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According to the 2011 - 2012 American Pet Product Association National Pet Owners Survey, approximately 62% of U.S. households (72.9 million homes) have a pet. It is estimated that the total U.S. pet industry expenditures will reach $50.84 billion this year, a 5% increase from 2010. Cats and dogs combined represent 44% of the total number of pets owned in the U.S. and the annual expenses for owners is approximately $1,380 per pet. This includes surgical and route veterinary visits, food, kennel boarding, vitamins, travel expenses, grooming, treats and toys and based on your pet needs, basic expenses may be more or less than the average (we're hoping less). Owning a pet can be expensive, but there are ways to reduce that cost.

Regular Vet Visits
For some frugal folks taking a pet to the vet on a regular basis may be hard to commit to, but regular visits to the vet is the first line of financial defense of your pet care bills. The failure to diagnose early can equate to more expensive treatment bills in the future.

One way to reduce the cost of your pet and vet visits is to take care of some of your pet's needs yourself:

• Brush your pet's teeth regularly to reduce the number of visits for dental cleaning, 
• Learn how to trim your pet's claws, 
• Regularly groom your pet to reduce grooming costs, and
• If your pet is prone to ear infections, ask how to clean his or her ears.

You should also inquire whether annual vaccinations are necessary and see if they can be done every three years, instead of annually.

Veterinary Colleges
If regular vet visits don't fit your budget, don't make money a reason why you aren't taking your pet to the vet. Search for veterinary colleges in your area and see if they are accepting new patients and offer lower rates. However, make sure that the school is accredited and that the students will be supervised during your pet's check up.

Pet Insurance
If you're the type of person that would do anything for your pet, then you may want to consider pet insurance. A lot of pets go for years living a healthy life without needing expensive procedures, so you should decide if the $2,000 to $6,000 cost of pet insurance over the lifetime of your pet is worth it to you. If you do get pet insurance and your pet requires treatment, it won't set you back thousands of dollars. Before you purchase it, make sure you read the policies fine print and know what the deductibles, co-pays, reimbursed costs and exclusions are clearly.

Some employers offer pet insurance as a benefit at a discounted rate or for free, check to see if your employer offers pet insurance before purchasing it on your own.

Buy In Bulk
Pet food is less expensive if you buy in bulk, so skip the small bags and go with the biggest bag available. This also holds true for canned food when the option is available, but check to see if there is a special on individual canned food. Sometimes the individual cans are better priced than the box of canned food. If you have trouble finishing the bag of food by yourself, get neighbors or friends to go in on it with you.

Smaller spaces often don't provide the space to store such large bags of food and storing it within reach of your pet is not a great idea for keeping your pet on a diet, or your place clean. Also, if you don't own a car, it can be even harder to get the bag home and you don't want to carry it all the way home, on public transportation or pay extra for cab. If you have one or both of these dilemmas, stock up on food when they are on sale (it's easier to carry two bags versus one gigantic bag) and always keep a look out for coupons.

For pet prescriptions, buy in bulk drugs that you'll be refilling long term to reduce costs.

Comparison Shop
We love our pets and can tend to spoil with impulsive purchase of toys that are just too cute to resist, such as houses, bedding and apparel. Before you commit, shop around for the best price online and check other more economical retailers for some items. Check out the dollar store for basic toys that are the same or similar to the toys at premium pet stores. Get crafty and make sweaters and apparel for you fashionable pet, instead of purchasing them. Ask for a written prescription from your vet so that you can shop for the best price or ask them to prescribe a generic drug when possible to save.

How much do you spend annually on your pet(s)?

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Sources: LearnVest.com, ConsumerReports.org, MSN.com, AmericanPetProducts.org