Owning a pet should be seen as running a business

That said, properly caring for a pet carries a price, a price that people need to be aware before bringing a new dog, cat or other animal into the home.

”It's like running a business. You are going to have start-up costs and ongoing costs,” said Adam Wiener, executive editor of www.filife.com, a personal finance Web site.

So much for the warm-and-fuzzy approach to providing for a companion animal.

Still, thinking in terms of start-up and ongoing costs can go a long way in making sure you know what you are getting into financially before becoming a responsible pet owner.

Think of start-up costs as what would typically be spent during the first year of pet ownership. These are separate from the cost of actually acquiring the pet and ongoing annual expenses that include food, toys and treats and routine visits to the veterinarian.

A medium-size dog would have US$695 in ongoing annual expenses (US$470 if pet insurance premiums were not included) while a cat would incur US$670 in annual expenses (US$495 without pet insurance), according to an estimate provided by the American Society for the Prevention of Cruelty to Animals. Keep in mind that the yearly cost estimates are based on a diet of premium dry food. Food costs can be higher if a diet of canned food or premium canned food is included.

Shelter officials say when people are looking for a pet, most are aware that expenses will be involved.

“When they come to adopt a pet, we find they are very aware that they are going to have to provide for a pet. They have questions —what about food and litter? They have clearly thought through the idea,” said Gail Buchwald, senior vice president of the ASPCA's Adoption Center in New York.

But that's not always the case.

“Getting a pet is an emotional purchase and what happens is that you can be overcome by emotion and don't think about ongoing costs,” Wiener said. “Speak to friends and ask how much they spend on their pets.”

Many pet owners wonder about potential medical costs and whether it's worthwhile to have pet insurance — which can cost anywhere from about US$100 a year to several hundred dollars a year — depending on the pet's age, policy coverage and other factors.

Pet insurance policies are typically sold as stand-alone products, which means they are not available as an add-on to a homeowners or renters insurance policy. Type in the words 'pet insurance” in an Internet search engine to find some providers. You might also ask a vet's office for recommendations.

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