Case Study - Can I afford a cat?

[LaserLemon]

Hi Everyone,

You could say I inverse-FIRE’d. 22-year old me got an engineering job, then decided to quit it three years later to follow my passion. I started my own business and optimized my life to do what I love, work as little as possible, and pay the (few) bills. I lived a lot of the Mustachian principles before ever reading MMM, so was always looking to be efficient and cut my spending further. I did, but the problem is that meant I worked less too. The *younger* me mentality was that if I was making enough to support myself day to day, what more did I need? After discovering MMM and becoming old and wise (I’m 32 now haha) I of course realized this is not a sustainable solution and a retirement stash is important.

So I went back to work full time. I was insanely lucky to find a salaried position still doing what I love (photography).

I’m not really on a race to FIRE at this point, just a leisurely walk while enjoying the scenery. With an income secured, I’m now focused on optimizing quality of life. I’ve always wanted a cat, so now trying to decide if I can afford one.

Here’s a breakdown of my finances:

Life Situation: filing Single, no kids

Income
Gross Salary: $37,000
Annual Stipend for Equipment + Travel: $2500 (this will get fully used each year on gas, equipment maintenance, and misc. other, so not including in calculations below)

Deductions (Annual)
State and Federal taxes: $6152
Health Insurance: $1898

Monthly take-home pay: $2412.50

Monthly Expenses
Mortgage+HOA: $1044 (I absolutely love the area as well as the actual building I’m in - eventual plan for retirement is to rent this out and move to a lower mortgage)
Gas: $30 (mostly drive car for work, so this is for visiting family/friends in nearby towns, etc.)
Vision Insurance (VSP): $13
Groceries, Restaurants, Cleaning Supplies, etc: $230
Photo Gallery-hosting service: $29 (will no longer need in 2022)
Internet: $32
Cell Phone: $50
Utilities: $30
Car Insurance: $79
Yoga Membership: $10 (this is net cost, Core Power Yoga has a program where you clean the studio in exchange for a discounted membership)
Subscriptions (Pandora, Crunchyroll): $14
Misc: $70
Roth IRA: $600
Travel Fund: $125

Total Monthly Expenses: $2356

Income - Expenses: +$56.50

Assets:
Home Equity: 21k
Roth IRA + Vanguard: 54k
Savings: 5k

Debt:
Mortgage Loan ($4.13%): $148k


Questions:
1. Can I afford to get a cat right now? (any other recurring expenses besides food and vet bills that couldn’t be covered by my current monthly surplus?)

2. I have a 2003 Civic. Is my car insurance number high? If so, I love my insurance company so how does one go about asking for a lower rate?

3. Anything I can generally tighten up? Please keep in mind that I’m optimizing my life for a balance between finances and happiness.

[reeshau]

Sure, you can get a cat!  Cats are (can be) cheap.  The right cat can also be perfectly fine bidding you adieu for the day, as you go to work for it, and may greet you in the evening as a reward! (From the cat's point of view, of course)

I'm assuming you are talking about a shelter cat or free cat, not from a breeder?  That's like buying a new car.

As far as costs, remember the cat will need litter, too.  While that cost is/ can be low, It's also a commitment of space where...you don't mind the odor.  And if you *do* mind the odor, then there is a ton of money you can spend, or you need to be as rigorous in cleaning the litter as you might be cleaning up when walking a dog.  As far as food, you may go through a lot of it as you get to know your cat; a good idea is to find out what they are currently eating, and stick with that.  We pay up for Science Diet dry for our 15-year-old cat, but she loves Friskies shreds for her moist food, so that is 50 cents per week.  You also will need a carrier, some toys, and somewhere to scratch. (If you don't want that to be your furniture)  Even declawed cats want to scratch on something, and can damage/wear your upholstery.  Of course, these things are often available cheap or free second-hand, but make sure you clean them thoroughly.

Other things:

Your mortgage seems high--certainly high enough to justify a refinance.  Have you looked at one?  It's savings with no ongoing pain.

You currently have 2 months' expenses in savings.  Is this your emergency fund?  The general advice is 3 to 6 months.  You have experience with your comfort level, but since I also don't see sinking funds for car repair / purchase and home maintenance, I suggest beefing that up.

I see you are saving in a Roth, and good for you!  Does your employer have a 401k plan?  And does it have a match?  Your income is in a low tax bracket; you may do much better for yourself taking your Roth savings and putting it in the 401k to capture the match.

[RWD]

You can afford to own a cat until it needs medical attention, then you will be forced to put it down for financial reasons. I wouldn't recommend it. We spent $10k over a year diagnosing and treating our cat's cancer.

[bbqbonelesswing]

Sure; cats can be very cheap. Once you have a litter box, food bowl, etc., your recurring expenses will be litter, food, and vet. As for toys, get a cardboard box and it will give them hours and hours of enjoyment.

The biggest expenses will come if you pursue advanced medical treatment (see previous post about cancer). Pet insurance might be a good idea if you picture yourself going all-out to give your cat the best care. Personally, we love our cat but will probably not spend that much on treatment if it ever comes to that. Everyone has a different opinion on that, though.

In general, your income makes me a little nervous. You're only clearing $56.50 per month after expenses. It seems like the only real options if something comes up will be cutting your IRA contribution, cutting travel, or taking on debt. Can you take on an extra shift per month or something like that? There is only so far you can optimize with an already low budget.

[Metalcat]

Cats are cheap until they aren't.

It all depends on how prepared you are to deal with very expensive medical situations, and how emotionally prepared you are to face difficult financial choices if they come up.

