Experts: Pet Ownership Requires 10-15 Year Financial Plan

• Pet ownership requires a 10-15 year financial plan, potentially consuming 5-8% of an urban middle-class family's annual income.
• Yearly pet expenses can range from Rs 20,000 to Rs 3 lakh, influenced by breed, size, and lifestyle choices like premium food, grooming, and training.
• Major costs include food (Rs 2,500-15,000 monthly), initial setup (Rs 20,000-30,000), vet care, and services like dog walking (up to Rs 6,000 monthly) or boarding (Rs 1,000-1,500 daily).
• Unexpected medical issues necessitate a 10-20% monthly buffer and an emergency fund of Rs 10,000-15,000.
• Pet insurance, costing around Rs 10,000 annually for Rs 2-3 lakh coverage, is recommended to manage rising veterinary expenses and emergencies.

Why It Matters: Pet ownership is a major financial commitment requiring careful long-term planning.