Quick stats

£22,500 The total amount a dog owner can expect to fork out over the lifetime of their pet pooch, according to insurer Direct Line

£9,000 Amount the RSPCA reckons owning a cat will set you back over its lifetime (and even a rabbit will probably cost you more than £4,000)

£86m Total amount British pet owners spend on their furry friends each week, according to the Office of National Statistics

Simple saver

Taking in a rescue animal is a win-win option: you will be saving it from an uncertain future, and you will almost certainly pay less for your new pet than if you go to a pet shop or breeder. Many charities just request a donation when you agree to home an animal, and some will even arrange subsidised vaccinations and neutering where necessary before you pick up your new friend.

Advanced saving tips

1. Shop around for the right pet insurance

Premiums are based on the type of pet you have, its age, where you live and other factors that will determine how likely it is to get lost or fall ill. The best way to compare deals is to use a comparison site like the Guardian's compare-and-buy service (money.theguardian.com/compareandbuy). But make sure you read the small print as the cheapest policy might not offer the best deal.

As with other types of insurance, you could be able to cut your premiums by taking on a bigger excess. And remember that you might not be able to get cover at all for an elderly animal.

2. Don't skimp on cover

Some cheap pet insurance policies will cover an ailment for 12 months only, or limit the amount they will pay out. If your pet is prescribed medication for the rest of its life, you could be picking up the tab when the cover runs out - and Fido could last a lot longer than you expected, too! So it may be worth paying slightly more for a policy that offers ongoing cover.

3. Choose a mongrel

If you haven't yet got a pet but want one, choose one that won't cost a fortune to feed and look after. A pedigree animal will not only cost more upfront than one of "less certain heritage", it will cost up to 34% more a year to care for, according to research done last year by Sainsbury's Bank.

4. Don't be too quick to go to the vet

You probably wouldn't visit the doctor at the first sign of a runny nose, so why seek expensive help as soon as your dog sneezes? Research done last year by More Than suggested unnecessary emergency vet appointments are costing UK pet owners £118m a year, made up of vets' fees, travel costs and lost annual leave.

Also, use cheaper medication - instead of buying lotions and potions from the vet, order them online. Websites like bestpet.co.uk sell prescription and non-prescription medicines for up to 50% less than the price you will usually pay. The flea treatment Frontline For Cats, for example, costs £19 on the site - at least £10 less than at most vets, and p&p is free. Another site, petremedies.co.uk, offers a £3 voucher if you subscribe to its mailing list.

5. But don't skip jabs

Paying to get your pet vaccinated against nasty illnesses means a hit on your wallet every year, but not doing so could prove a false economy. As an extra incentive, the insurer Direct Line is offering £20 towards vaccinations to any dog owners who take out cover for their pet before the end of June - clearly it is cheaper to vaccinate than to pay the vet's bills for an animal that falls sick.

6. Form a cat-sitting circle, or get a house-sitter

The cost of getting someone in to feed your pet while you're away can be sky-high, with some cat-sitters charging £15 a day to feed and spend "quality time" with your pet. Instead, find friends and neighbours who also have pets and help each other out.

If you are going on a longer holiday, consider getting a housesitter in. Using a professional service such as homesitters.co.uk will probably only be cheaper than kennels if you have more than one animal, but they will make your home looked lived in and so less attractive to burglars.

7. Buy toys from the charity shop

You don't need to buy expensive toys for your pet. Unwanted toys on the shelves of charity shops that look too sad to ever be picked up by a child are a cheap alternative to expensive pet toys.

8. And finally ...

Find out about subsidised neutering. If you are on a low income, you might be able to get help looking after your pet from an animal charity. Cats Protection offers financial assistance with neutering to cat owners who are full-time students or on means-tested benefits, while Blue Cross offers subsidised treatment for pets whose owners are on benefits or a low income.

Nice little earner

Cut the cost of pet food by as much as 50% by buying in bulk. Generally speaking, the bigger the package of food you can buy the cheaper it will be. At Sainsbury's, for example, a 1kg bag of Iams cat food costs £4.98, while a 3kg bag weighs in at £12.98 - almost £2 less than three smaller bags. Go online to pet-supermarket.co.uk and you can order 15kg for £37.99 - that's just £2.50 a kilo.

Planet saver

If you've got an "indoor" cat, think about switching to a greener litter: convential clay litter is not only "strip-mined" but also hard to dispose of. Petplanet.co.uk sells a range of more environmentally friendly litters including paper-based litter, litter made from wood products and the modestly named "World's Best Cat Litter", made from corn. Your cat will love you for it.