A few notes about prevention.
-clean their teeth daily, it's critical, cat teeth issues are often horrifically painful
-many cats don't drink enough water, so wet food is critical
-cats are generally better drinkers if they have a good water fountain
-if you choose not to have a water fountain, use a very wide based bowl because if their whiskers touch the sides of the bowl, that might also prevent them from drinking
-take this water issue seriously, thousands of dollars and a destroyed sofa later and I now take it seriously
-a lot of very expensive dry foods are grain free and contain a lot of legumes, there are now concerns that these cause heart problems
-cheap wet foods tend to be made with fish protein, apparently tons of cats have sensitivities/allergies to fish protein

Cats don't show pain or almost any symptoms, so if your cat has horrific tooth pain, horrific kidney pain, and having reactions to the fish in their food, you won't know...I can say this with guilt from experience. I learned the hard way how to take care of cats. I had always had dogs, I didn't know cats were so fucking complicated.

[RWD]

Personally, we love our cat but will probably not spend that much on treatment if it ever comes to that. Everyone has a different opinion on that, though.

Well, sure, if the vet had said "It'll be $10k and you get one more year with your cat" it would have been a hard sell. But instead it was a few hundred for a couple visits and trying different meds. Then $2k in diagnostics which were inconclusive. Then another $1.5k to finally get the cancer diagnosis. Now roughly $5k in we might as well treat the cat. The meds were not cheap but at least easier to swallow than the whole cost at once. Initially $200/month just for the chemo which spiked to $400/month (at which point we switched to $50/month from a compounding facility). Plus additional checkups and the requirement for boarding if we wanted to take even one day away from the house meant the total ended up being around $10k.

Our other cat started to have kidney issues last year which is more reasonable to deal with. Still, we've averaged $230/month for the special diet, meds, and checkups. He's doing great now and could live for years longer so it would be heartbreaking to have to put him down because we couldn't afford the extra $200/month.

[MudPuppy]

I’m saying “yes, but.” I would highly recommend a larger emergency fund before doing so, simply so you might be spared from a hard choice to euthanize the animal over something entirely treatable. I have never had a vet emergency under 1k. Perhaps trim from travel or subscriptions for now?

I have three dogs in the 50-80lb range (two with chronic medical conditions) and our monthly food+meds+general medical care is around $500 a month. We were aware of their needs when we adopted them, so that isn’t a complaint on my end, but some conditions might develop over time.

[tralfamadorian]

I vote "yes, but" as well. I would recommend picking up a side hustle to fund your cat's ongoing expenses and an emergency fund for vet care. A fun one day a week job at $12/hr x 5 hour shift x 4 weeks = $240/mo.

[lhamo]

Paging forum member @Tami1982 who has lots of experience with both the mental health benefits (and risks) of having pets on a low income AND with the value of pet insurance for those with limited cash flow.

I would definitely try to look into and line up a vet who has a reputation for not pushing expensive end-of-life interventions.  We love our kitty (who we adopted from a shelter) to death, but probably would not choose to aggressively treat most cancers or other things that have the potential to degenerate quickly.  We found a local vet practice that supports this kind of approach.

[NotJen]

I agree that cats can be very cheap, until they are not.  The problem with saying "I will not spend more than $X to keep my cat alive", is what RWD pointed out - often the costs come in increments that steadily add up - and fixing the problem, once you find it, might be easy and not worth euthanizing your cat over.

And you probably know this, but be prepared for a 15-20 year commitment if you get a young cat.  If you are lucky, your younger cat will be healthy, and you might only run into higher expenses in the future, when your income has also increased.  But you might not be lucky.  I've never used pet insurance, but it sounds like it's something you might want to check out.

Don't forget the cost to spay/neuter.  If you adopt an older cat, this will likely already be done.  But if you adopt a kitten, this will be an early expense.  Spay/neuter awareness month is in February - back in the day when I adopted my cats, they offered discounted surgeries during this month - I was able to take advantage twice because the age of my cats lined up perfectly.  Definitely research spay/neuter options in your area before deciding to get a cat that will need one.

[Metalcat]

Often it's the diagnostics that are expensive.
I know my vet very well, she's never pushed anything. She's in a rural practice and has a pragmatic approach.

I'm also someone who doesn't believe in putting animals through painful procedures that they can't understand, so I'm pretty conservative with respect to what I'll treat and what I won't.

Still...on multiple occasions it has cost me a lot of money just to figure out if treatment measures are reasonable.
For DH's cat, it took days and multiple tests to figure out that all she needed was a diet change. I was certain she was on her last legs, but nope, that was 5 years ago and she never required a single procedure.

Had I not spent the $2500 at the time, she would have been put down over a simple food change.

Just be prepared, that's all. If you take on the responsibility of a life, just be prepared to properly care for that life.
That's all.

[MudPuppy]

Re: pets and mental health- mine are great for both mine and my spouse’s mental health. We’ve even assigned them each a feel good chemical and when they are particularly cute or goofy we say “he’s pushed that serotonin hit!” Or “that was a good dopamine rush!”

[nobody]

1.  Agreed with others, cats are cheap until they are not.  It's hard to say where to draw the line on how much money one would be willing to spend for medical treatment(s) until the time comes to make those types of decisions; depends on condition, age, etc.  I spent about $10k on the last 1.5 years of my cat's life, between medical bills, supplements, prescriptions, prescription food, etc.  Obviously, no one has a crystal ball, but after treatment and on going treatment, I didn't think he would be gone so soon.  I would also consider life expectancy, according to a quick Google search, an indoor cat lives 13-17 years, but it's not unheard of where some live 20 plus years.
2.  Typically, every few years I get quotes from other insurance companies to compare prices, ask if I'm utilizing all possible discounts, or switch insurances companies.
3.  Cell phone bill.  I'm not sure what your needs are, but there are cheaper options, such as Mint mobile, Boost Mobile, Google FI, etc, of which some plans start at $15/mo.

