Afford a horse on 15K a year?

[Tori3610]

Hello 😊 my name is Victoria, I'm 18, from Northern Ireland and I am looking to get a horse again after being out of it a year.

Before giving it up, I had been riding since I was about 7 years old and it broke my heart to have to sell my amazing mare due to work commitments. I have since left that job and I really want a horse again! The only problem is money 😂 my parents paid for a lot of the expenses with my horses over the years but I want to be able to pay for it by myself now. At the minute I ride a friend's horse on occasion to get used to it again, but I'm busting to have my own! Even just a loan.

I am currently on minimum wage of 15K a year and I know a horse is about 4K a year plus surprise vet bills, etc. I don't have to pay any rent or pay off my car, so I was wondering if there are any of you who own/full loan a horse on this wage and is it possible?

Thanks 😄

 

[Bays&Greys]

It's possible as I did if for a time at the start of my career. I don't necessarily think what you earn is the biggest factor, but what your outgoings are and the margin being finanxially fine and being not fine.

I kept my horse on DIY and didn't compete. I spent my money on things that mattered to my horse (as much turn out as possible, a good diet, access to veterinary treatment, physiotherapy treatment, having lessons etc) rather than having expensive marchy-matchy saddle pads or buying . I've sadly sadly lost count of the number of people that don't want to call a vet, pay to get a saddle fitted professionally or have a lesson to help with a problem but can afford £80 breeches or saddle pad ...

Like you, I lived at home & paid less rent, but still got by most months by saving money too. Very occasionally, Mum and Dad helped out - I remember Dad part fundin a new saddle and I paid him back the loaned when I needed yet another saddle for my changing-shape boy.

I certainly could have got on the property ladder quicker without my horse though. I certainly don't regret owning him (and thankfully, my OH doesn't begrudge him) but it's something to bear in mind.

 

[Theocat]

Rent payments would normally cost about £4-500 a month to rent a room in a shared flat, and plenty of people survive doing that, so if you aren't paying rent then yes, you ought to have enough money if you are happy to scrimp on other things and keep the horse relatively cheaply.

I wouldn't do it, though, because then when you do want to move out, it's going to be extremely difficult to find the extra money while you're still paying for a horse! There are lots of other things you might find you want to do in the next few years (including getting started on your career) and being tied to a horse could become a nuisance.

In your shoes, I would get a share for a few days a week, and put £400 away every month. It can either be a deposit on a house one day, or a fund to buy a horse with further down the line if you decide that's what you want, but at least then you have tested the "affordability". If you struggle to save, it's better to find out the sums aren't going to work before you have a horse to worry about.

 

[Otherwise]

I managed on that, was working as a groom and had free accommodation but had to pay for livery. It was doable, livery was just over £300 a month which included hay and hard feed. I had insurance and was lucky to not need the vet for anything other than vaccinations but luck runs out eventually. My horse needed a full set every 5 weeks which added up, supplements and a couple of additional bales of bedding a month. I would compete BD twice a month as my employer paid for fuel, that really added up quickly doing 2 tests a day. Would I recommend it? Probably not, I wasn't saving anything which isn't ideal long term, my car was old and needed a lot of work each year to pass the mot but I couldn't really afford a replacement. With my own horse I got a lesson on him every day, without that perk it would have made more sense to share one.

 

[rifruffian]

As a few people have written, it is not just income that counts....it is also the total of the outgoings.

I suggest you write a list of personal priorities. For example if I do this myself it would be....personal water supply, personal food supply, personal shelter......and after that you and I would diverge. Somewhere in there will be your horse ownership costs.......then just do the sums.

 

[welshcobmad]

Afforded mine on my first job wages £10,500 a year & saved for him whilst working in a pub part time whilst in sixth form. Definitely doable! As said above, spend it on the things that matter such as good feed, farrier, insurance & veterinary care. I used to put a little aside a month & do a few classes in the local riding club show every other month as a treat. Bought 90% of what I wanted for him on ebay or preloved for half the price it should have cost & got any nice new shiny bits as birthday & christmas presents. You can definitely make it work

 

[Rosiejazzandpia]

