Was there something you bought in your 20s that you still regret – something bigger than a Nintendo Wii or crimping iron?

I recently spoke with 24-year-old Alexandra Wei who said watching her friends, family and co-workers struggle with pet-care and vehicle costs in their so-called “self-discovery” years led her to fervently avoid these two expenses.

To date, she estimates having saved more than $30,000 by saying no to both car and pet ownership. (The data suggest she might’ve saved even more.)

With $2,700 in monthly mortgage payments and $1,800 in other household expenses, Ms. Wei calculated that owning a car would add about $500 a month, on average, in insurance, maintenance and fuel. That’s not including the cost of a car itself, which this year hovers at $37,664 for a used vehicle and $64,400 for a new one.

Instead, by using public transit, as well as new car-sharing platforms such as Evo and Modo, she’s kept her monthly transportation costs between $100 and $250 a month.

When it came to pets, it wasn’t just the food and grooming bills, or even the soaring price of veterinary care that had Ms. Wei, who works in business and finance and shares personal finance tips on social media, swearing off pets in her 20s. It was also the lost opportunity costs.

“Having to go home early from let’s say a client dinner, or a work function to go look after their pet,” she said, was a big consideration.

A survey published last week by Ipsos on behalf of HomeEquity Bank showed that pet ownership in Canada is almost 70 per cent among Gen Z and Millennials, well above the 44 per cent of those aged 55 and above.

Meanwhile, a report published by Rover found the costs of owning a dog in 2025 ranged from $1,418 to $4,480 a year, depending on the size and breed of the dog, adding up to as much as $17,343 to $53,935 over the course of a pet’s lifetime. (With a rising number of clinics being snagged by private equity, those costs could rise further.)

During a cat’s lifetime the range is slightly lower but still high: between $13,095 and $73,585.

Given that income and savings levels are typically lower in your 20s, focusing on paying off debt and accumulating savings can be crucial for those looking to secure their finances early.

Of course, some things aren’t as easy to quantify. Pets – and, yes, dogs especially – have been found to decrease stress, improve heart health and ease burnout from that same job earning you money. And who doesn’t love a puppy snuggle?

Is there an expense in your 20s that you found especially draining? Did you save big by opting out of a pet – or the opposite? Drop me a line at mpostelnyak@globeandmail.com.