While investment in territory defence is expected to be influenced by its benefits, the additional role that costs may play is rarely considered. Here, we quantify both benefits and costs of repelling prospecting males in cooperative meerkats, and demonstrate that both are required to explain the substantial variation in individual contributions to the defence observed. Males benefit more from repelling prospectors than females, as males may lose dominance and be expelled during intrusions. Accordingly, males invest the most in repelling prospectors. We also show that males experience an associated cost in the form of reduced weight gain and, as such, heavier males contribute more to chasing prospectors. Finally, we show evidence of a cost not restricted to individuals engaged in chasing: both males and females reduce their contributions to feeding dependent pups when prospectors are present, resulting in a reduction in pup weight gain in this context. Males appear to adjust their contributions to chasing in light of this cost, chasing at lower rates when their group contains dependent young. Our findings support the view that investment in cooperative behaviours can be attributed to benefits and costs, and highlight the additional importance of considering trade-offs in investment between cooperative behaviours.