We love them and they are a member of the family, but owning a pet can get expensive.

What’s more, the cost of owning a pet is going up, according to a study conducted by Synchrony, a financing company.

Since 2022, the cost of owning a dog increased by 11.65%, while cat care jumped by 19.4%, leaving owners underestimating the true cost of owning a lifelong furry companion.

Tens of thousands spent on pet care

Dig deeper:

Caring for a dog over a 15-year period can cost between $22,125 and $60,602.

Caring for a cat over a 15-year period can cost between $20,073 and $47,106.

Caring for "pocket pets" (having a lifespan of about six years) can cost between $7,600 and $14,938.

Pet owners, however, estimated they would only spend around $8,000 on their dog’s care or $6,000 on cats

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