[SunnyDays]

If you’re unsure about owning a cat for any reason, consider fostering through a shelter.  They pay for everything and often provide the stuff you need.  Once you see how you like having a cat, you can adopt, either one of your fosters or another one.  But, please always get one from a shelter and not from some random stranger on the internet.

[LaserLemon]

Thanks for all the responses everyone. It seems like there are two main issues here, which I will loosely define as the moral and financial aspects of cat ownership.

On the moral side I realize my initial post was unclear - my family did have cats growing up so I understand the frequent need for litter scooping and changes, nail clipping, brushing, etc. The water bowl wide enough for whiskers is a new one for me though. I plan on adopting from a local cat rescue, which has a frequent supply of younger cats up for adoption. We had our family cats for around 16 years, so I do understand I'm in this for the duration. As for how much to spend on advanced medical treatment, with my current financial picture I would feel comfortable with around $3k max. That would be slightly flexible depending on the situation, but I would ultimately be considering my cat's quality of life. I align more with Malcat - I will likely be very conservative with treatment options.

Now as to where that $3k for treatment would come from - thank you for showing me that I will need to increase my emergency fund. I am very comfortable living super-frugally if needed, but if I need a new car and to pay a large vet bill in one month that would be bad news. Here's my plan to save an additional $5k
-Forgot to mention I have $1k savings in cash (literally forgot I had it, out of sight out of mind)
-Divert my $600/mo retirement savings to regular savings for 4 months ($2.4k)
-Same for travel savings (4 months = $500)
-2020 is my first year employed by this company. I've heard they give bonuses but it's not guaranteed, and with Covid I'm not expecting anything this year. If it does happen I'll put it into savings, if not then a couple months more of diverting that $600.

For the specific points

Can you take on an extra shift per month or something like that? There is only so far you can optimize with an already low budget.

I would recommend picking up a side hustle to fund your cat's ongoing expenses and an emergency fund for vet care.

Yes, I can work an extra shift at the yoga studio as long as there is one open. Another 90-min shift/week will give me an extra $70/month.
My employment contract also guarantees a minimum $1.5k raise next year, so I'll have a little more of a cushion there, though I plan to put all of it into the Roth/Vanguard bucket.

Yes, your car insurance is high. I would expect a 2003 civic to be in the range of 30 dollars a month.
Not sure what you mean by "loving your insurance company".

That would be a great savings. I say "love them" because the company has been very helpful and never pushy. I started my Roth IRA with them and they did not try to sell me any other financial products. When I double-paid my mortgage insurance (mix up that was completely my fault), the agent and I walked through my past 6 months of transactions and he called me back at the end of the day to see if I had sorted things out with my lender or if he needed to contact them directly.
I also get a dividend every year, and have received rebates this year due to Covid, because "there are fewer cars on the road".

Your mortgage seems high--certainly high enough to justify a refinance.  Have you looked at one?  It's savings with no ongoing pain.
Does your employer have a 401k plan?

The $1044 includes $190 for HOA. So my mortgage is really $854/month. Is this still high? It is a condo, and I'm not below the threshold yet where I can cut out the mortgage insurance cost.

I work for a *very* small company in a non-traditional field. I asked about retirement plans during my interview, and it was clear that was not even on their (the owners') radar. It is a long-term goal for me to get them to start something, but I think the company would need to grow more before they'd consider it.

2.  Typically, every few years I get quotes from other insurance companies to compare prices, ask if I'm utilizing all possible discounts, or switch insurances companies.
3.  Cell phone bill.  I'm not sure what your needs are, but there are cheaper options

Thanks, I will call my car ins. company this week and ask, and get other quotes if they won't budge.

My cell phone bill is necessary right now because of work - I use A LOT of data (50G+) each month. The phone plan is a legacy plan for unlimited data, so it will never go up in price as long as I don't change anything.

[dodojojo]

I live in a HCOL and have 2 12 year old cats.  They're seniors but, knock on wood, are healthy.  I'd classify myself as someone who buys mid-high expense food and litter for my cats.  I tracked my spending from Aug 2019 to Jul 2020.  My cats total was $1,238.  This included their annual vet visit but they otherwise had no health issues.  The total doesn't include about 24 days cost of cat sitting for when I traveled.  I categorize that cost under travel and it was about $600.  If I moved it over to the cat category, then my total cat cost was $1,838. 

I wouldn't be comfortable with a $56 monthly cushion and taking on the responsibility of caring for a cat.  One who may be around for 10-20 years. YMMV.

[MudPuppy]

need a new car and to pay a large vet bill in one month that would be bad news.

This really did happen to us once. In a 3 month period we lost our dog unexpectedly to what we thought was a tummy bug but ended up being advanced cancer and fluid surrounding his heart and lungs (~2k medical, euth, cremation bills) and needed to replace both cars. One car was not a surprise so we had the money for that, but we really did test the emergency fund that summer!

[Metalcat]

need a new car and to pay a large vet bill in one month that would be bad news.

This really did happen to us once. In a 3 month period we lost our dog unexpectedly to what we thought was a tummy bug but ended up being advanced cancer and fluid surrounding his heart and lungs (~2k medical, euth, cremation bills) and needed to replace both cars. One car was not a surprise so we had the money for that, but we really did test the emergency fund that summer!

