Pet-o-nomics: The Cost of Owning a Dog or Cat

Pet-o-nomics: The Cost of Owning a Dog or Cat Franck Prevel/Getty Images

Dogs are known to help reduce stress and teach family members lessons in responsibility — but dog ownership demands fiscal responsibility, too.

The costs of bringing an animal into your home go far beyond any initial adoption fee, which will be waved or significantly reduced at hundreds of shelters around the country on Aug. 19 for Clear the Shelters.

The first year includes hidden fees that the owner must take into account, including supplies like a crate, collar, and veterinary bills. The price may vary based on differing circumstances, but a pet owner can expect to spend anywhere from $1,144 for a cat to over $2,000 for a largest breeds of dogs, according to the American Society for the Prevention of Cruelty to Animals.

After the first year, the ASPCA says pet owners can expect to shell out about $700 annually for smaller dogs to over $1,000 a year for big breeds.

Below is a breakdown of the average first year and annual costs the average pet owner will incur: