The bond between people and their pets is stronger than ever. About 87 million people in the U.S. have a pet and a staggering 95% of pet parents globally consider their pets to be integral members of their families.

But when it comes to the costs of caring for pets, Synchrony's Lifetime of Care study found that one-third of pet parents will face an unexpected vet bill that causes financial worry.

• Nearly half of pet parents underestimate the true financial commitment involved in caring for their pets.

Jonathan Wainberg, Synchrony's SVP & General Manager, Pet & Co-Brand, Health & Wellness, shares how pet parents can take good care of their furry family members today and into the future while avoiding potential financial pitfalls.

1. Looking ahead: How can pet parents prepare for future expenses?

Wainberg: Similarly to how we budget for our own healthcare costs and living expenses, we should do the same for our pets.

• Average pet care costs increased 56.5% from 2018 to 2023.

Financial literacy is a new critical skill for pet parents, as it empowers them to make informed decisions about pet care that align with their family's needs.

• Given that 95% of pet parents consider pets to be integral members of their family, then nearly all of them should be planning for their pet's eventual expenses.

2. An expert take: What are the true costs of pet care?

Wainberg: The cost of pet-related care is influenced by many factors, including routine veterinary check-ups, unexpected treatments, medications, food, grooming and boarding. Pet parents should also expect that their pet will have an unexpected need for care.

These expenses can quickly add up over a pet's lifetime.

• Synchrony's study found that the average lifetime cost of care is up to $45,000 for cats and up to $55,000 for dogs.

3. What you need to know: How should someone budget for pet care costs?

Wainberg: With a wider array of treatment options available, and diversity in how pet parents think their pets should be cared for, today's spectrum of care may also mean a higher cost of pet care. Knowing where you fall on this spectrum will help you make informed decisions and create a budget that fits your needs.

Some tips to keep in mind when building a budget include making sure you research and understand the costs associated with caring for your pet.

• Educate yourself on the costs of pet care services and essentials your unique pet will need, like food, grooming and boarding.
• Have proactive conversations with your vet about the potential costs of care before an emergency occurs.
• Consider wellness options to help maintain your pet's health and decrease the chance of unexpected healthcare issues. Just like with humans, preventative care reduces the need for future critical care and gives your pet a happier, healthier and longer life.

4. The solution: What are the most budget-friendly ways to pay for pet care?

Wainberg: There are financial options pet parents can consider and use over time to pay for care in a way that fits their budget.

Pet insurance can provide financial support by reimbursing pet parents on eligible vet bills when their pet becomes unexpectedly sick or injured.

• Many pet insurance providers offer a wide range of coverage plans, ranging from Accident Only Plans to Routine Care Plans, allowing pet parents to select the plan that best suits their needs and the needs of their pet.

In addition to pet insurance, health and wellness credit cards like CareCredit provide another financial safety net for pet parents.

• CareCredit offers convenient payment options, including promotional financing options, that empower families to pay over time for pet care with budget-friendly financing options.
• The credit card can be used for all types of veterinary and pet care — from routine exams and vaccinations to illness and injuries, nutrition and prescriptions and even microchipping, boarding, training and other expenses.

5. Why it's important: What are some long-term benefits of financial preparedness for pet parents?

Wainberg: When pet parents are equipped with the knowledge to make informed financial decisions, it directly translates into reduced stress and better care for their pets.

• This ultimately contributes to happier, healthier lives and a stronger bond for both pets and their families.

CareCredit is committed to equipping pet parents with the right financial knowledge and resources that will help their pets live their best lives.

That is why we've joined the pet care community and HABRI at this year's Pet Night on Capitol Hill event in Washington, D.C. to raise awareness around the challenges facing the pet industry, including improving financial solutions for pet parents and getting them access to quality pet care.

Learn more about the CareCredit health and wellness credit card.