Pets are part of the family. They provide comfort, lots of cuddles and many giggles too. Through tough times, they can be a great source of companionship and can enhance your physical and mental wellbeing as well – dogs will force you to get outside for regular fresh air and exercise, while cats are happy to curl up on you for hours for some therapeutic petting.
When we see images on social media of our friends with their pets, it can often be tempting to consider getting one for ourselves. While these animal friends are certainly cute, they can also be expensive, so it’s vital that you do your research before bringing a new bundle of energy home.
Recent research has shown just how significant an expense owning a pet can be. The survey revealed that Britain’s pet owners cumulatively spend more than £180million a month on their dogs, cats, horses, fish and small mammals. The average pet spend per month is £68.06, so when you multiply this by the number of pet owners that are in the UK – 26.6 million – you reach this huge figure!
From London to Sheffield
Do the spending habits of pet owners differ across the country? It appears so. Bristolians and Londoners spend the most on their pets at £99 per month, compared to the lowest spend of £32 in Sheffield.
But just how much is too much to spend on your pet per month? According to the data, 53,000 UK pet owners (2.2%) spend more than £400 a month on their pets. The survey also revealed that fish owners spend more on their animals’ upkeep (£67.23) than those who own small dogs (60.60), cats (£62), and reptiles (£60.96).
So, why are pet owners willing to spend so much money on their animals?
Vet bills, insurance, food and treats all add up, but many people consider their animals as family members, not just pets, which means that they are happy to fork out for whatever they need. These cute additions to the family quickly become our best friends – they’re non-judgemental listeners, comforters and are always around to help take our minds off things.
If you often splash out on your furry, feathery or scaly friends and use your credit card to do so, it’s important to keep an eye on your credit score. A great way to maintain a healthy credit score is to use your credit cards sparingly – for treats once per month or regular bills, for example. And make sure you pay the balance off in full every month.
What do you love most about your pet?