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The Secret Cost of Pets

talessi@ariesfoundation.org

It Costs How Much To Own A Pet?

The Realities Of Owning A Pet
OK, so cats and dogs have been friends with humanity for tens of thousands of years, and in the early days the relationship was fairly mutually beneficial, the animals got a safer life with plenty of scraps to eat in exchange for keeping predators and vermin away from homes. Today it's much more of a one-way street - Americans spend more than 60 billion (yes, that's a "B") dollars a year on our furry friends. That's a lot of kibbles & bits. 

Understanding The Cost
According to a recent survey 98% of cat and dog owners significantly underestimated the lifetime cost of their pet by a wide margin. The majority of respondents thought it would be less than $6,500. 12% of those owning a dog or cat stated that they expected to pay less than $650 for the pets entire life! These people know that animals need food right? Just kidding, but clearly they were not adding things up correctly. So how much does it cost to own a pet? The ASPCA estimates that the average lifetime cost is around $15,000 for dogs and $12,500 for cats. And the ASPCA estimate does not take into consideration things like property damage or boarding. A more expansive study done in Great Britain put the numbers even higher, which may sound surprising for some, but it makes sense once you start itemizing everything. Take for example, the owner of a mid-sized dog, after the initial cost of adoption, baying and neutering, then other purchases like crates, bowls, colalrs, leashes and toys. You then have to expect outlays for food, medical bills, grooming, and let's not forget treats. 

It All Adds Up
For the owner above the average annual outlay is probably going to be somewhere between $800 - $1500 year. If the average life of a dog is 12 years then you are looking at a conservative lifetime cost of over $10,000. And that  doesn't even include anycosts associated with emergency medical visits. Most people considering a new pet probably don't think of it as being as expensive as a new car or a down payment on a house, but clearly it can impact your finances.  However there can be a positive impact on your life as well. Many health studies have found a relationship between pet ownership and improved mental and physical well-being. People who own a dog or cat tend to make fewer visits to the doctor and have lower rates of depression. Children who grow up with animals in the house tend to have stronger immune systems making them less susceptible to viruses and allergies. Even seniors who care for pets actually tend to live longer than those who don't, but that doesn't mean you can't still be cost conscious while being a pet owner. Have you considered adopting versus buying? Not only would you be helping alleviate the widespread problem of animal homelessness, but shelter dogs and cats tend to have fewer health problems. What about fostering a pet? This is a great way to determine if being a pet owner is for you, but the shelter may pay for the medical costs and some of your other expenses may be tax-deductible.

Cut Down On The Costs?
Some people purchase pet health insurance as a way to cut down on medical costs, but most plans will not save you money on routine vet bills, just rare procedures like surgery. If you have a purebred dog many plans will specifically not cover the conditions your breed is prone to experience. Our suggestion is a separate pet emergency expense account (this is not to be confused with your emergency reserves fund), so should something happen to your pet you do no tfind yourself in the situation of having to make the very difficult choice between care or going into debt. We are not saying that you should feel bad about spending money on your pets. Our pets make us happy and happiness is a good reason to spend money, but keeping track of how much you're spending will help you make better financial plans for the whole family. 

