Owning a pet can cost over $1,000 a year. Here's how you can manage the bill.

Owning a pet can enrich your life in immeasurable ways. Amongst the many benefits, owning a furry friend has been proven to increase our sense of happiness and help us lead more physically active lives.  

But there's one part of pet ownership that's not always pleasant: the cost. Owning a fluffy little bundle of joy is a serious financial responsibility, one that could cost you more than $1,000 a year.

That's why 91% of pet owners say they've been stressed about the cost of pet care in the last year, according to a USA Today poll. Fortunately, we've got plenty of tips to help you seriously cut the expense. 

Understand the real cost of pet ownership 

If you're thinking about getting a pet, consider the true cost first.

Yes, owning a pet can improve your quality of life, but giving your pet quality care requires some spending. In fact, nearly half of all pet owners say they've taken on debt to cover pet-related care. 

By some estimates, it costs around $1,200 a year to own a cat and $1,400 to own a dog. Over the course of 10 to 15 years, that's a total expense ranging from $12,000 to $21,000. Between upfront and ongoing fees, here's an idea of what to expect: 

If you want to keep costs low from the jump, consider adopting instead of buying from a breeder and taking in an older dog or cat versus a puppy or kitten. If you're a military veteran, look for a shelter that waives your adoption fees. 

Of course, in addition to the list above, there are a variety of other expenses you might need or want to take on, from treats and toys to crates and collars. Many costs, like pet sitting, can vary depending on the pet, too.

For example, if you leave town, your pet may be okay with occasional visits or need more expensive, overnight sitting. Able Christian, professional cat and housesitter and owner of Kitty Cat Care in San Francisco, points out a few key questions to ask:

"Is your pet okay being left alone for long periods of time? Are they healthy, and do they require minimal care? These questions would determine how often your sitter needs to check in on them,"

Build your pet budget

Reviewing your finances isn't always fun, but it's worth taking some time away from the purring and petting to look at your budget.

After all, a little bit of financial planning will ensure you have more quality time with your pet in the future.

If you've never made a budget, don't worry; creating one can be simple—you just make a list comparing your income to your expenses.

Here's how we recommend creating a budget that has your current or future pet included: 

• Use the list above to help you estimate your average monthly expenses. If you're not a pet owner yet, calculate the upfront costs as a separate figure. 

• Add a line-item into your budget that shows your average monthly pet costs. If you're saving money to buy or adopt, add in the amount you want to save each month. Once you make your purchase, adjust your budget to reflect the ongoing expense. 

• Compare your income to your expenses. If your budget shows a deficit, brainstorm ways to increase your income and/or cut costs. You might find it easiest to cut back on non-necessities like entertainment and travel. 

• Set up an automatic, recurring deposit to your savings account that covers your pet's average monthly costs, and ideally, a little extra for emergencies. If you don't spend all of the money in a given month, great! Keep the extra funds saved for future pet expenses. 

Cut costs without compromising care

There are plenty of ways to reduce your pet care expenses without depriving your furry BFF of joy. Here are some great ways to save money while keeping your pet healthy: 

• Comparison shop: Shop around to find the best rates on veterinary services in your area before visiting the vet, and check to see who offers low-cost virtual consultations online. Look for clinics, pop-up events or local veterinary colleges where you can get free or low-cost spaying/neutering, microchipping, vaccines or other services. 

• Practice prevention: Take preventative measures to fight off health problems. This includes brushing your pet's teeth, making sure she maintains a healthy weight and going to the vet for regular wellness exams. 

• Stay insured: Spending money on pet insurance that covers sick and emergency visits can save you thousands in the long run, especially if you start coverage when your pet is young and is less likely to be denied for pre-existing conditions.

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• Groom at home: It takes some time and practice to learn how to properly groom your dog or cat, but you can save money by brushing, trimming and bathing them at home. 

Plan for the long term 

Every pet owner wants their four-legged companion to live forever. But unfortunately, the cost of pet care tends to increase as pets age. As a pet parent, that means you'll need to increase your pet budget over time to cover things like: 

• Higher insurance premiums 

• New health issues and treatments 

• More frequent visits to the vet 

• End-of-life care 

Many people fail to plan for these necessities. In fact, around half of all pet owners say they've had to cut corners on veterinary care (55%) and even dog food (50%) this year.  

To prepare for the new expenses, try to set aside a little money each month in a savings account, starting when your pet is young instead of waiting to scramble for money when his health is in decline. Some credit unions even offer Pet Savings Accounts for this purpose. 

If you do need help affording the basics for your aging pet, use online tools like Pet Help Finder to locate assistance for the cost of food, supplies or veterinary care, or try contacting a local shelter or rescue group and asking if they have a fund to help cover pet care. 

Wrapping it up

Making pet care a financial priority

You can expect to spend five figures on your pet over the course of its life, but many people feel the cost is worth it.

After all, having a pet can reduce your medical expenses and help you live longer. But budgeting to cover your pet's insurance and other expenses is a must, since it will help them live longer, happier lives, too.