Here's How Much the Average Pet Owner Spends on Their Dog Each Year

Dogs make fantastic pets. They're loyal creatures, have a lot of love to give, and they will continuously put a smile on your face. But it's essential to consider whether you can afford to care for your new pet before adopting a pup. Keep reading to discover how much the average pet parent spends on their dog so you can prepare to give your new fur pal the best life.

Pet parents are spending up to $5,225 on annual dog expenses

Rover conducted its The Cost of Dog Parenthood in 2024 study to determine how much the average pet owner spends on their dog. The study researched the average cost during the first year of pet ownership and the average annual cost. Rover found that pet parents spent varied amounts of money caring for their dogs.

When bringing a new dog home, Rover found that pet parents spend between $870 and $4,565 during the first year of pet ownership. Adoption fees, spay or neuter surgeries, vaccinations, and microchips are some expenses new pet owners may pay.

Of course, there are other costs beyond the initial adoption expenses. Regular expenses can include food, toys, crates, harnesses and collars, and annual vet checkups. Dog parents spend between $1,000 to $5,225 yearly to care for their furry friends.

If your dog is healthy and you don't spring for extras, you may be able to keep your annual care costs well below $5,225. But even if you stick to the basics, you'll need money to properly care for your new pal. This study is a good reminder of how important it is to consider your finances before adopting a canine companion.

How to financially prepare to become a dog dad or mom

Here are some tips to help you financially prepare so you can give your dog a fantastic life with lots of love, comfort, and companionship.

Research care costs

As the Rover study shows, pet care expenses can add up quickly. Before you welcome a new pup to your family, it's essential to research average costs. If you've only cared for other pets, like cats, you may be surprised at how expensive it can be to own a dog. If you want to gauge local prices, ask your friends and family how much they pay for essentials and vet care.

Start saving

You want to have enough money to care for your bestie's needs when they first come home and well into the future. Saving up before you adopt a puppy or dog is wise. Establishing an emergency fund can allow you to feel more financially secure.

With extra savings, you'll have the funds you need if you have to pay an emergency vet bill. Unsure where to stash your savings? A high-yield savings account is an excellent place to keep your extra cash because you'll earn interest while your money sits in the bank.

Consider pet insurance

Even with savings, unexpected pet care costs can impact your personal finances. You don't want to incur expensive credit card debt because you already depleted your emergency fund. Some pet parents buy pet insurance to protect themselves financially.

With a pet insurance policy, you can get reimbursed for eligible pet expenses like vet bills. As you research pet insurance companies, review the coverage options so you know what to expect from each policy and can choose the right one for your fur friend.

If you're considering investing in pet insurance for your dog, check out our list of the best pet insurance companies before bringing your cuddly companion home.