Getting a new pet is a fun and exciting time. Here in West Virginia, we rank fifth in the U.S. with 45.8% of households with at least one dog. We’re sixth in the country with 38.1% of households having at least one cat.

There’s no doubt about it. We love our animals. Bringing home a new furry friend is easy to do, especially if you have a soft spot for animals. They’re so cute and sweet, and when they look at you with those eyes … well, it’s hard to say no sometimes. But before you welcome your new friend into your home, make sure you can keep them for a lifetime. We know first hand that way too many dogs and cats are surrendered to the pound every year. One reason people surrender their animals is because they can’t afford to care for them.

There are two main areas to consider when adding up the cost of pet ownership: initial costs and lifetime costs. Initial costs are expenses you incur when first bringing home your pet. Lifetime costs are expenses you’ll incur each year thereafter. While you may have enough money to pay for the initial costs, pet owners often fail to consider how lifetime costs will fit into their budget.

You can use the chart below to estimate your monthly expenses. Also, it’s a good idea to have an emergency fund for costs you can’t foresee, such as unexpected medical expenses. This may take some guesswork, but a good place to start would be to open a savings account and deposit $5 to $10 each week.

Understand that owning a pet is a lifetime commitment. Dogs average 13 years of age while cats average 16 years. Your pet could live a lot longer. With this information and a little planning, you can ensure your pet is well cared for throughout his lifetime.