Earlier this week, my wife came home with a dog, a two-year old black lab. We have gone back and forth on pet ownership, sticking until now to the old dorm room rule of “only if it can’t survive above water.” Pet ownership can be a rewarding, fulfilling experience…and can even help you live longer! (see [1] K9 Magazine and [2] President’s Choice)

But it can also deliver a wallop to your wallet, not something every quarterlifer is ready for when falling in love with that puppy/kitten/ferret/goldfish at the pet store or adoption center. So before taking Fido Jr. to Petsmart for a new leash, bag of puppy kibble, and rawhide, consider this [3] cost breakdown from the ASPCA.

According to the information provided, even a lowly goldfish will run you $235 in the first year. A small dog or cat will cost around $800 in the first year, and around $200 each year thereafter. A large dog can cost twice that. Moreover, if the pet suffers health issues, you may find yourself choosing between a retirement plan contribution and saving your new kitty’s life. Not a tough choice, but certainly one you don’t want to have to make.

Owning a high-maintenance pet will also dictate your lifestyle to some extent. You’ll need to be around to love, care for, and train the new addition to your family. Travel may become more difficult unless the pet can come along.

Keeping these issues in mind is important while pet shopping. I strongly recommend waiting until you have some measure of financial stability and free time available before adopting a pet; being able to properly care for your dog or cat is only fair to the animal.

If you love pets but aren’t sure if ownership is right (yet) for you, consider volunteering for the local Humane Society, ASPCA, or rescue organization. Fostering is another option that gives you the opportunity to care for homeless dogs prior to adoption. You gain experience with various dogs, and the organization may provide services such as vet care, boarding when you are away from home, and even food in some cases. Find a local outfit that you can work with, such as the [4] Labrador Retriever Rescue program.

Last, I would urge you to consider adopting a pet before buying a purebred or pet store animal. Beside the obvious impact to your finances, there are a wealth of lovable critters out there looking for homes. Many Humane Societies provide basic care that helps ensure the health of your new pet for a nominal adoption fee.