It's happened here too.
In one month the car died, the AC died, and the cat developed an eye infection that needed 5 rounds of treatment. Animal emergencies tend to hit hard and quick, because as I said above, cats in particular don't show illness or pain, so often you won't know something is wrong until it's so bad that it's an emergency.

I want to also clarify when I say "conservative" with animal treatment, I mean that I wouldn't put an animal that can't consent through chemo, major surgeries that require extensive recovery, or provide any treatment that wouldn't fully resolve pain and leave them having to take pain killers forever.

I have absolutely zero problem with spending on my pets, but it just so happens that the procedures I'm not willing to put them through tend to be the more expensive ones.

Still, in the last 6 years, between the 3 cats and my habit of adopting elderly dogs that no one wants, I've spent more on animals than I have on cars, and I've bought two cars for cash in that time and one was a repair-hungry lemon.

Lastly, the most expensive part of cats is if you get friggin' toxo and become obsessed with cats. Then your budget is fucked, lol.

[Kwill]

The mortgage plus HOA sound really expensive as a percentage of your income. How big a place is it? If you found a roommate with a cat for three years, maybe you could pay down the mortgage and build up the savings enough to make it much safer to get your own cat. As it is, I wouldn't be comfortable with a buffer of only about $57. If the HOA fee increased by even $25, it'd be really tight.

[reeshau]

Your mortgage seems high--certainly high enough to justify a refinance.  Have you looked at one?  It's savings with no ongoing pain.
Does your employer have a 401k plan?

The $1044 includes $190 for HOA. So my mortgage is really $854/month. Is this still high? It is a condo, and I'm not below the threshold yet where I can cut out the mortgage insurance cost.

I work for a *very* small company in a non-traditional field. I asked about retirement plans during my interview, and it was clear that was not even on their (the owners') radar. It is a long-term goal for me to get them to start something, but I think the company would need to grow more before they'd consider it.

Sorry--to be more clear, you list that your mortgage rate is over 4%.  You should be able to save a full percent on that now.  (Maybe a bit less, with the surcharge for refi's now in effect)

[MrThatsDifferent]

Considering the emotional fulfillment pets bring I’d vote for one if you’re single especially. Cats are the easiest of the domesticated pets, but not generally the affection monsters that dogs are (depends on the animal though). Generally the costs for cats are litter and food. Neither are horribly expensive. I wouldn’t let the cat be an outside cat and you’ll greatly reduce most of things that can damage a cat or cost more money. Just stick with one, keep inside and buy things in bulk and don’t feed your cat human food or from your plate.

[Metalcat]

Considering the emotional fulfillment pets bring I’d vote for one if you’re single especially. Cats are the easiest of the domesticated pets, but not generally the affection monsters that dogs are (depends on the animal though). Generally the costs for cats are litter and food. Neither are horribly expensive. I wouldn’t let the cat be an outside cat and you’ll greatly reduce most of things that can damage a cat or cost more money. Just stick with one, keep inside and buy things in bulk and don’t feed your cat human food or from your plate.

Raises an eyebrow as I have two cats sitting on me, trying to share my lap, under the blanket, while the dog sleeps peacefully on his bed across the room.

[MrThatsDifferent]

Considering the emotional fulfillment pets bring I’d vote for one if you’re single especially. Cats are the easiest of the domesticated pets, but not generally the affection monsters that dogs are (depends on the animal though). Generally the costs for cats are litter and food. Neither are horribly expensive. I wouldn’t let the cat be an outside cat and you’ll greatly reduce most of things that can damage a cat or cost more money. Just stick with one, keep inside and buy things in bulk and don’t feed your cat human food or from your plate.

Raises an eyebrow as I have two cats sitting on me, trying to share my lap, under the blanket, while the dog sleeps peacefully on his bed across the room.

Hence my caveat ;-)

[Green_Tea]

Cats really are social animals! So please, please do not get one but two cats (if kittens same sex preferred). Or take an older cat that doesn't tolerate other cats and is not too affectionate with people (being home alone all day).

Also a GREAT gain in quality of life is a cat safe garden. My cats are SO much happier with it.

I also second that even minor health problems or injuries in young cats can be expensive - one of our 2 cats had a small injury when he was about 5 yo that cost about 5-10.000 Euros added up, same cat has FORL, which is very common, so even if you are taking care of the cat's teeth, expensive teeth problems can not always prevented.
As you probably know older cats tend to have chronic health problems such as renal insufficiency and thyroid disease that result in higher ongoing costs.
Some cats also have more than just one major disease. Each of our cats has 3 to 4 chronic diseases (depending on which ones you count) and they are living a happy life.
So to sum up: for us the question with vet costs in the last 15 years was never: will we pay these high costs to have our cat probably live miserably for a year and die but will we pay this to keep his/her quality of living high for the next years or even decade.

[TheFrenchCat]

Your car insurance definitely seems high.  Is it comp and collision?  Do you have accidents on your record?  My husband and I have excellent driving records and pay $68 a month with Nationwide for an 03 civic (love them!) and an 06 Chevy silverado.  I do get a few discounts with them, like loyalty for having been with them for more than 5 years and it wasn't that much to add my husband once we were married.  When it was just me and my civic, it was $42 a month, paying semi-annually with Progressive, but I was only 22 back in 2012.

I think you're really close to the edge on whether you can afford a cat. The monthly costs are pretty low, but as others have said the medical bills can be high.  Also, you don't have a lot of wiggle room in your budget and you don't include sinking funds for things like a new car, house repairs, electronics, etc.

Fostering sounds like it could be a real win-win for you and the cats. 

[LaserLemon]

UPDATE: Car Insurance

I went online this morning and found an area where I can adjust coverage amounts. I played with a few numbers and declined some redundant coverages, and my new monthly bill will be around $50. Won't know the exact amount until next billing cycle - I get a discount because I also have homeowner's ins. through them.

