How much will this cost me?
If I asked you to spend $25,000 on a new car that has no warranty, no roadworthy certificate and no return policy, you’d probably baulk at the suggestion. The risk to return ratio would be too high, especially for the purchase of a depreciating asset. Many people don’t realise that $25,000 is the average lifetime cost of buying a new dog
. Sit down and calculate how much it will cost you in the long term to own an animal. If you can’t justify spending that much on any other purchase, you can’t justify spending it on a pet either.
What am I willing to spend on healthcare?
Everybody knows that veterinarian bills are expensive, but most people tell themselves that their pet will be healthy for its entire life. No one thinks that their pet will need surgery, a special diet or expensive medication. However, being financially responsible means preparing yourself for the worst, which is why you need to ask yourself at what point you will draw the line and decide it’s too expensive to keep your pet alive. Thinking about having an animal put down is not pleasant, but you need to be realistic about your financial limitations well before you get emotionally attached to a pet.
Why do I want a pet?
It’s important to honestly ask yourself why you want a furry friend. An animal’s companionship can enhance your life, but have you considered how you will contribute to your future pet’s happiness? Chances are, if you haven’t thought about how often you’ll be home, how willing you are to spend your free time exercising and playing with your pet, or how happy your pet will be living in your home or apartment, you are purchasing an animal for selfish and ultimately irresponsible reasons.