How to Budget for a New Pet and Where to Adopt

Nov 25
Park Property Management
News/Blog Photo

Welcoming a new pet into your apartment is an exciting time. Whether you choose a dog, cat, or other small animal, it is important to budget the annual costs that pet ownership brings. 

We love pets at our 66 Isabella apartments and have a few helpful suggestions on what to budget for when welcoming a new four-legged family member. 


Initial Costs 

The first year of pet ownership is often the most expensive one. Life with a puppy or a kitten automatically becomes more expensive. Some of the additional first year costs you will have to incur may include spay/neutering, vaccines, pet license, and microchip ID. Additionally, there are some essentials like pet bowls, beds, leash/collar, and toys. Next, a good carrier or crate will be required. Cats also need a litter box and litter, while dogs may require obedience classes.


Variable Costs

When ready to add a furry friend to your household, you also need to carefully consider if your lifestyle will allow you to commit to your pet properly. If you are regularly away for long hours throughout the day, you might need to hire a dog walker. Likewise, if you travel a lot for work, you will need to consider boarding costs. Other variable costs include regular grooming, haircuts, nail trimming and more.


Cost-saving Tips

While it is not possible to negotiate most of these costs, pet ownership can become more affordable with these tips. 

You can shop wisely for food by using coupons and keeping an eye out for sales. You can also be creative and show your pet some love with homemade dog toys and cat toys made from recyclables. We would encourage you to adopt a pet rather than buy one. Adoption fees usually include spay/neutering, microchip ID, initial vaccines, and deworming. Size and breed also matter, as large dogs eat more and could have larger vet bills. Low energy dogs, on the other hand, may not require a dog walker, while short hair animals typically don't require grooming. 


Pet Insurance

Just like renters insurance, pet insurance can protect against costly vet bills. Pet treatments can be costly expenditures without insurance. Pet insurance varies in costs depending on coverage choices, but it can range from approximately $15 to $80 per month. 


Our Final Piece of Advice

Although their unconditional love is priceless, according to the Ontario Veterinary Medical Association, the cost of pet ownership ranges from $150 to $200 per month. You will have to carefully consider whether or not you will be able to commit your time and capital to a new family member before deciding to adopt a new pet.

When you are ready to adopt, check Toronto shelters and rescue organizations that have pets looking for their forever homes.