value of your stock investments?. GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
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This article originally appeared on GOBankingRates.com: 3 Key Signs You Pay Too Much for Pet Care (and How To Spend Less)
