Adopting a new pet means adopting a lot of new responsibilities. That includes additional financial responsibility, especially in the first year of adopting your new pet.

According to the American Society for the Prevention of Cruelty to Animals, the costs of welcoming a new forever friend into your home can far surpass any adoption fees.

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Additional fees, such as purchasing a collar, crate, cat litter or paying off veterinary fees, should be taken into consideration as well.

RELATED | Clear the Shelters: 5 things to know before adopting your new fur-ever friend

When adopting a dog, size matters when it comes to the cost. The bigger the dog, the bigger the price tag.

In the first year of owning a small dog, owners are expected to spend about $1,470, including veterinary costs and food.

For a medium sized dog, that price jumps up about $300 to $1,780.

With a larger dog, the ASPCA says costs can reach up to over $2,000 in costs.

Those adopting cats should expect to spend about $1,175, including food and vet bills.

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After that first initial year, pet owners should expect to pay at least $700 for cats annually, and up to $2,000 for the largest dogs.

Hundreds of animals are looking for new forever homes, and your home could be next.

Think you're ready to take on this responsibility? Well, on August 18, you can! You can be a hero and give a cat or dog in need a loving home during Clear the Shelters.

Since 2015, Clear the Shelters has helped more than 153,650 pets find forever homes. Will you be next to help that number grow?

Click here for more information about Clear the Shelters 2018, and how you can participate.