So here’s the problem: A pet! I have had my cat Jackie for nearly 14 years. Jackie has a growth on her neck that has been growing since last fall. Last week, I took her into a pet clinic that offered free first visits. Their suggestion was to remove it and have it tested for cancer. The cost was $450 just to remove it, with another $150 to have it tested. Ouch! If it is cancer, I can’t afford the treatment.

The vet says Jackie seems remarkably healthy and could live another five or six years. Do I spend that extra money for a possible negative assessment of something I can’t afford to cure, or do I just let her live out her life with the growth continuing? I feel like I am not being a good parent.

Answer: A pet may feel like a family member, but your cat is not your child. Although most parents would willingly bankrupt themselves to save a child’s life, you don’t face a similar obligation to extend a pet’s life.

You do have an obligation to make sure a pet doesn’t suffer, and you may have more options for treatment than you think. Discuss your situation with the vet who assessed Jackie to see if more affordable diagnostic and treatment options are available. If you’re willing and able, your vet may consider allowing you to work off a bill by cleaning kennels or answering phones, according to Humane Society of the United States.

If not, contact your local animal shelter to see if it can recommend a veterinarian willing to discount his or her services. There are also a number of national and local organizations that provide financial assistance to pet owners in need. You can find a list at the Humane Society’s website.

If you get another pet down the road, consider buying a health insurance policy for the animal. The American Society for the Prevention of Cruelty to Animals estimates a typical policy for a cat would cost about $175 a year, although premiums vary based on deductibles and what the policy covers. Veterinary costs have spiraled to the point where these policies can provide real protection against catastrophic bills.

photo credit: Vincent J. Brown

It’s a wonderful and noble gesture to adopt a pet. But you’re making more than an emotional commitment: you’re making a financial one, as well.

Some new pet owners learn the hard way about those costly overnight emergency visits to the vet. And who knew that puppy “pee” pads, flea controls and other medications could cost so much? Before you bundle up that ball of cuddly fur and head home, make sure you’re up to the financial task.

Here are a few tips from FiLife.com, a Web site devoted to personal finance, and the Insurance Information Institute:

1. Estimate the one-time “start-up” and “maintenance” costs of the pet

Costs vary depending on the type of pet, the size, and its health. The American Society for the Prevention of Cruelty to Animals estimates that adopting a medium sized dog will cost $565 for things like neutering, training, collars and leashes. The ASPCA estimates the same dog will also cost about $695 a year in annual upkeep. That’s $1,580 in the first year as long as your dog is healthy. But that figure will be much higher if your dog has any health issues.

2. Add those annual numbers into your budget

Create a line item for your first-year pet costs and ongoing costs. See if you can trim other areas of spending so that your savings line isn’t affected. Maybe you don’t need that gym membership if you’re going to start running with your dog? Be realistic. If a pet is going to stress your budget to a point of major discomfort, you’re probably not the best match.

3. Prepare for the unexpected surprise

Accidents happen – and not the kind that can be cleaned up with a mop. To prepare for those events, consider pet insurance or build up an emergency fund. You don’t want to get stuck charging a four-figure vet bill to your credit card.

4. Remember, a dog’s bite really is worse than his bark

Dog bites cost U.S. home insurers 8.7 percent more in 2008 than in 2007. And the average claim exceeded $24,000 for the second straight year, said the Insurance Information Network, an industry group. So you can’t ignore insurance. Homeowners and renters insurance policies typically cover dog bite liability. Most policies provide $100,000 to $300,000 in liability coverage.

5. If the numbers don’t add up – maybe a pet isn’t for you right now

It’s tough to sort out wants from needs when it comes to adopting a pet. Often times, our hearts are bigger than our wallets. You could do an animal more harm by bringing him into an environment where he won’t receive the best care. Think carefully about whether the decision to adopt is best for both of you.

6. Get help

If you do adopt and then find yourself in a financial bind, get help. There’s no reason for your pet to suffer or for you to abandon him/her. The Humane Society of the United States provides a list of resources for people who need financial help with a pet HERE.

Need more info? Check out my columns about pets and finances:

• Should you buy pet insurance?
• Your dog’s bite could bankrupt you
• What your pet really costs you