I also checked Geico and Nationwide and their online quotes were a little higher for the same coverage. I might be able to get a slight discount by calling and speaking to a real person, but I'm weighing minimum effort as a positive here so I will wait until December to see what my new premium is exactly.

Thanks for the nudges everyone, this will free up an additional ~$29/month to add to my emergency fund or as a general cushion. I know it's not much but as many of you have pointed out - with a lower income I do not have much wiggle room in budgeting.

[MudPuppy]

@LaserLemon $20 isnt nothing!

[Kwill]

$29 is a great start!

Are your Crunchyroll and Pandora subscriptions billed monthly or annually? If you're currently subscribing monthly, switching to annual subscriptions could get you a discount that would be worth the trouble over time. I have Crunchyroll, and I had to write to customer service in order to switch to annual billing because I couldn't figure out how to do it on the site. They sorted it out for me.

[parkerk]

You might also look into fostering for a local shelter.  They often need homes where adult cats can stay, particularly if they're cats that don't do well around a bunch of other cats.  The shelter will cover vet bills and often make the tough decisions for you if an emergency comes up.  The caveat, of course, is that if your emotional investment gets too high you might have a tough time saying goodbye if an adopter comes along!  As well, sometimes the cats that need fostering are more special needs (medications, behaviour issues, etc.) so it may not be the easiest way to have some kitty love in your life.  It does help with the financial issue though.

If you only want one cat I highly recommend getting an adult cat who needs to be in an only-cat home.  Source: my five year old tortie who we adopted last year who went from stressed out shelter kitty to queen of the house with two personal servants.  :)  She's laying on my desk and enjoying the view of the birds in our backyard as I type this. 

[lutorm]

I second the vet bill thing, we went through that with our cat that started semi-periodically feeling crappy and have to stay at the vet for a night or two until he perked up and they couldn't figure out anything more than his kidneys being marginal.

However, no one's mentioned the travel thing. If you had cats as a kid I'm sure you're familiar with this, too, but when you say you work in photography and have a travel budget, remember that having cats really makes it a lot harder to travel more than overnight unless you either know people who will take care of them while you're gone or you pay someone. A dog can often come with you on travel, a cat not so much.

[Metalcat]

I second the vet bill thing, we went through that with our cat that started semi-periodically feeling crappy and have to stay at the vet for a night or two until he perked up and they couldn't figure out anything more than his kidneys being marginal.

However, no one's mentioned the travel thing. If you had cats as a kid I'm sure you're familiar with this, too, but when you say you work in photography and have a travel budget, remember that having cats really makes it a lot harder to travel more than overnight unless you either know people who will take care of them while you're gone or you pay someone. A dog can often come with you on travel, a cat not so much.

So true.

I have one cat who travels just fine, but he's a sphynx, so everything in his life is always good and happy all the time.

The other is a rex though, and the moment we got him, he has always screamed at the top of his lungs the moment we take him from the house. He never tires either, just screams like a distressed baby until he gets back inside his own home. Vet trips are terrible.

The thing is, they're very attached, so I can't take one and leave the other. I can leave them both for a day or possibly two, but that's it. Otherwise, I get a housesitter.

[Lady Stash]

I’ve always wanted a cat, so now trying to decide if I can afford one.

Personally, I'd go out and get a cat this weekend.  Yes, your budget is tight.  I'd get a young cat, from a shelter, already altered, healthy and up to date on shots. A 1 year old would be perfect to avoid kitten vet checkups.  I'd keep the cat indoors at all times.  Consider pet insurance.  Find a vet that won't refer you to specialists that cost thousands of dollars.  Plan ahead that if there is a medical issue, it's coming out of your retirement savings contributions.  Be very conservative in what you will spend on a medical emergency. 

For me a pet is a quality of life issue, I would absolutely get yourself a cat if you've always wanted one.  On the moral side of not being able to spend thousands on vet care... consider that you are (probably) adopting a cat that may have been euthanized if you hadn't stepped in.  If you give a cat 12-13 great years and then choose not to pursue expensive end of life medical care, you've still given that cat a wonderful life.

Sure you are taking a risk that you will face a wrenching medical / cost issue at some point in the future, but personally I would do it.  I've fostered more than 100 kittens for the local shelter who would have been euthanized otherwise so I feel like a great home for a cat that limits medical expenses is still a wonderful home for a cat.  My last cat I choose euthanasia rather than aggressive medical care at the end of her life and I don't regret it at all.  Her quality of life was gone by then anyway.  I took her to my vet and held her as she feel asleep but another option is the local shelter.  Here they will perform end of life euthanasia for free or very cheap and you get to stay with your pet.  Personally, I wouldn't not get a cat because you don't have thousands to spend on medical care.

Go get a cat.  That's my vote.

[nobody]

Agreed with others, $29/month counts, that's $348/year.  Sometimes that's how expenses get whittled down, a little bit here, a little bit there.  It also works the other way around, if you add a little bit here, and a little bit there, that can lead to life style inflation.  If you choose to get a cat, that can cover the cat food expenses.

[partgypsy]

I would say yes to the cat! Having an animal companion can add so much to your life. Maybe I was lucky but having had 3 dogs and this is my third cat, never had a situation where I had thousands in bills. But then my ex and I had conversations about what we were willing and not willing to do. For example with my last cat, she lived to 20 years before getting to point I decided to have her put to sleep. She had kidney disease the last year, year 1/2. It was only the last few months it got bad but even then it was extra fluid under the skin (subtucaneous) every other week, a couple different medications and special canned food. The hardest part of end of life was emotional, not cost (seeing her decline and not being able to stop it). My ex and I are maybe a little harsher in that we always agreed if something came up at that cost significant amount (thousands) but the pet was essentially at the end of their life, we would not do that extraordinary measure. My current cat the agency took care of neutering and initial shots as part of their adoption fees. If you get a kitten you do have some extra shots that first year.

