That is according to Sam Guiry, editor of Pet Gazette, a magazine dedicated to all those involved in the pet trade.
She said: "People should give serious consideration to the costs of caring for a pet throughout its lifetime which can, on average in the case of dogs and cats, be anything up to 12 and 15 years respectively.
"During this time, owners will have to foot the bill for foods, veterinary treatment and other accessories such as bedding and toys."
Added that too many people take on pets on a whim and this is why charities end up "inundated" with animals that are no longer wanted.
The Blue Cross recently revealed that many people across the UK can no longer afford pet food and are resorting to giving their animal scraps and leftovers.