Are pets too expensive now?
It costs $67,935 to support a dog and cat for 15 years.
Photo: Unsplash
Hello Financial Healers,
I stumbled upon an interesting study from Investopedia. It concluded that the American dream (i.e. owning a home, raising children, and buying a car) now exceeds a lifetime cost of $3 million. 😮
That’s over $1 million more than most Americans will make in their life. Yikes!
The data
Investopedia did a great job of breaking down each category of spending, which you can find below. Note the 7th section on this list, which is Pets:
I never would have thought to calculate this cost! But there it is. It’s purrfect.
Investopedia concludes that the overall amount of caring for a dog and cat is $67,935 spent over 15 years. This gets broken down to $4,529 each year, which is more manageable. And you can halve this annual figure to $2,264 for 1 animal’s needs. But the numbers make you think: Do I want the added responsibility of a pet right now?
Disclaimer: I do love pets. I grew up with animals and had dogs for most of my life. Dawna and I are even considering getting a new cat. But with our travel schedule and the lingering effects of 2020, caring for a kitten sounds very challenging.
Animals are everywhere!
If you have pets, please don’t consider this post a critique of your spending decisions. My only encouragement is for everyone to weigh the cost and benefits of every significant financial decision. View this data as useful information, and make the choice that’s best for your home.
God bless your Prosperous Soul,
Stephen K. De Silva
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About: Stephen K. De Silva is an author, speaker, and financial coach. From 1995 until 2017, he served as the CFO of Bethel Church, and a member of the senior leadership team. Stephen’s blend of experience, training, and gifting make him a pioneer in the subject of money. You can reach Stephen at hello@prosperoussoul.com
I would challenge that number for items can be removed as not necessary for pets!
I would also challenge the costs for American Dream. It is time to budget conservatively, and one person's dream is not necessarily every persons' dream! Where is God Yeshua Holy Spirit in the costs?