Financial Planning for Pet Owners: A Guide for New Pawrents

24^th Jun 2025...

Thinking about adopting a new pet but unsure where to start? No worries! We have all the information you need to ensure you can provide the best care for your new furry friend. Pets are like family and bring so much joy, but they also come with financial responsibilities. In this blog, we’ll cover everything you need to know before bringing home a new pet. Let’s start planning together for your future furry family member.

What are the responsibilities of a pet owner?

Yes, financial planning for pet owners is essential. But before that, are you completely aware of the responsibilities that will accompany you on this new journey? Let’s find out! Here are specific responsibilities that a pet owner must undertake:

Providing them with an appropriate environment
Cleaning them regularly
Taking them for vaccinations
Scheduling dedicated play time and bringing them toys

Once you fully understand these aspects, you can start planning.

Financial planning for pet owners in India: Tips to make a note of    

Be it a pup or a kitten, you can become a responsible pet owner with our expert guide. Make a note of these tips and start your journey today.

#1: Account for all expenses needed for pet care

From bedding and food to medical care and grooming, consider all the possible pet-related expenses and create an approximate budget plan. You can also account for an emergency fund to cover unexpected expenses. Once this is done, calculate the total, and you’ll have the required savings amount to at least create a monthly budget. Before you consider pet adoption, this is the amount you would need, over and above your personal and family expenses.

Here’s a rough breakdown of how you should create a budget when adopting a pet:

	Dog	Cat
Food	₹1,500	₹1,500
Monthly veterinary care	₹1,500 to ₹3,000	₹1,000 to ₹2,500
Spaying and neutering costs	Female - ₹3,000 to ₹10,000 Male - ₹2,000 to ₹8,000	Female - ₹1,500 to ₹5,000 Male - ₹1,000 to ₹3,000
Grooming	₹2,000 to ₹4,000	₹1,500 to ₹3,000
Pet supplies (toys, food bowls, litter box, etc.) Note: this is a one-time cost	Up to ₹3,000	Up to ₹3,000

Note: The costs may vary depending on the pet and their health profile.

#2: Consider regular check-ups

Regular check-ups are vital for the overall wellness of your pet. These routine checks help ensure good health and allow early detection of a condition/illness. This prevents serious health complications, which could also cause economic burdens if you are not financially prepared. To overcome such a situation, read the following two tips on financial planning for pet owners.    

#3: Make pet insurance a priority

Considering the lovable bond pet owners share with their pets, many financial providers have introduced pet insurance plans. These policies cover quite a few expenses, which ease the financial burden of a pet owner. This includes healthcare costs, injury, permanent disability and more. You may choose a suitable pet insurance policy depending on your lifestyle and budget.

#4: Prepare a long-term financial plan

Finally, the most important aspect of financial planning for pet owners is to think and act long-term. Whether you live alone or with your family, you must envision the future you wish with your beloved pet. As you transition from one stage to another in your life, your priorities, needs, and wants change. That’s why you should reevaluate the expenses, insurance, and financial plan for you, your family, and your pet. Have foresight and create a plan accordingly.

What can you do to prepare for this financial responsibility?

Start saving money from today and stay prepared for the unexpected. The first step that you need to take is apply for your Kotak811 Zero Balance Digital Savings Account. You can use this account to make deposits to take care of your future furry family member.

You can set aside a specific amount from your monthly income to initiate savings. You can start with a small amount and grow as and how it fits your lifestyle. With the balance in your account, you can earn up to 7% interest p.a. with ActivMoney. This helps you grow your money and reserve funds to manage different pet expenses, such as food, medications, vaccinations, and so on.  

Endnote

Now that you are aware of the basics of financial planning for pet owners, you can make an informed decision based on your situation. Take your time and understand how to manage the costs and responsibilities before adopting a furry friend.

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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.