[Dicey]

Your mortgage seems high--certainly high enough to justify a refinance.  Have you looked at one?  It's savings with no ongoing pain.
Does your employer have a 401k plan?

The $1044 includes $190 for HOA. So my mortgage is really $854/month. Is this still high? It is a condo, and I'm not below the threshold yet where I can cut out the mortgage insurance cost.

I work for a *very* small company in a non-traditional field. I asked about retirement plans during my interview, and it was clear that was not even on their (the owners') radar. It is a long-term goal for me to get them to start something, but I think the company would need to grow more before they'd consider it.

Sorry--to be more clear, you list that your mortgage rate is over 4%.  You should be able to save a full percent on that now.  (Maybe a bit less, with the surcharge for refi's now in effect)

IIRC, the surcharge was put off until December 1, 2020. OP - get your ass in gear and re-fi that place, pronto! Then get yourself a nice little kitty as a sweet reward for the pain in the ass that is a re-fi.

[Mrs Brightside]

IIRC, the surcharge was put off until December 1, 2020. OP - get your ass in gear and re-fi that place, pronto! Then get yourself a nice little kitty as a sweet reward for the pain in the ass that is a re-fi.

They seem to be adding on the surcharge already in many cases because there are so many refis being done that it's unlikely to close before Dec 1.

[rachael talcott]

In France, there is a program where you can adopt a hard-to-place cat (usually older or FIV+) and the cost of veterinary care will be covered for the life of the animal. You might try asking at your local shelter to see if there is a program like this in your area.

[Dicey]

IIRC, the surcharge was put off until December 1, 2020. OP - get your ass in gear and re-fi that place, pronto! Then get yourself a nice little kitty as a sweet reward for the pain in the ass that is a re-fi.

They seem to be adding on the surcharge already in many cases because there are so many refis being done that it's unlikely to close before Dec 1.

Yeah, I discovered this today. It makes a re-fi not worth it for us. I suspect there will be so much pushback that it won't stick. Keep watching the rates and see what happens.

[Tami1982]

Just saw @lhamo's tag today.  Looks like a lot of this has been talked through, but I'll share a little about my experience as a low income dog owner. I'm live on disability and work part time as I can.  I never bring in more than $25k, often $20K annually.   When I decided to get a dog I decided the only responsible way for someone of my income level to have a dog was to have pet insurance.  I choose to get them, they didn't choose me as an owner.

I absolutely could not afford to absorb the cost of $1k vet bill - and believe me, it happens EASY.  But I could afford the pet insurance. (Coverage with Nationwide for cats is $15 a month with a $250 annual deductible).

 Boy, am I ever glad I made the decision. It's just pure shitty luck, but over the last 11 years I've been reimbursed nearly $20K in vet bills.  And none of it was for any aggressive treatments like cancer or anything.  Just dumb luck.   Knowing that I can always make the best decision for my pet and disregard the cost, is the biggest gift I gave myself.   It's always quality of life.  I've never had to make the choice between treatment or care, and my rent. Or food, or anything else.  That is priceless.  Financially, I'm way, way way way way way, ahead of what I've put out over the years. 

The insurance does go up as they age, but not based on claims.  Just age brackets.  My oldest is 11, but even at the increased monthly rate it saves me money.  His arthritis meds (which are covered) are more than the monthly premium.

If you choose to go this route, make sure you understand the policy.  The people I see most unhappy don't realize pre existing conditions are excluded and maintenance is not covered on the basic policy either (annual exam, vaccines, etc).  If I can answer any questions feel free to message me. 

[Sibley]

I live in a HCOL and have 2 12 year old cats.  They're seniors but, knock on wood, are healthy.  I'd classify myself as someone who buys mid-high expense food and litter for my cats.  I tracked my spending from Aug 2019 to Jul 2020.  My cats total was $1,238.  This included their annual vet visit but they otherwise had no health issues.  The total doesn't include about 24 days cost of cat sitting for when I traveled.  I categorize that cost under travel and it was about $600.  If I moved it over to the cat category, then my total cat cost was $1,838. 

I wouldn't be comfortable with a $56 monthly cushion and taking on the responsibility of caring for a cat.  One who may be around for 10-20 years. YMMV.

My numbers, MCOL.

So far this year - $4100 for everything. That included:

-Dx of tumor in May (x ray and blood test), followed a few days later by euthanization because of course it wasn't found until pretty advanced.
-Regular vet trip for existing kitty (vaxx)
-Adoption of new cat in July
-2 microchip feeders plus an automatic dry food feeder (experimenting to solve mealtime related issues)
-New cat took a bit to get healthy, despite being sent home with meds by the shelter. I've had about 4 vet visits for her, but knock on wood I think we got all the infections cleared.
-Off cycle vet trip for existing kitty to see if there was a physical issue contributing to behavior problems.
-Dental, tooth extraction, and related bloodwork for existing kitty.
-bunch of Feliway and diffusers to help with integration of new kitty

So, a lot of this won't apply if you just have one cat.

Malcat and I are pretty similar in philosophy.

[stashja]

Yes, but get insurance. Our two cats have ASPCA insurance. When one had a serious medical issue - congenital and undiagnosed because he's a stray who found us - ASPCA paid about 60% of the cost, so my partner and I were able to give him the surgery he needed. Now, several months later
 he's feeling fine. We are so grateful for the insurance.

