Owning a pet can be expensive.

With insurance, training, and damage to property, dogs in particular can cost around $5,000 per year on top of expected costs like food, vet bills, and registration.

Finance guru Scott Haywood told Tom Elliott his labrador recently cost him a trip to hospital.

“When we talk to clients about having a pet, I don’t think they’re factoring in the additional ongoing costs,” he said.

Click PLAY above for Scott’s full segment