Tuesday, 9 August 2016

The average cost of your pet per year is . . .

They’re our four legged-friends, our furry family members and our instant mood-boosters after a particularly stressful day. We love our pets—so much that most Australians consider their cat or dog to be another member of the family. And they can be pretty expensive family members, at that.

A dog’s life certainly isn’t cheap anymore, with Australian families spending more than $25,000 on their pet dog over its life-time, according to a report by Bankwest. Apparently the average Aussie family can end up spending more than $25,000 over the life of their beloved friend.

Over the average lifespan of a dog, roughly ten years, pet food and other gourmet delights can gobble up the bulk of a doggies annual food bill at about $1200. Then there are veterinary costs, and additional dog care such as grooming, dog walking, dietician and trainer costs each year.

It certainly isn’t any surprise to learn that half of Aussie pet owners consider their pet to be equally important as their kids. If you are prepared to outlay more than $25k for your dog then you’d probably love him.

Most pet owners think the cost of a pet dog is a small price to pay in return for what a dog provides its family. Their love for dogs, the companionship provided by a ‘man’s best friend’ and the peace of mind and security a pet canine creates are the main reasons for owning a dog.

Interesting facts about our pets:
·        NSW is the state that spends the most on pets. WA spends the least.
·        25 per cent of Aussie dog owners pay a dog groomer to maintain their dogs’ appearance.
·        50 per cent of Aussie dog owners buy their dog gifts for special occasions e.g. Birthday, Christmas etc.
·        80 per cent of Aussie dog owners have a dog for companionship
·        Over 30 per cent of dog owners have a dog to encourage them to exercise.
·        5 per cent of people have their pets in their will.
·        8 per cent of people take their pet with them on holiday

Yes we love our pets – that’s a given. But these costs can cause some major strains on your household budget. If you are looking to bring a pet into your household, planning should be a top priority. Knowing the costs associated with your pet and being prepared for unexpected and emergency costs will help diminish the financial burden of your new furry friend.

Owners can help avoid future financial mishap by doing their homework before bringing home a new cat or dog. Just as you should have a personal, or business budget in place, your pets should be a factor in that budget.

If you still need to “get-around-to” starting a budget you can start here by downloading our Free Your Money Sense e-Book: “6-steps to Financial Security”.

Did you know Australia is a nation of dog rather than cat owners with 68 per cent of pet owners having a dog and 32% having a cat. What are you?

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