Why financial planning is important for a paw parent

Before bringing a pet home, it is crucial to know the long-term costs, responsibilities involved

- Anagh Pal [e-mail]

Bangalore-based French teacher Anwesha Dey, 38, has two dogs, Luffy, 3, and Guppy, 1, and she calls them her babies. Her life revolves around them—and so do her finances.

“My monthly budget is shaped by this philosophy. I allocate the most significant portion to uncompromising nutrition—premium raw materials and highquality supplements, which I often import. While this is a considerable expense, it reflects my commitment to placing my dogs’ health and needs above all else,” says Dey.

Before bringing a pet home, it is important to understand the long-term costs and responsibilities involved.

For an urban middle-class family, a dog or cat typically takes up 5-8% of annual household income if well cared for. “Depending on breed and lifestyle, annual costs can range roughly from ₹20,000 on the very low side to ₹2-3 lakh for premium food, frequent vet visits, grooming, and training in metros,” says Madhupam Krishna, an investment adviser registered with the Securities and Exchange Board of India (Sebi) and chief planner, WealthWisher Financial Planner and Advisors.

“Key considerations for pet parenting planning and raising a child are almost the same in India. It is a long 10-15-year emotional and financial commitment... Families need to integrate a ‘pet budget’ and emergency medical buffer into their household budget,” says Krishna.

A pet budget works best when it mirrors a household money plan: split expenses into essentials (food, vaccinations, routine vet care, grooming) and discretionary items (treats, toys, accessories, premium add-ons).