Most Louisianans don’t shy away from spending on their furry, feathery and scaly family members. According to a recent credit
union affiliate survey, about 50 percent of respondents own pets. Of those pet owners, 11.7 percent said they tend to spend between
$300 and $500 annually on pet care and supplies. Another 9.4 percent spend between $500 and $700, while 9.5 percent claim to
spend more than $1,000 on their fur babies each year.
Data from the APPA shows about 68 percent of households in the U.S. – 84.6 million families – own at least one pet. In 2017,
American pet owners spent a combined $69.51 billion on their animals. That means each pet-owning U.S. household spent about
$822 caring for animals.
The APPA breaks pet spending into five major categories: food, supplies (including medicine), vet care, live animal purchases and
pet services (including grooming and boarding). According to the survey, 29.8 percent of participants spend most of their pet budget
on veterinarian care.
Food for their animal friends is the greatest expenditure for 20.1 percent of the survey respondents. Those trends line up with
national averages. Nationally, according to the APPA, most money spent on pets – about $29.07 billion – went toward food in 2017.
Americans spent another $17.07 billion on vet care that same year.
Spending on pets in the U.S. is expected to continue to rise. The APPA estimates Americans will spend $72.13 billion on their pets in
2018 – almost $3 billion more than in 2017.
To some people, their pets are a part of the family and those people enjoy spoiling their animals like they would human family
members. There’s nothing wrong with that. But if you’re one of those people, make sure you’re setting aside a responsible amount
of money. Spending on pets has the potential to become a problem when it cuts into human needs.
Owners shouldn’t spend so much keeping their pets happy that they fall behind on bills and other essential payments. Make sure
you’re covering your own basics before you spend extra on your dog or cat.
Owners who keep their finances healthy are more likely to maintain healthy and happy pets. Pets can make great companions, just
make sure you’re financially ready to make that companionship work.”
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*APR = Annual Percentage Rate
*APY = Annual Percentage Yield
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