The True Cost of Owning a Pet: An In-depth Guide

Introduction

Pets can undoubtedly bring joy and companionship to their owners' lives. However, owning a pet comes with its own set of costs, both financial and otherwise. In this article, the discussion revolves around the pet ownership scenario in India, how to estimate the costs involved, and the overall impact on lifestyle and financial planning.

Popularity and Abandonment of Pets in India

• According to statistics, 60% of people in India own pets, with dogs being the most common at a rate of 34%, followed by cats at 20%, birds at 14%, and goldfish at 10%.
• However, the rate of pet abandonment in India is high, with 50% of pet owners admitting to having abandoned a pet, compared to a global rate of 28%.
• The main reason behind this is the unexpected and often underestimated costs associated with pet care.

Initial and Recurring Costs of Pet Ownership

Pet ownership costs can be broadly divided into two categories: initial costs and recurring costs

Initial Costs

• The price of a pet, specifically a Golden retriever puppy (a popular breed in India), can vary between INR 15,000 to 30,000.
• Pet registration, which is legally required in most states of India, can range from INR 500 to 1,000 with renewal required yearly.
• Other initial costs include purchasing a crate/bed for the pet, which can range from INR 3,000 to 5,000 depending on pet size.

Recurring Costs

• Monthly recurring costs often outweigh the initial charges. They include expenses on food, treats, vaccinations, vet visits, toys, leashes and harnesses, grooming, and potential medical costs.
• As an example, feeding a Golden retriever requires around 15 kilograms of dog food per month, which amounts to about INR 36,000 annually.
• Training a puppy can range from INR 10,000-15,000 for basic obedience and toilet training, with advanced protection training costing higher.
• Regular medical costs include vaccinations and yearly vet visits, costing about INR 2,000 and 5,000 respectively per annum.
• Pet toys, essential for their mental and physical stimulation, will cost around INR 6,000 yearly.
• Grooming expenses can amount to INR 1,500 per monthly visit for dogs and INR 2,500 for cats.

Other Considerable Factors in Pet Ownership

Unforeseen Medical Expenses

• Medical emergencies and surgeries can lead to huge unexpected charges, which many pet owners do not factor into their initial cost considerations. A common surgical procedure like ligament tear repair could cost INR 30,000 to 40,000.
• Pets are also susceptible to chronic illnesses requiring long-term medication, which can significantly add to monthly costs.
• Due to these unexpected costs, acquiring pet insurance can be a wise decision. Premiums for pet insurance usually range from three to five percent of the sum insured, offering coverage for surgeries and hospitalization expenses.

Miscellaneous Costs

• Pets could potentially cause damage to household furniture and interiors. This damage repair and replacement cost has to be considered.
• If you're traveling and unable to take your pet along, dog or cat boarding services will cost around 500 rupees per day for accommodation and 200 rupees per day for food (based on a five-day trip assumption).

To wrap it up, owning a pet is a major commitment, requiring significant time, energy, and financial resources. Therefore, potential pet owners should consider these factors and be well-prepared to manage these responsibilities efficiently.