It’s hard to imagine any part of the economy benefiting from the coronavirus, but Singapore’s pet industry is an exception. The start of the breaker resulted in a ten-fold increase in pet care, and as families look to the future after Covid, some may consider the merits of permanent adoption.
A large part of this equation is financial: pets typically cost several thousand dollars a year in food, medical care, and care. To learn more, we went into the details and looked for the real cost of companionship, with an emphasis on cats and dogs.
Raising cats is a third cheaper than raising dogs
When we gathered figures on adoption fees, breeder prices, medical expenses, food, and grooming, the final analysis found that dogs averaged nearly $ 3,200 in the first year, while cats cost a little over $ 2,000. In other words, the cost of maintaining and keeping a cat is typically about 63 percent of the average spent on a small to medium-sized dog.
Every household has its own reasons for having a dog or cat, but the financial comparison favors cats because they eat less food and have a lower risk of developing diseases such as heartworms, against which dogs need protection.
That said, buying a purebred cat could easily get more expensive than adopting a mixed breed dog from the shelter. The cost of owning pets also varies when it comes to optional expenses such as toys and premium grooming packages, which come with significant price differences.
Food costs are significant for both cats and dogs
Buying real pet food was almost half the annual budget we calculated for a single pet of both species. As opposed to the cost of grooming or toys, food is a fixed cost that can only be reduced in two ways: buying cheaper grocery stamps or buying in bulk, which requires long-term storage if your pet eats little at a time.
These tables show that feeding dogs typically costs twice as much as feeding cats. While the cost of dry dog food can be reduced significantly by purchasing larger 15kg bags, it may not be an easy option for dog owners with limited space at home.
Our analysis found that cats are relatively cheap to feed, even if the cost is based on buying a can of food a day.
ALSO READ: 5 “Hidden Costs” of Owning a Dog or Cat in Singapore
Your veterinarian should be able to advise you on the correct type and amount of food your pet needs. It is therefore important to seek his advice first. Additionally, some individual animals can be particularly picky about their feeding options. Make sure you clear the question early on by finding a food option that suits both your pet’s tastes and your wallet.
After eating, healthcare is the largest cost area
The fixed costs of owning a pet range from your purchase price or adoption fee to adequate food and medical care. From the numbers we put together, pet food and health care make up the bulk of the cost of living, whether you own a cat or a dog.
Fortunately, it only comes down to a significant hassle every few years: the routine vaccinations your dog or cat needs to get protected from common viral and bacterial diseases. In the second or third year of ownership, this means your pet’s medical costs will be 25 to 40 percent lower than years when your pet needs new admissions.
Pet insurance? Some pets need it more than others
Food and regular checkups will almost certainly come out of the pet owner’s pocket, but the possibility of a medical emergency should also take into account your budget for an animal.
While such events are rare, they can be extremely costly, and even put owners in the painful position of having to choose between financial responsibility and their pet’s well-being.
In addition, some purebred dogs and cats are at higher risk for disease or chronic health conditions because of their genetic heritage. Not only is this one of the arguments in favor of introducing mixed breeds, but it’s also a good reason for purebred owners to consider stronger pet insurance that can help with the potential cost of future treatments.
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With typical pet insurance starting at $ 75 a year, it can be quite affordable for dog or cat owners to get coverage that helps cover costs in the event of injury, illness, theft, or accidental death. For households with an expensive pet or a pet that is particularly valued as a family member, pet insurance can be a wise decision.
This article was first published in ValueChampion.
