Pets- Depreciating Asset or Quality of Life?

I know many of you have a pet of your own, your children have pets, or you know someone who does. A trip to the local pet shop leaves everyone with smiles after picking out the family's first adorable furry pet. Once the initial moment passes and the clouds clear, there is quite a bit of underlying costs to owning a pet. Some people can't live without their pet and treat them as well or better than a human family member. Let's take a brief look at some of the costs associated with pet ownership and the ROI- Return on Investment from to angles, financial and emotional.
Let's say your family just bought the cutest kitten in the world that just couldn't be passed up. You could be one of the lucky ones getting it for free to a good home in your local classifieds, or on the other end paying a premium of $250-$400 for that soft ball of fuzz. Kitty needs to be checked out by the vet- $35 for a general visit plus additional charge for a stool and/or urine sample. As your new kitten grows, a series of shots will need to be administered by your vet- shots $5-$30 per visit in addition to the $35 vet service charge for showing up at the counter. Cat food can vary greatly depending on the quality you plan to feed your new loved one or the frequency of sales or coupons for the brand of cat food you purchase. Top quality Eukenuba costs $18 for a 6.5 lb bag. Then there is a litterbox to consider, $8 for the starter disposable trays to $25-50 for a litter box with lid, scooper, and baggies included. Back to the vet for an annual checkup if your cat has had a healthy year. Otherwise, there are medication and treatment costs to consider. More and more people are looking to pet insurance to cover medical expenses for their pet. From a financial standpoint, the ongoing maintenance costs after the initial sticker shock on your cat's collar is nothing to sneeze or meow at. So there is a solid case for pets as being depreciating assets.

Now lets look at owning a pet from an emotional or quality of life standpoint. How many times do you come home from work and your dog or cat is right by the door to welcome you home with rubs or kisses? Not too many humans are consistant in that regard. How many times have you felt sad, depressed, or stressed and when your pet comes into the room or is close by, you almost instantly feel a little better inside. Some people believe animals are capable of loving and they do provide good companionship. As a relative ages or nursing home members are visited by pet charities to help cheer them up and make life worth living, does the value of a pet increase? Emotionally? Financially? Both?

Pets may not rank up there with a new car during a mid-life crisis, but they have thier own intrinsic value that maybe a price can't be placed on. Regardless of what side of the fence you decide to sit on, pets can be a worthwhile investment if not financially, in many other aspects. Buying a pet includes the responsibilities and costs that go along with them. Be sure you have the financial backing to be a responsible pet parent. It will pay off rewards in the long run in ways a greenback never could.

Tim Haibach
personalfinancedaily.com