Pets offer us unconditional love - and don’t cost much to own.
However during its lifetime, the owner shells out a considerable amount. Here’s what to keep in mind.
The main one-time fixed cost is the actual purchase of the pet (if you are not adopting).
Plus, there are accessories like leashes, collar, bed, food and water bowls, kennel etc. Recurring costs include food, vet visits etc.
You need to estimate total costs over the lifespan of the pet (after factoring for inflation) and arrive at a monthly outgoing cost.
You need to pad up your emergency fund, because you now have an additional family member.
A health issue or accident may require surgery for your pet. If you can, take pet insurance that covers death due to accident/illnesses, plus loss/theft.
Smaller animals like fish, birds, rabbits and cats are generally lighter on the pocket.
You can also slash your one-time purchase cost by adopting from a shelter instead of purchasing a thoroughbred.
Outdoor cats tend to have a short life expectancy of only 2-5 years.
Pets also have different nutritional needs - the bigger the dog, the more expensive the feed.
Turtles are cheaper, but they can outlive you, living for 50-60 years.
Pets are fun and cuddly - but their monthly expenditure presents a significant opportunity cost.
So, look at the lifetime cost involved before bringing a pet into your home.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.