Over the past few years there have been numerous studies into the health benefits of owning a pet.
According to Dr James Griffin, a scientist at the Eunice Kennedy Shriver National Institute of Child Health and Human Development in the United States, having a canine companion or a feline friend provides us with a “source of comfort and developing empathy”.
Previous studies have suggested that owning a pet helps to reduce stress, lower blood pressure and fight depression.
But are pets good for you in a financial sense?
Well, it seems the answer is both yes and no.
Pets can be expensive. On top of providing them with food and the odd play item such a bone or squeaky toy, you also have to consider the cost of veterinary care if something goes wrong
Vet bills have risen incredibly in recent years and the cost of something quite routine for Rover or Rusty could tip you off the edge of a financial cliff.
Major issues are even more on the pocket as well as the heart.
A study conducted by the RSPCA last year found that an emergency operation on dog can cost more than £4,000, while care for a cat injured in a car accident can weigh in around £1,500 without aftercare and future surgeries.
According to the study, 26 per cent of uninsured pet owners put off taking their pet to the vet because they fear the costs involved. This move could lead to the animal’s health problems worsening and it is likely to lead to further costs down the line or even a loss of the pet.
A solution to this problem is to take out an insurance policy. Yes that’s another expense, but it will provide with piece of mind and will more than pay for itself if god forbid something does happen to your furry friend.
An average pet policy will set you back somewhere the region of £100 a year, a sum which is less than most people spend buying newspapers.
Getting one set up is also quick and easy as it can be done either over the phone (or should be called the dog and bone in this case?) or via the internet.
Now, after reading about all these expenses which come with owning a pet, you’ll probably wondering where the financial benefits lay.
Well, they come in the form of things you possibly haven’t given much consideration to.
For example, owning a dog can often mean that you can get away with spending less on your home security. Dogs are very loyal and territorial animals and will defend their owner’s property with all their might.
This doesn’t mean you need to have a big and vicious dog either, as even the most soft and loving pooch can be enough to scare off anyone who might consider breaking into your property.
Indeed, studies have found that burglars stay away from homes where they can hear a dog barking.
Another financial benefit comes from the physical exercise pets can provide you with. Yes, you won’t get much exercise out of owning a gerbil or even a cat for that matter, but dogs are fantastic companions for people looking to get themselves in shape.
Each day your dog will need to be taken out for a walk and while this may seem a like a chore, it is also doing you some good. On top of that, if you can get your dog to enjoy a light run with you it could mean that you no longer need to pay for that expensive gym membership.
This is a guest post.
I wouldn’t say they are good for our finances, but they are good for our health and wellbeing. Having an animal can be quite expensive. If you have a large dog like I do the food along is expensive, but he makes me a much happier person.
Good points. I would have to say though that if you’re gone for more than a couple days at a time, you really should kennel a dog which is another expense. I know that if my wife and I had our last dogs stay at home alone then they would’ve just torn up the house.
For me, not every decision comes down to what’s best financially: it comes down to what’s best for my life. My dog provides me with companionship, exercise, and a sense of security. I call him my four legged Zoloft. Yes, his medical treatments have the potential to be expensive, but that’s more than worth it when I see how excited he is every single time I come back through the front door.
“For me, not every decision comes down to what’s best financially: it comes down to what’s best for my life.”
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Oh, I totally agree. Clearly. I have two of them! And they aren’t cheap. And I don’t care. I’d get two more knowing they’d cost me thousands. My dogs are amazing and I think animals are good for health, Oh, I totally agree. Clearly. I have two of them! And they aren’t cheap. And I don’t care. I’d get two more knowing they’d cost me thousands. My dogs are amazing and I think animals are good for health, mental wellness, and many other things.
My cats are old (16 and 12) and thus have gotten pretty expensive as they each have medicine and food that is special to their particular needs. But, they’re worth it. Outside of that, all the need is some love, and there’s nothing like a cat purring in your lap to make you take a few minutes and enjoy the moment.
Unless pets poop out gift cards.or good coupons they aren’t directly good for your finances. They are great companions though!
A couple of notes:
Before you consider insurance, find out what it won’t cover. Most policies (at least in the US) will not cover common/known health problems for a breed. Have a German Shepherd? The policy won’t cover hip dysplasia or back issues, etc. For the most part, if you simply set aside each month what you would pay on a pet health insurance policy and put it in a special pet account, you’ll have the money you need for most treatments and won’t have to worry about paperwork or having a claim denied.
And I might argue that pets can have a positive effect on our finances. We go out less because we don’t want to leave our dogs. Instead, we have friends over (saving us all money). Or, we meet up with fellow dog friends at the dog park, when otherwise we might meet at a coffee shop.
And the quality of life improvements show dividends when it comes to our own health care costs. Studies have even shown that kids who grow up with pets are less likely to have allergies and asthma. Talk about long term savings.
If I didn’t already have a free gym membership, I would totally try to use that one to support my case to my husband that we *need* a dog. 😉