I love dogs and they make great pets. However, a dog is an expensive, big, and long-term commitment. The reality is most people have no idea how much owning a dog costs and most people grossly underestimate the costs.
A dog will need attention, food, routine veterinary treatment, training, grooming, and daily care for 10-15 years. I saw a great article today in PetEducation.com. The article gives low, medium, and high costs of owning a mid-sized dog. In summary, here are the total costs for a 50-pound dog throughout its 14-year lifetime:
- Low estimate = $4,242
- Medium estimate = $12,468
- High estimate = $38,095
Dogs are definitely “man’s best friend” but before you take that big step and buy a dog, make sure you fully consider the costs involved. You may even want to increase your emergency savings fund a bit for any extra pet expenses that might arise unexpectedly.