When a friend of mine brought home her German Shepherd puppy, she knew there would be some costs involved. In her mind, the upfront costs included the cost of the dog, a leash, a dog bed and some bowls for food and water. On-going costs would of course be food and an occasional vet bill, right? Over the years, I’ve heard the following confessions (some of which required extra withdrawals from her investment accounts). Below is a sample of her confessions to me:

Confession #1: I didn’t think I would need a fence

As a dog owner, she knew she would need a fence, but she was thinking of an inexpensive chain link fence of around $1,500. Her plan was to walk her dog every day, so the fence would be more of a pen for occasional use. But to her surprise she ended up fencing in her entire backyard. The final cost of her aesthetically pleasing wood fence (with decorative gates) was closer to $15,000. 

Confession #2: I didn’t realize the “good” dog food was so expensive

She purchases a 30-pound bag of dog food online which arrives monthly at her door like a delivery of bricks, only more expensive. 

Confession #3: My dog will only stay at the pet palace 

My friend called one day and said her dog would no longer stay at the boarding facility the vet offered. Evidently the dog refused to get out of the car the last time she tried to drop him off. She was able to get him into the 20-acre high-end doggie boarding “estate” in the country that has limited hours for drop off and pick up and is a 20- minute drive out of town. The limited hours mean that her dog must be dropped off a day early and typically picked up the day after she returns from her trip. The cost for her last trip: over $1,000. 

I found out later that because this country estate pet palace has a “mud moat” that the dogs can play in everyday, it adds an additional cost for special grooming before she picked her dog up. This additional cost includes moisturizing shampoo and conditioners which adds another $100 to each visit. 

Confession #4: Extra costs for housekeeping and furniture maintenance

My friend treats her dog like a member of the family, so he has free access throughout the house and in many cases, sleeps on the furniture. She went from housekeeping twice a month to every week to keep up with the dog hair.

She has shared multiple stories of things chewed or scratched that have had to be repaired or replaced. Of the stories I’ve heard, I’ve estimated about $3,000 per year between the extra housekeeping and dog damage.

Confession #5: An emergency surgery….twice!

A while back, her dog had a mysterious stomach issue that required emergency surgery. She didn’t go into details about the cause, although she seemed a bit embarrassed by it at the time. However, she confessed the cost: $4,000. Then it happened again a few months later. That was another $4,000.

It turns out this is not uncommon, as puppies or even adult dogs will eat blankets, toys or corn cobs which create an intestinal obstruction which requires lifesaving surgery. It can be very costly, and your pet may not survive. Of course, timing is everything, so if it happens on a weekend or holiday you end up at a very expensive after-hours emergency vet, so it may double or triple the cost. 

The Final Tally

Other costs not included above include having her dog neutered, the annual cost of dental cleaning, the annual cost for preventative medicine for heartworms, ticks and fleas, and periodic grooming. 

Over a 10-year period, my friend calculated that she had over $60,000 in unexpected costs. She informed me that she would have paid double that because this dog is her loyal companion and at times her best friend. 

So yes, pet ownership is expensive. It’s messy. It’s sometimes absurd. As a financial advisor, one of the best approaches I’ve seen is for a family to agree ahead of time as to the boundaries on cost. One family I know adopted a firm policy of “no surgeries”. That is, annual preventative vet care was fine, and minor medical issues. But if an animal needed a hip replacement, cancer treatments, etc., that was not going to happen. It sounds harsh, but it helped them navigate the options when difficult situations arose, and they felt pressure to possibly incur large vet bills.

The confessions outlined above relate to a dog, but the same concept is true for cats, horses, or any type of pet. Pets can bring a great deal of joy to your life, but it pays to be aware of the financial obligation of a well-cared for animal.

Kristina Bolhouse, CPA/PFS, CFP®

President/Shareholder

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