A newer version of your browser is available. Older versions may limit your ability to access some of this site's functionality. Citizens Bank recommends upgrading your browser.

Learn More

Download the newest version of Microsoft Internet Explorer

Clear Search

5 Reasons to Consider Owning a Pet

Key Takeaways

  • 98% of pet owners significantly underestimated the lifetime cost of pet ownership.
  • When choosing a pet, make sure to budget and prepare for the unexpected.
  • Pets offer companionship, teach responsibility, and provide health benefits.

By Samantha McClean | Citizens Bank Staff

Did you know that 98% of pet owners significantly underestimate the lifetime cost of pet ownership? However, 93% of them say that the decision of owning their pet makes them happier. So, even though you may end up spending seven times as much as you originally expected to, here are some reasons the price of owning a pet might be one you’re willing to pay.

1. Companionship

Whether you’re moving into a place of your own, adding to your family, or trying to fill your empty nest, a pet guarantees that you’ll never be alone. Coming home to an unoccupied apartment, house, or condo will never have to be a concern. A pet’s loving face is always there to greet you — and they’ll never hide their excitement, either.

2. Responsibility

No matter the type of pet you choose, each one will require a lot of work. Think of them as another “person” to take care of. You’ll have to clean up after them, feed them, bring them for checkups, and — most importantly — love them. The list may seem long, but each part helps teach an owner the responsibility of caring for another life.

3. Emotional health

We all need a pick-me-up here and there, and pets can easily help with this. To them, every day is a new day and they want it to be a good one. When pets sense that you’re sad or anxious, they often know just what to do to cheer you up. Plus, studies have shown that pets can help alleviate stress.

4. Social aid

If you’re ever looking for an ice breaker when meeting new people, lean on your pet to do the heavy lifting. Their energy and love for human interaction breaks down barriers and creates topics to jumpstart conversations. Whether you’re meeting new people in your neighborhood or outside of your regular circle of friends, pets can provide that extra boost of confidence when communicating with others.

5. Health benefit

With a busy schedule, it can be hard to stay active. A pet’s live-in-the-moment attitude and ongoing playfulness — as well as their own need for daily exercise — will provide the motivation you may need to get you moving. Walking, running, hiking, and swimming are great ways to keep both you and your pet heart-healthy.

What to remember

The benefits of owning a pet can be vast, but it’s important to remember your dog, cat, rabbit, or even fish can be costly. When choosing the right pet for your home, keep these three tips in mind:

  1. Do your research first and stick with a pet you can afford. For example, owning a dog can cost between $27,000 and $42,500 over the course of their lifetime, while a rabbit will cost you less at $12,900 to $19,400.

  2. When budgeting, set aside a fixed amount each month to accommodate for your pet’s cost of living. This can include food, veterinarian visits, toys, and upkeep (cage, litter box, tank, grooming, etc.).

  3. Expect the unexpected. Just like with humans, emergencies can happen with pets, too, so make sure you’re prepared. One way to ensure you have enough money put aside is to create an emergency fund. This should cover you for three to six months’ worth of expenses, including those that come along with your new pet. You may also want to consider pet insurance.

Not seeing what you're looking for?

#Json=Label_Lookup|Brand=citizensbank|ApplyToParentElement=|TargetElementType=|TargetElementId=|Key=Personalize your experience.#

May We Suggest

New to Citizens Bank? Here are some of our most requested products and most popular areas of interest.