As the credit crunch bites, family pets are feeling the pinch. If you're looking to give an animal a good home, which one represents the best value for money?
The idea that the credit crunch is now affecting pets might seem ridiculous. Do you know many moggies in need of a new mortgage?
However, with the annual cost of animal ownership in Britain running to hundreds of millions of pounds, it seems that some people feeling the pinch are losing interest in their pets.
Dumped
According to the RSPCA, the number of pets abandoned by their owners during 2007 was 23% higher than in 2006. Statistics from the Cats Protection League suggest there was a 77% increase in the number of cats ‘dumped' during the first quarter of 2008.
Just as worryingly, some families who want to keep their pets are cutting back on expenses like insurance, and are avoiding costly procedures such as spaying, neutering and vaccination.
This could lead to a rise in the number of ill animals who ultimately find themselves homeless -- not to mention a jump in the number of unwanted puppies and kittens.
What If I Want A Pet?
Thankfully, not all animal-lovers will choose to cast off their pets when times get tough.
And, regardless of ongoing economic problems, you might feel that now is the right time to get a pet.
If you're in the market for a new friend, there are plenty of things you can do to help ensure the costs don't spiral out of control. Earlier this year, my Foolish colleague Serena Cowdy explained the pros and cons of pet insurance, and provided a whole host of money saving tips for animal lovers.
First and foremost, however, it's a good idea to think carefully about the type of pet you want -- and can afford -- before choosing.
Horses Vs. Hamsters...
While it's clear that some pets will be more expensive than others, the cost of looking after some animals might surprise you.
Take a look at the list below...
High Cost
Horses:
Firstly, feeding and shoeing a horse is likely to cost at least £1,000 per year. You'll also need to fork out for stabling, unless you have the room to keep a horse at home.
In total, keeping a horse could cost between £3,300 and £4,950 per year, according to Equine World UK.
Moreover, it's not uncommon for a horse to live to around 25 years old. That could put the total cost of owning a horse at an eye-watering £123,750!
Ultimately, it's a good idea to see horses as a hobby, rather than as pets -- as well as lots of money, they require significant amounts of time and effort.
Medium Cost
Dogs:
Buying a pedigree dog will not only cost you more upfront than plumping for a mixed breed -- owning a purebred pup could see you slapped with extensive veterinary bills, as pedigrees are more prone to inherited conditions and diseases.
Apparently, Chihuahuas are the most expensive breed to own. Research by esure suggests that, during a typical 13 year lifespan, a Chihuahua could cost its owner a whopping £88,691!
Thankfully, most dogs will cost far less to keep.
Food, vaccinations, insurance, bedding and a stint at the kennels are likely to set you back just £900 per year.
Over 12 years (an average lifespan), a dog is therefore likely to cost about £10,800.
Cats:
Again, the breed of cat you choose can have a massive effect on cost.
A common kitty will cost you less per year than a dog -- around £700 annually for food, bedding, insurance and sundry items like scratching posts.
However, as cats tend to live longer (usually for around 14 years), they cost only slightly less in the long term: roughly £9,800.
Snakes:
While snakes might not be to everyone's taste, they are -- surprisingly -- comparatively cheap to care for.
Because they don't need to eat too regularly, food costs are fairly low. In fact, the largest expense you're likely to encounter is for a suitable vivarium (reptile tank), which should be a one-off purchase.
If you keep a poisonous or dangerous snake, it's worth remembering that your local council will need to inspect its living conditions every 12 months. You'll have to foot the bill for this, which could be around £100 to £200.
While keeping a snake such as a python for a typical 25 year stretch could cost just £6,000, don't forget that the initial expenses associated with getting one could be high.
The price of a snake can be as high as several hundred pounds, depending on breed -- and a top-of-the-range vivarium might set you back £500.
Rabbits:
I have to admit, I was surprised by the results of my rabbit research. Firstly, the discovery that the average lifespan of a rabbit is 10 years left me somewhat speechless -- I've never known anyone who's had a rabbit last that long.
Secondly, rabbits can cost a lot to look after. Providing fresh bedding, hay, vaccinations, pet insurance and food could set you back £600 per year.
By this reckoning, a rabbit could cost you as much to keep as a python -- around £6,000 during its life!
Low Cost
Rodents:
Rodents, such as hamsters and gerbils, are cheap to keep.
During the first year of ownership, a gerbil might cost around £200 (including the gerbil itself, a cage, water bottles, sundry items and care costs). After that, expect to fork out somewhere in the region of £100 per year.
Generally, a small rodent should cost you under £1,000 to keep for its entire (3 to 5 year) lifetime.
Goldfish:
Last, but not least, comes the humble goldfish.
They're here at the bottom of the pricey pets list, but that doesn't mean they always come cheap.
While the cost of buying goldfish is low (usually, they're just a few pounds each), experts say that keeping them in a traditional bowl is not the safest, or kindest, option.
Instead, a tank equipped with a filter, gravel, an air pump and dechlorinated water is recommended. This could represent an initial cost in excess of £100.
Afterwards, looking after your goldfish could cost around £100 per year. So, if you owned a fish that lived for 10 years, you could be looking at a total cost of around £1,100.
Value For Money
In the end, only you can decide which kind of pet is appropriate to you. In my opinion, figuring out which pets you can afford and weighing up the annual costs against the enjoyment you'll receive from an animal is a good place to start.
Most importantly, it's vital to plan ahead and consider any decision you make carefully -- by picking the right pet for you, which you can afford to maintain, you can assure it a healthy and happy home.
More: Money And Pets: All Your Questions Answered | Protecting Your Pet: What You Need To Know