[PDXTabs]

Roth IRA: $600

I'm confused, do you just not save for two months a year, the limit is $6000 per year, right?

You could open a traditional IRA and get some tax savings too.

[the_hobbitish]

Just want to chime in on dental and kidney health. Wet food and a good water fountain with dental clean enzymes added to the water can help save you a ton of money and heartache by avoiding kidney and teeth issues. My cat will also sit my the bathroom sink waiting for a drink after you wash your hands. After all, you're only in there to give him water, right?

I wish I had taught my cat to let me brush his teeth as a kitten. Anything else he'll let me do, roll him around, mess with his feet, clip his nails, give him allergy meds, mess with his ears, wrestle on the floor. The more messing with him I do the more he melts in to a giant puddle of purring fuzziness, head butts, and kneading. Brushing the teeth though is a no go. sigh. Start your cat on all this early.

[index]

You need to be doing some photography on the side. All this talk of $20 here and $10 there is a moot point. You could pull in and extra $4-6k a year for working an extra few weekends. Even family photos on a Saturday morning will net you $250-$400...

[LaserLemon]

Hi all. It's been a minute but I'm chiming back in to add some closure here in case anyone finds this post in the future.
Here's the highlights:

I got a cat from a local rescue. $150 to adopt. She is wonderful. She plays fetch, enjoys pets and belly rubs. My partner and I have trained her to tolerate having her teeth brushed. Her vet and daily expenses have been affordable so far*. Biggest unexpected costs were lots of loads of laundry for the first few weeks she settled in (she peed on the bed, probably due to stress) and new plants because she enjoys digging in pots and pulling things out of the soil :D

She is young (~2 yrs) so as she ages I expect there to be more health-related bills.

Life-wise I've done a 180 and fully relocated out of country. Not the plan, but for the right person I'm happily setting FIRE back a few years.
*as a side note the cost of relocating a pet internationally is insane ($10k). I don't think most people will do this in their lifetime, so not including it in above summary. I took on multiple extra photography jobs in order to cover the cost without drawing from savings.

Thanks everyone for your words of wisdom!

[JupiterGreen]

Hi Everyone,

You could say I inverse-FIRE’d. 22-year old me got an engineering job, then decided to quit it three years later to follow my passion. I started my own business and optimized my life to do what I love, work as little as possible, and pay the (few) bills. I lived a lot of the Mustachian principles before ever reading MMM, so was always looking to be efficient and cut my spending further. I did, but the problem is that meant I worked less too. The *younger* me mentality was that if I was making enough to support myself day to day, what more did I need? After discovering MMM and becoming old and wise (I’m 32 now haha) I of course realized this is not a sustainable solution and a retirement stash is important.

So I went back to work full time. I was insanely lucky to find a salaried position still doing what I love (photography).

I’m not really on a race to FIRE at this point, just a leisurely walk while enjoying the scenery. With an income secured, I’m now focused on optimizing quality of life. I’ve always wanted a cat, so now trying to decide if I can afford one.

Here’s a breakdown of my finances:

Life Situation: filing Single, no kids

Income
Gross Salary: $37,000
Annual Stipend for Equipment + Travel: $2500 (this will get fully used each year on gas, equipment maintenance, and misc. other, so not including in calculations below)

Deductions (Annual)
State and Federal taxes: $6152
Health Insurance: $1898

Monthly take-home pay: $2412.50

Monthly Expenses
Mortgage+HOA: $1044 (I absolutely love the area as well as the actual building I’m in - eventual plan for retirement is to rent this out and move to a lower mortgage)
Gas: $30 (mostly drive car for work, so this is for visiting family/friends in nearby towns, etc.)
Vision Insurance (VSP): $13
Groceries, Restaurants, Cleaning Supplies, etc: $230
Photo Gallery-hosting service: $29 (will no longer need in 2022)
Internet: $32
Cell Phone: $50
Utilities: $30
Car Insurance: $79
Yoga Membership: $10 (this is net cost, Core Power Yoga has a program where you clean the studio in exchange for a discounted membership)
Subscriptions (Pandora, Crunchyroll): $14
Misc: $70
Roth IRA: $600
Travel Fund: $125

Total Monthly Expenses: $2356

Income - Expenses: +$56.50

Assets:
Home Equity: 21k
Roth IRA + Vanguard: 54k
Savings: 5k

Debt:
Mortgage Loan ($4.13%): $148k


Questions:
1. Can I afford to get a cat right now? (any other recurring expenses besides food and vet bills that couldn’t be covered by my current monthly surplus?)

2. I have a 2003 Civic. Is my car insurance number high? If so, I love my insurance company so how does one go about asking for a lower rate?

3. Anything I can generally tighten up? Please keep in mind that I’m optimizing my life for a balance between finances and happiness.

I never had cats before, but now that I have them I couldn't afford not to have them. Cats are magic, but don't get 1 get 2 --a bonded pair if you can.

I don't know what this is:
Subscriptions (Pandora, Crunchyroll): $14
but do you really need it? and what about:
Misc: $70
and/or could you shave a little off the travel fund?

Cats are fairly inexpensive pets. Things like bags, cardboard boxes, and your muddy shoes are glorious to them. They don't need fancy toys and gadgets, but they do like windows. I have one of those cheap ($5) bird feeders on my window and it seems to occupy them for hours. I was already feeding the birds before I had cats so for me this was not a new expense (aside from the $5 additional feeder).

