Getting a new fluffy family member can be so exciting! It's a wholesome time of getting to know your new puppy or kitten or maybe you've rescued an older cat or dog.
Having a dog/cat makes us feel rich in many ways but is also a great expense.
Crumble was very much a planned puppy, I calculated the cost of getting her plus the monthly cost of what she would need, but as I was already providing for Chester I wasn't expecting the cost of living crisis, and the cost of everything she/they both needed to increase so much in such a short period of time. It has definitely put more pressure on my finances than it previously did!
With the current cost of living going up, the average household is really starting to feel the pinch especially when it comes to pets. Tesco Bank found 49% of dog owners and 36% of cat owners have cut how much they spend on their pet due to the rising cost of living.
The Dogs Trust found vet bills continued to cause the most worry; around half (48%) of dog owners said vet bills were currently their biggest financial canine concern for the coming year. One in five (23%) were most worried about the cost of dog food, while 14% named insurance as their lead worry. Tesco Bank surveyed 2000 pet owners and found 44% didn’t have pet insurance, leaving them and their pet at risk of high vet costs.
Before choosing the perfect pet, the cost of looking after them is something to really think about especially when it comes to dogs and their breeds. A huge 17% of pet owners admit to not calculating the cost of getting a puppy before becoming an owner. Certain breeds have health concerns that are more likely to cost you money at the vets and therefore can cost more to insure.
Tesco bank have put together a page dedicated to helping owners see the costs of owning dogs and cats, before you head out to pick your perfect pet!
It includes information about different dog and cat breeds and their average insurance cost, links to articles such as looking after your pet on a budget and they also have 10 essential tips for first-time pet owners! Both helping you prepare for a new arrival mentally and financially!
Why do you need pet insurance?
Pet insurance could help with unexpected costs, giving you added peace of mind if something happens to your furry friend.
When asked why they didn't have pet insurance 39% said they were put off by the cost but over half also said they’d had to pay a one-off vet fee, in some cases higher than insurance.
Internal Tesco Bank data found, the average cost of an unexpected vet bill was £392.90.
This is a huge sum to find when it isn't expected and you’re already dealing with the stress of an unwell pet. Of those surveyed 59% with cat and dog insurance said it was worth the money. Find out more about Tesco Bank’s research on their Tesco Bank Best Pets-timate hub.
Thanks for reading
Sarah, Chester & Crumble xx