Are your pets in your budget?
According to a recent article on www.forbes.com pet ownership in the US has increased over the past three decades. According to the article, as of 2024, 66% of US households (86.9 million homes) own a pet!
I do not doubt these figures because I see that most of the members I coach have a pet. So much so that I have it as a permanent line item on my worksheet. I am less surprised at the amounts spent on our pets the more people I coach. As a pet lover, I know firsthand how expensive they can be, and how committed we are to the well being of our furry family members.
A few fun facts from the article are:
- Dogs are the most popular, followed by cats and freshwater fish!
- Millennials make up the largest percentage of current pet owners
- In 2022, Americans spent $136.8 billion on their pets
- Essential dog expenses cost an average of $1,533 annually
- 35% of Americans have more than one pet
- Gen Z pet owners are the most likely to spoil their pets with birthday cakes (34%), birthday presents (39%) and clothing or costumes (32%)
- Tucson is the 9th most expensive city to own a dog
- Tucson is the 7th best city for pet owners
The article does include information regarding pet insurance as a way to help prevent a budget busting unexpected vet expense. If you chose to consider pet insurance, TFCU does offer pet insurance, and to find out more, click HERE.
If you are thinking about getting a pet for your family, consider all of the expenses and the commitment involved. And if you want to create a plan or update your current plan to include the financial responsibility of owning a pet, I can help! CLICK HERE to schedule your Personal Financial Coaching session.
Lisa Atkinson
TFCU | Personal Financial Coach
latkinson@tucsonfcu.com
As a Personal Financial Coach, I do not provide legal or tax advice. Tucson Federal Credit Union does not guarantee that this service will achieve any particular objective or outcome. For any legal advice, please seek the advice of an attorney or tax professional.
