When the veterinarian told April Jimenez that her 13-year-old rescue cat Kooka had a tumor on her bladder, the news was heartbreaking.
“She was like our kid,” says Jimenez, who works as director of digital marketing for a software company in New York City.
After Kooka’s initial surgery, which left her with a nasty infection, Jimenez took her to another vet, who managed to heal her — and extend her life by another six months. But the medical intervention came with staggering costs.
“Before we knew it, she was [at the veterinary clinic] for about a month,” says Jimenez, who raided her 401(k) to cover the costs. “We spent about $38,000 in total.”
[See: The True Costs of Owning a Pet — and How to Spend Less.]
The costs of owning a furry friend — or even a scaly or feathered one — are hard to predict. That’s especially true for first-time pet owners, who may not realize that on top of the regular, monthly bills for food, grooming, dog-walking and other pet-care services, there can be unexpected costs, including health care fees and increased living expenses, such as pet rent.
To demystify the price of pet ownership, here’s a look at the unexpected costs newbie pet owners should anticipate.
Adoption or purchase costs. One of the very first bills you’ll need to consider is the cost of adopting or buying your pet. This upfront fee can range from totally free — if you take in a stray — to thousands of dollars, if you purchase a purebred pup from a popular breeder.
One way to reduce this cost is to adopt from an animal shelter, experts say. Depending on where you live and the shelter you visit, the price to adopt a cat or dog will vary, says Vicki Stevens, senior marketing communications manager for companion animals at the The Humane Society of the United States.
For example, at Animal Friends, an animal rescue in the Pittsburgh area, there is a requested donation of $75 for cats and dogs older than 6 months, says Shannon Tremblay, Animal Friends’ director of communications, in an email. Puppies and kittens run $125 and $100, respectively, and rabbits cost $60.
Keep in mind that those initial fees often buy you an animal who’s been vaccinated, micro-chipped, dewormed, spayed or neutered, says Dr. Erin Wilson, medical director of the ASPCA Adoption Center in New York City. If you paid for those services yourself — say, by taking in a stray — you might fork over $300 or more to a private veterinarian, she says. So, that upfront adoption fee may, in fact, be a good deal.
[See: 11 Expenses Destroying Your Budget.]
Health care expenses. Don’t forget to budget for annual vet visits, which may cost $50 to several hundred dollars each, depending on the services provided, your location and your pet.
While those regular appointments can be pricey, the real expenses arise from unexpected emergencies, like when Princess eats an entire roll of pennies, or Mittens gets into a scuffle with a raccoon.
One way to hedge against massive medical bills is to pick up pet insurance. Although the some pet experts question the value of pet insurance, worrying that it costs more money than it ultimately saves, it can mitigate some of the health care sticker shock. These health plans can run $10 per month and up, depending on your pet, coverage type and insurance provider, according to PetInsuranceQuotes.com.
Because insuring an older or already ill animal can be expensive — or, in many cases, impossible — some experts recommend buying insurance early, when your pet is still young and healthy. “Insuring your pet when they’re at the starting gate in life is probably the best thing you can do,” says Rob Jackson, co-founder and CEO of Healthy Paws, a pet insurance company in Bellevue, Washington. “That’s because you’re getting it at a time when there are no preexisting conditions, and you’ll probably get the [best] value.”
If you choose not to pay for pet insurance, consider opening a pet-specific emergency fund, or padding your rainy day fund, to cover unexpected health care expenses when they pop up. That way, finances aren’t a barrier to saving your animal friend’s life when disaster strikes.
[Read: Is Your New Dog a Money Pit?]
Housing fees. Before adopting or purchasing a pet, note whether your landlord, condo association or homeowners association has any restrictions or prohibitions on pets, and whether you’ll pay some kind of pet deposit or pet rent.
“Owning a pet in a city is expensive and difficult,” says Jayme Montgomery, an agent for TripleMint Real Estate, a tech-enabled brokerage in New York City, in an email. “Many apartments will not allow dogs specifically for many reasons, [including] noise, breed, potential damage to the floors, cost of insurance for the building. When you do find apartments that allow dogs (many large high-rises do), there is usually a pet deposit or pet rent.”
Review your lease or other housing agreement to understand whether animals are permitted in your building and whether you have enough cash reserves to cover any deposits or extra charges. Housing challenges are one of the top reasons owners return their pets to the shelter, Stevens says. That can be traumatic for both you and your pet, so aim to avoid that risk by doing your research. Some shelters may require that you attach a portion of your lease or otherwise verify your ability to own a pet in your current living situation prior to approving an adoption.
Bottom line: Owning a pet is a financial responsibility, so prepare your budget and your bank account for the inevitable bills.
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The Newbie’s Financial Guide to Adopting or Buying a Pet originally appeared on usnews.com