GOT QUESTION? ASK US. WE CAN HELP WITH THAT!
The ARIES Foundation for Financial Education,Inc is a nonprofit dedicated to helping everyone have a better relationship with their money. Visit us at www.ariesfoundation.org or shoot us a question at info@ariesfoundation.org
By Thomas Alessi January 5, 2025
Have you ever noticed how New Year's resolutions seem to lose their sparkle by the second or third week of January? If so, you’re not alone. Statistics show that most people abandon their resolutions within a few weeks of setting them. But why does this happen? The reasons often lie in how we approach our goals and the mindset we carry into the new year. One of the biggest culprits is setting unrealistic goals. Many of us feel a surge of motivation on January 1st and decide to aim for major life changes all at once—like losing 30 pounds in a month or working out every single day without fail. While ambition is admirable, these types of goals are often unattainable in such a short period, leading to frustration and eventual burnout. Another common issue is the lack of a clear plan. Resolutions often start as vague statements like “I want to get fit” or “I’ll save money this year.” Without actionable steps or measurable milestones, it’s easy to lose track of progress or get overwhelmed by the enormity of the goal. Without structure, even the best intentions can falter. Motivation fades quickly after the excitement of the new year dies down. Motivation is often fueled by novelty, but real change requires discipline and consistency—two traits that are harder to maintain over time. By mid-January, the initial enthusiasm often gives way to old habits, especially if we don’t have systems in place to reinforce new ones. Social and environmental pressures also play a role. Life gets busy, and as the demands of work, school, or family creep back in after the holiday lull, resolutions take a backseat. Pair this with temptations like junk food or the comfort of skipping the gym, and it’s no surprise that many people give up. Finally, many people don’t account for setbacks. Whether it’s missing a workout, overspending on a shopping trip, or indulging in an unhealthy meal, one slip-up can feel like a failure. This "all-or-nothing" mindset often leads to abandoning the resolution entirely instead of adjusting the plan. ________________________________________ Strategies to Overcome Quitters Day Breaking the cycle of quitting isn’t just possible—it’s entirely within your reach with the right mindset and strategies. Let’s dive into how you can overcome the challenges of Quitters Day and stick to your resolutions long-term. 1. Set Realistic and Measurable Goals The key to success lies in creating goals that are specific, measurable, achievable, relevant, and time-bound (SMART). For example, instead of saying, “I’ll get fit this year,” try “I’ll exercise for 30 minutes three times a week.” By breaking big aspirations into smaller, manageable steps, you’re less likely to feel overwhelmed and more likely to stay on track. 2. Build Consistent Habits, Not Just Motivation Motivation is fleeting, but habits are sustainable. Focus on creating daily or weekly routines that make progress automatic. For instance, if you want to eat healthier, prep your meals in advance or stock your kitchen with nutritious options. Building habits takes time, but once established, they become second nature. 3. Accountability and Support Systems Having someone to hold you accountable can make all the difference. Share your goals with a trusted friend, family member, or even a coach. Better yet, join a community or group with similar objectives. Knowing that someone is rooting for you—or counting on you—can keep you motivated during tough moments. 4. Reframe Setbacks as Learning Opportunities Setbacks are inevitable, but they don’t have to derail your progress. Instead of viewing a missed workout or a bad day as failure, see it as a chance to learn. What triggered the setback? How can you adjust your approach to prevent it in the future? Remember, growth isn’t linear—it’s a journey filled with ups and downs. 5. Celebrate Small Wins Big goals take time, so it’s important to recognize and celebrate progress along the way. Did you stick to your exercise routine for two weeks? Treat yourself to something meaningful, like new workout gear. Celebrating small milestones helps reinforce positive behavior and keeps you motivated for the long haul. 6. Focus on the Process, Not Just the Outcome Instead of fixating on the end goal, shift your mindset to enjoy the journey. For example, if your goal is to write a book, celebrate the act of writing every day rather than stressing about completing the manuscript. When you focus on the process, progress feels more achievable, and the outcome will naturally follow. 7. Leverage Technology and Tools Apps and tools can help you stay organized and motivated. Habit trackers, fitness apps, and budgeting tools make it easier to monitor progress and stay accountable. Life happens, and sometimes your resolutions need to evolve. Check in with yourself weekly or monthly to assess progress. Are your goals still realistic? Do you need to adjust your timeline or strategy? Being flexible ensures that your resolutions remain relevant and achievable. ________________________________________ With these strategies, you can break free from the Quitters Day trap and turn your resolutions into lasting change. The key is to approach your goals with patience, self-compassion, and a focus on progress rather than perfection. Change doesn’t happen overnight, but with consistent effort, you’ll be surprised at what you can accomplish.
By Thomas Alessi December 9, 2024
Budgeting and dieting are two of the most common self-improvement goals people set for themselves. Both aim to bring about positive changes—whether it's financial stability or better health. However, many find that sticking to a budget is just as challenging as sticking to a diet. Here’s why: 1. Restrictive Nature Both budgeting and dieting often start with a restrictive mindset. Just as a diet might cut out all your favorite foods, a budget might eliminate all your discretionary spending. This restriction can lead to feelings of deprivation, making it harder to stick to the plan. Over time, the temptation to "cheat" becomes stronger, whether it's indulging in a dessert or splurging on an unplanned purchase. 2. Unrealistic Expectations Many people set themselves up for failure by setting unrealistic goals. In dieting, this might mean expecting to lose a significant amount of weight in a short period. In budgeting, it could mean expecting to save a large portion of income without considering necessary expenses. When these high expectations aren't met, it can lead to discouragement and abandonment of the plan altogether. 3. Lack of Flexibility Life is unpredictable, and both diets and budgets need to be flexible to accommodate unexpected changes. A rigid diet plan doesn't account for social events or cravings, just as a strict budget doesn't account for emergencies or spontaneous opportunities. Flexibility is key to maintaining long-term success in both areas. 4. Emotional Factors Emotions play a significant role in both eating and spending habits. Stress, boredom, and happiness can all trigger overeating or overspending. Without addressing the underlying emotional triggers, it's challenging to maintain a diet or budget. Emotional awareness and coping strategies are essential for long-term success. 5. Short-Term vs. Long-Term Mindset Both dieting and budgeting often focus on short-term results rather than long-term sustainability. Crash diets and extreme budgeting can lead to quick results, but they are rarely sustainable. A more balanced approach that focuses on gradual, consistent changes is more likely to lead to lasting success. 6. Lack of Support Having a support system can make a significant difference in achieving goals. Just as people might join a weight loss group or hire a personal trainer, having a financial advisor or joining a budgeting community can provide the encouragement and accountability needed to stay on track. Making It Work To make both budgeting and dieting work, consider the following tips: • Set Realistic Goals: Aim for gradual progress rather than drastic changes. • Allow Flexibility: Build in some room for treats and unexpected expenses. • Address Emotional Triggers: Be mindful of how emotions affect your habits and develop healthy coping mechanisms. • Seek Support: Surround yourself with people who encourage and support your goals. • Focus on Long-Term Changes: Develop habits that you can maintain for life, rather than quick fixes. By understanding the similarities between budgeting and dieting, you can approach both with a more balanced and sustainable mindset. Remember, it's about progress, not perfection. Watch our Think With A Drink episode for ways to be better at handling your expenses: The Dreaded B Word
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