On your budget, I'd definitely have a cat account and put money into it monthly for any health issue that may arise. Rescues do a health check before adopting out their cats so you'd know if they had FIV or something. Also you can usually get low cost check up and yearly shots from the ASPCA, rescues or traveling vets. Cat's are not smelly (I believe someone wrote that), just clean your boxes daily and you should not smell them (have 1 more box than cat-so 2 boxes for 1 cat etc). They are relatively quiet and funny. I would love to tell you our lucky and unexpected cat acquisition stories but it is long and YMMV.

My best advice for you now is to try to hook up with the local ASPCA or cat rescue and take a foster. Another possibility is to offer your services as a pet sitter and stash the pet sitter money away for a cat account and once you have enough saved, get a cat (but keep adding to that account). If you have the heart for it, there are so many ways to take cat ownership for a spin without a solid financial commitment. 

Look for smaller cats (strays are often small). I think the average cat weight is 12lbs, so I'm talking about 8-9lbs (pretty common size for a stray). Our standard issue street cats are at or even a little under 8 each and so even though we have 2 it is equivalent to owning 1 bigger cat as far as food and litter expenses goes (I cannot imagine how much Maine coon cats eat). I hate to focus on size because personality is the most important thing, but bigger animals do cost a little more. Ask about the teeth because bad teeth can costs some money. There are bush cats and tree cats (cats that like to go low and cats that like to go high). We got bush cats and they happen to match our lifestyle (I'm glad they don't jump on me or counters) some people have preferences. Maybe you want a shoulder cat IDK, but that may be something to consider. And even though 2 seems like more work than 1, I cannot recommend a bonded pair high enough. They will keep each other company and melt your freaking heart.

Lastly, if you put your beacon out for cats I'm convinced the right one will come (many people believe cats choose their owners). Don't force the issue. Maybe keep yourself open by fostering or doing a little volunteering for cat rescue or ASPCA. Our floofy pixies are the very first cats my partner and I have ever had, and they contribute greatly to the joys of living. Even as newly minted cat owners, at this point we'd sell a car before getting rid of our beloved cats. 

Edited: I didn't see your update before I posted. But I'll keep my long-winded cat loving comments here for anyone else reading in the future. Congratulations on your kitty! Hooray, cats make the world go round. :) Good luck with your new life abroad. 

[getsorted]

When it comes to major expenses, the key is to be very clear in your mind about what you would or wouldn't do to preserve their lives. But even the minor veterinary stuff can add up. Each of my cats have had minor tumors removed; one had five teeth extracted not too long after I got it. Those were expenses in the $600 range, over 10 years ago.

I don't undertake long, difficult treatments for my animals-- having helped with a friend's dog through chemo, I think euthanasia is the choice I would make in that situation. I don't think animals have a sense of the future; they don't know how to hope for something beyond the present moment, so in my view, for them, it's just suffering. I totally understand why someone else would make that choice, but that's why I wouldn't.

My two cats are approximately 17 years old and have largely enjoyed good health (my only tricks are: don't over-feed them, and get their teeth cleaned if they won't consent to brushing, and keep the litter box clean). But they are 17-year-old cats; that's like a human being 85-90. One is in early stage heart failure (pills are $35-50 a month) and the other is neglecting to clean himself (necessitating brushing and bathing by me). Thinking about losing them is awful. I love those cats; my kid loves them and has known them his entire life. But I still know what my limits are for treating them as they age, and I feel that allowing them to die well is part of my job as their human companion.

My cats stayed with Grandma for three years while I lived abroad (it was her idea!)-- the cost of relocating them is absolutely insane! And not all cats are up for that kind of journey. One of mine would probably have been fine; the other I am 100% sure would have had a heart attack in the cargo hold of the plane.

[RWD]

I wouldn't put an animal that can't consent through chemo

[...] having helped with a friend's dog through chemo, I think euthanasia is the choice I would make in that situation.

As the person in this thread who said we did put our cat through chemo I think maybe I should add some context. When our cat was diagnosed he was only 7 years old and otherwise very healthy. He responded extremely well to the chemo pills (Chlorambucil) and ended up living a very happy life for an additional year. I believe we absolutely made the correct decision and the extra year for a happy cat was priceless.

If he was much older, had other health problems, or did not respond well to the chemo we would have made different decisions.

[Metalcat]

I wouldn't put an animal that can't consent through chemo

[...] having helped with a friend's dog through chemo, I think euthanasia is the choice I would make in that situation.

As the person in this thread who said we did put our cat through chemo I think maybe I should add some context. When our cat was diagnosed he was only 7 years old and otherwise very healthy. He responded extremely well to the chemo pills (Chlorambucil) and ended up living a very happy life for an additional year. I believe we absolutely made the correct decision and the extra year for a happy cat was priceless.

If he was much older, had other health problems, or did not respond well to the chemo we would have made different decisions.

To be fair, I err far, far more on the side of *not* putting animals through procedures than most people.

Which is kind of rich coming from someone who used to torture animals for a living...

[mistymoney]

I do think you are on the edge financially for adding to your household.

determine the cost of ongoing food and litter per month, maybe toy and catnip allowances, add 10-25/month for vet care and put that into a dedicated savings account for the cat for 6 months and see how that feels for your budget. although I'd understand if you jumped the gun sooner :)

Investigate available community resources for vet care. i discovered that a clinic/shelter combo could provide all the basic/startup (deworming, vaccines, and spay/neuter) at a fraction of the cost of indepedent vet offices.

I have 6 cats currently. All were street sourced. sometimes that can be more costly than shelter fees, depending on where they are in life.

Also - the clinic/shelter I found does provide a sliding scale, so could be even lower cost to you.

Good luck! Hope you get your new best friend soon!