- In this report
- Overview
Pet spending on a tighter leash
How to pay less and still take good care of your critters
As a result of the economic downturn, many of us have trimmed spending—except when it comes to our pets. While sales are anemic in most industries, spending on pet products remains robust. Total sales topped $43 billion in 2008, and a 4.9 percent increase is expected this year, according to the American Pet Products Association. We spend an average of $1,035 on a cat and $1,580 on a medium-sized dog in the first year of ownership.
You can pamper your furry and feathered friends without breaking the bank. Here are some ways to cut costs.
Read pet-food labels carefully
A higher-priced brand of pet food could mean it contains better ingredients, but you might also be paying for pretty packaging, marketing, or a fancy name. "It's all about reading the labels," says Louise Murray, a veterinarian and director of medicine at the American Society for the Prevention of Cruelty to Animals. Check for the words "complete and balanced," which indicate it can be the pet's sole nourishment. Also look for a statement that the food's nutritional adequacy was validated by the American Association of Feed Control Officials, a regulatory group.
Compare pet-food prices on Web sites like Amazon, DrsFosterSmith, Petco.com, and Petsmart.com, as well as your local supermarkets, big-box stores, and pet shops. You can often save by buying in bulk, but check unit prices to make sure. Also look for coupons on manufacturers' Web sites and on sites like CoolSavings, Coupons.com, and SmartSource.com. And take advantage of store loyalty programs.
Shop around for prescriptions
If your pet needs medication, ask your vet what the drug will cost and if there's a lower-priced human drug equivalent you can pick up at a pharmacy. Compare your vet's price to what you'd pay on such Web sites as 1800PetMeds, Costco, DrsFosterSmith, KVVet, and PetCareRx. Make sure any Web site you use requires a prescription from your vet; if it doesn't, that's a sign it isn't a legitimate site. Also consider a lower-priced generic medication if one is available.
Cut the cost of supplies
Buy things like cleaning supplies, flea and tick medications, and litter in bulk when appropriate. Check out such Web sites as Craigslist, eBay, and Freecycle for aquariums, birdcages, cat carriers, dog crates, kitty condos, and similar items, suggests Betsy McFarland, senior director for companion animals at the Humane Society of the United States. One of our staffers bought a kitty condo on eBay for $70 that sells for about $270 in pet stores.
Keep the toy count down
Buy a few pet toys and rotate them every couple of weeks. Before you buy, ask your vet about the kinds of toys that are appropriate and safe for your pet. Then compare prices at the same pet stores, department stores, and Web sites you checked for pet-food deals.
Save boarding fees
Check with family and friends well before a trip to see if anyone can care for your pets. "Try to work a free trade with other pet owners, so they can take care of your pets while you're away and then you can return the favor," McFarland says.
If you can't find someone to trade, ask your neighbors and vet for the names of people or places they'd recommend. Vet technicians may do pet sitting on the side for a lower fee than you'd pay to board your pet. You'd get the added benefit of having someone with medical expertise, just in case.
If you use a kennel, visit several in your area to compare prices and the quality of the facilities. Ask for a copy of the kennel's policy regarding medical emergencies for boarded animals. Check with the Better Business Bureau for complaints. Make sure the owners are licensed to do business in your state and that the area where your pet will be kept is clean and big enough.
You might be able to find someone who will board your pet in their home. Look the place over the same way you would a kennel. "I checked out a couple of home boarding places with my dog," says Sheryl Fischer of Bethel, Conn. The one that she and her dog, Lucy, liked best cost a bit less than local kennels. And, she adds, "Lucy gets to sleep on a bed, which sealed the deal."
Pass on pet insurance
Pet health insurance will probably cost you more than it will save you. As with health coverage for people, you'll have deductibles, co-payments, and premiums, and you might bump up against lifetime payment ceilings if your pet is chronically ill.
Say you buy PetCare's QuickCare Gold 90% policy for a domestic shorthair kitten. You'll pay $25.95 a month (purebreds and dogs cost more). If the kitten needs a $3,000 surgical procedure the next year, you'll owe a $100 deductible, after which the company will pay 90 percent of the cost up to $2,500. Your total outlay will be $311 in premiums plus $600 in co-pays and your deductible. If that same surgery is needed when the cat is 8, the plan will pay the same amount. But you'll be out about $2,500 in premiums paid during those eight years (assuming the premiums did not rise). And, of course, older pets are more likely to need expensive medical care.
This article appeared in Consumer Reports Money Adviser.
