Here's How Much the Average Pet Parent Spends on Their Cats Annually

It takes a lot of work to care for a pet. Before adopting a cat, it's wise to consider whether you can meet your new fur pal's needs. That includes giving them a safe place to live, plenty of attention, and being financially able to care for them.

If you've never owned a cat but are considering adding one to your family, it's a good idea to research the care costs first. Keep reading to discover how much the average pet parent spends on their cat. It may be more money than you think.

Pet parents are spending up to $2,865 on annual cat expenses

Rover's The Cost of Cat Parenthood in 2024 study examined how much the average pet parent spends on their cat. The study researched the average cost during the first year of pet ownership and the average annual cost. Pet owners' spending varies greatly.

According to the study findings, cat moms and dads spend between $535 to $2,810 during the first year of ownership. Many pet owners pay additional expenses like adoption fees, vet exams and vaccinations, initial pet supplies, microchipping, and spay or neuter surgery when they first adopt a furry companion.

Even after their first year together, pet parents spend significant money to give their cats love and care. Regular expenses include food, toys, litter, and annual wellness exams. Cat parents spend between $710 and $2,865 yearly to care for their furry friends on an ongoing basis.

Unless your pet has unique medical concerns, you will likely get away with spending much less than $2,865 annually for their care. However, this study is a good reminder to consider how your finances will be impacted by adopting a pet.

It's excellent that you want to give an animal a safe, loving home. But you don't want to risk not being able to afford their care after adopting them. You should also consider the day-to-day care your cat will require and ensure you can physically and emotionally meet their needs.

How to financially prepare to become a pet parent

Here are some suggestions to help you financially prepare so you can give your cat the best life possible.

Build an emergency fund

Even the healthiest pets have emergencies. Before you adopt your new furry friend, you'll want to have savings in the bank to afford emergency medical needs if they arise.

Keeping your emergency fund in a high-yield savings account is recommended, because you'll earn interest while your cash sits in the bank. With a sizable emergency fund, you can avoid using a credit card to pay a costly vet bill. You don't want to risk racking up credit card debt.

Set and stick to a budget

Following a budget is a great strategy to ensure you spend within your means. Before adopting a pet, you may want to get used to setting and following a budget to ensure you can afford the additional expenses of being a cat parent. If you're new to budgeting, one of the best budgeting apps may help.

Consider investing in pet insurance

Some pet owners buy pet insurance to help protect themselves financially. A pet insurance policy can help you pay for eligible expenses, like vet bills and medical needs. This coverage is an additional expense to budget for, but it may give you peace of mind to have a policy.

The Rover study above found that pet owners pay between $10 and $100 monthly for cat insurance. Costs vary by plan and insurer, so compare rates before buying a policy. Review our list of the best pet insurance companies before bringing your new cuddly creature home.

By using these strategies, you can better prepare for the financial responsibilities of caring for a cat. Owning a furry companion may not be cheap, but it's well worth it.