New research has revealed that costs such as pet food, toys, pet sitters and grooming amount to an average of £17,000 over the course of an animal's life.
Sainsbury's Pet Insurance has found that the average dog will set owners back £16,900, with dog food accounting for a third of the total amount. Cats cost £17,200, with cat food accounting for 41 per cent of this figure.
According to the research, dog owners will splash out £121 per year on dog toys, presents and treats.
Helen Williams, head of Sainsbury's Pet Insurance, told the Daily Telegraph: "Looking after a pet dog or cat properly can involve a significant financial commitment.
"Costs can escalate as pets get older as they often need extra medical care and attention; with advances in veterinary treatment and better diets many will live well beyond their average life expectancy."
These figures were based on a dog living 13 years and a cat living 15 years.