They are furry and very cute; caring for them not only involves a great responsibility, but also an investment that could impact your monthly budget. If you have pets at home, you are probably interested in knowing how spending on food affects your monthly budget.
According to the article Mexican families spend about 2,900 pesos a month on food and care for their pets, published by El Economista, people who care for a pet consider it part of the family and, therefore, prioritize its quality of life.
This implies an average monthly expenditure of $2,884 on food, cat litter, toys, and animal hygiene products; that is, you would be spending around $34,608 per year.
What are the most commonly purchased products?
In the case of dogs, the most consumed product is large-format food, while for cats, litter, dry food, and wet food are usually purchased.
Mexico City is on the list of cities where the most pet products are consumed, along with Nuevo León, Jalisco, Baja California, and the State of Mexico.
Is it advisable to purchase insurance for my pet?
Knowing how much you spend on pet food will help you define and organize your monthly budget, but… do you have any savings set aside for emergencies?
In 2023, Profeco published “Because love is not enough. Pet insurance,” an article stating that having an insurance policy for your dog or cat can prevent unexpected expenses that destabilize your budget.
In Mexico, there are many options that generally offer veterinary consultations, advice, deworming, and funeral expenses. Keep in mind that if your four-legged friend has an illness at the time of purchasing insurance, it is very likely that the plan will not cover their health expenses.
One of the main recommendations is to take a moment to evaluate different plans, benefits, and prices.
Spending nearly $2,900 per month on a pet requires rigorous financial planning. Integrating the cost of food, hygiene, and insurance into your budget is the necessary strategy to prevent a veterinary emergency from becoming a crisis for your pocketbook.
