The True Cost of Owning a Pet

pet industry statistics

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Owning a pet can be a rewarding experience, but it comes with a financial responsibility that should not be taken lightly. It costs about $1,520 a year to own a dog and $1,158 for a cat. On a national level, Americans spent a staggering $53 billion on their pets in 2012, according to the American Pet Products Association.

Pets are an important part of the family, and we all love spoiling our furry friends, but there are ways you can cut down the costs of owning a pet.

Save on pet medications

Buying generic medication for your four-legged friend is a great way to save money. You can use a free price comparison mobile app like GoodRx to help you find the lowest prices on pet medications.

Consider pet insurance

The average dog owner spends $852 annually on routine and surgical visits. Insuring your pet can help ease the financial burden. With insurance plans by Veterinary Pet Insurance for $38.58 a month for dogs, $27.58 for cats, and $8 for reptiles, the cost of pet insurance is not only affordable, it can also help you save on pet care through reimbursements. When you compare that with the monthly cost of your pet’s food, it’s a small price to protect your little loved ones.

Apply for a credit card that rewards pet owners

Spread the cost of pet ownership over the course of the year using a credit card that saves you on pet costs. Our Nationwide Bank VPI VISA credit card offers some great benefits for pet owners:

• 0% APR on all veterinary costs for the first 6 months
• 2% cash back on purchases from participating pet stores
• No annual fee
• 0% APR on all purchases and balance transfers for the first 6 months from account opening

To find out more about the VPI VISA credit card or apply, call 1-866-439-3153

Do research and create a budget

Many people don’t know all of the associated costs of owning a pet when they adopt one. Researching the annual expenses of pet ownership can help you plan your budget accordingly. Check out our infographic containing annual pet costs, pet insurance costs and more to find out the cost of owning a pet.

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