April is National Pet Month, but have you ever stopped to consider how much your furry or scaly friend is costing you?

The cost of owning a pet can quickly add up, new research suggests.

The first year of owning a pet can set owners back nearly £3,500 on average, including the cost of buying the animal and set up costs such as food, bedding and equipment.

That is according to a survey of 2,300 pet owners from across the UK from Nationwide Home Insurance.

For many owners, a pet is like part of the family, which may explain why many people are happy to fork out so much on their beloved animal.

Indeed, one in eight (12 per cent) of those surveyed claimed they love their pet more than their partner - and nearly a quarter (24 per cent) said they love their pet more than their best friend.

Of course, the cost of buying and keeping a pet in the first year can vary significantly, particularly when it comes to what type of animal it is. So which pets have the highest running costs?

According to the research even a goldfish, which might be seen as a cost-effective pet, can cost hundreds of pounds in the first year.

By the time the owner has forked out for a tank, a pump and a year's supply of fish food, the cost can run to £769, Nationwide found.

The survey also suggested that cat owners can expect to pay around half the amount shelled out by dog owners in the first year.

Cat owners pay £2,455 typically, while dog owners spend around £4,791 in the first year.

Meanwhile, a rabbit will set someone back around £1,802, the survey found.

A lizard was also found to be at the cheaper end of the spectrum, costing around £1,788 in the first year, while a guinea pig may set someone back £3,715 over the same period.

And the annual cost of a horse was found to be £12,654 - perhaps not all that surprising given the money initially spent on the animal and the cost of livery yards.

The cost of buying a pet in the first place was found to come to £147 on average although one in five (20 per cent) pet owners will spend more than £250.

While some costs of owning a pet are predictable, there are also the unexpected expenses, such as if a pet falls ill or causes accidental damage.

Nationwide found that among home owners who have made a claim for accidental damage caused by a pet, seven per cent had claimed for a damaged carpet, fiver per cent had claimed for damaged sofas and chairs and five per cent had claimed for replacing chewed wires.

According to the Association of British Insurers (ABI), a record £706 million was paid out in pet insurance claims in 2016, with the average payout at £757. That is the equivalent of £1.8m every day.

The increase in claims and costs reflects the ever increasing range of veterinary treatments now available, as well as increasing vet bills.

For example, insurers paid out £366 to treat a cat with lethargy and £3,400 to treat an English springer spaniel who swallowed a grass seed.

However, the ABI said that while an estimated 40 per cent of households have pets, the vast majority of pet owners are not insuring them. Cat owners are more likely than dog owners to risk expensive costs if their pet needs treatment.

Rebecca Hollingsworth, general insurance policy adviser at the ABI, said: “Last year’s record levels of pet claims shows that owning a pet can not only be very rewarding, but also very costly.

"While it is good to see more pet policies in force, 70 per cent of dogs and 85 per cent of cats are not covered, this difference of 30 per cent and 15 per cent means that cat owners are twice as likely to risk expensive costs if their pet needs vet treatment.

"There is no NHS for pets, and the cost of getting quality veterinary treatment can quickly run into thousands of pounds, particularly with rising veterinary costs and a greater range of medical treatments for pets now available."

There are a host of pet insurance providers to choose from and price comparison site Moneyfacts recently launched a star rating system to help pet owners choose the right policy for them and their animal.

"Worrying about a sick or injured pet can be stressful enough without also being concerned about the financial cost associated with treatment," said Samantha Owens, insight manager at Moneyfacts.

"Taking out the right policy for your pet can take some of this stress away, but it can be confusing to know whether all accidents and illnesses are covered, what the best limits are and whether any unavoidable costs outside treatment may be excluded.

"The Moneyfacts Pet Insurance Star Ratings help customers direct their focus by highlighting the most comprehensive products with the most competitive limits, for both cat and dog policies."