I do. I find that you do have to make sacrifices and weigh up your outgoings. I sacrifice a fair bit to have my girl, but she keeps me sane so she's worth it. I'll list what I do/don't do... I have a cheap phone bill/contact as I don't need a £30 per month contract with all the bells and whistles. My livery is £25 per week 24/7 turnout all year round with a stable and feedroom. We don't have a school but I school when I hack so that works fine. Most horses don't need buckets and buckets of feed and supplements everyday, mine is a cob who has hay, chaff and a balancer with a scoop of salt. She is barefoot so I save on shoes.
I don't waste money on matchy matchy and expensive bridles, we have second hand tack that does the job and cheap eBay saddlepads. All my tack and gear is second hand and I'm good at bargain hunting. If I really need something I'll get it for my birthday or Christmas. I don't drink too much and don't go out so I save a lot of money there. My clothes aren't posh and I don't buy expensive branded jodhpurs, I go to decathlon or again, eBay.

It's easy to save a lot of money when having a Horse, but it's also easy to get sucked into buying matching saddlepads, fancy jodhpurs and a whole load of fancy brushes. If you can resist all that and afford to keep and feed a horse a well balanced diet cheaply then go for it

 

[BeckyFlowers]

It is do-able but difficult, and it depends on what type of livery you choose. I was pretty much gifted my horse ten years ago so didn't have to buy him, and I paid £400+ rent (inc council tax) plus all household bills, car insurance, fuel, tax, hay, straw, £100 a month DIY livery, horse insurance plus all other horse and person expenses and a cat, on my own, when I was earning about £13,500 (Band 2 NHS). However, this was ten years ago and the cost of living was cheaper but if you are careful you should be able to do it.

 

[splashgirl45]

its do able but do you want to stay living with your parents .....i got my first horse when i was 21 , i still lived at home so could manage, but when i wanted to get on the property ladder it was very difficult and due to many things i still have a mortgage at age 72!!!!!!! just think long and hard where you want to be in the future as horses eat money!!!!

 

[rifruffian]

interesting post from you splashgirl so in retrospect was time with horses and horse ownership a good exchange for the burden of a mortgage at 72yo.....?

 

[pippixox]

I’ve done it. But it’s tight.
It’s now even tighter as I have two small children and 3 horses!

The one word of warning- it’s a risk I take as do many- that what if your costs change? I know I would be in difficulty financially if the place I’m at was no longer. As I currently rent a cheap field. I could not afford a proper livery yard. More and more places seem to shut and get developed on now

 

[splashgirl45]

interesting post from you splashgirl so in retrospect was time with horses and horse ownership a good exchange for the burden of a mortgage at 72yo.....?

difficult question....due to horse ownership i didnt get on the property ladder till i was 40 as i found saving for a deposit virtually impossible, if i had been thinking with my head i should have waited to get my first horse and concentrated on finding a home as a priority...however a life without horses was not an option and i have enjoyed it all but am now physically paying for over 50 years of DIY and have just given up completely. mentally this is very hard but physically it is doing me good...i dont regret owning any of my horses and have loved the lifestyle up till now...

 

[rifruffian]

well.........I read that as a positive reply.........in the seventies we are probably going to feel we pay physically almost whatever was the detail of lifestyle 'back in the day'.......

 

[only_me]

OP livery in NI is cheaper than england, so you might get more for your money and if you stable at one of the main competition yards you can compete without having to travel! Don't know whereabouts you are in NI but places like danescroft/lusks/moy etc.

are you going to get a job or into uni? Or take a gap year? Working as a receptionists at a vets can often bring discounts to bills as well lol.

 

[splashgirl45]

[QUOTE="rifruffian, post: 13882396 physically almost whatever was the detail of lifestyle 'back in the day'.......[/QUOTE]
yes agree, but would be nice not to have to worry about a mortgage or credit card bills!!!!!!

 

[Tori3610]

OP livery in NI is cheaper than england, so you might get more for your money and if you stable at one of the main competition yards you can compete without having to travel! Don't know whereabouts you are in NI but places like danescroft/lusks/moy etc.

are you going to get a job or into uni? Or take a gap year? Working as a receptionists at a vets can often bring discounts to bills as well lol.

I probably should have mentioned in my post that the livery at my old yard (and the one I would be going back to) is £25 a week including haylage. For the moment I'm looking for a job in just about anywhere to get the money up, just while I figure out what I want to do with my life, but I'll always stay in NI, I lived in England for 3 months and hated it, so homesick! 😅

 

[mariew]

Echo above, what are your next steps in life? At 18, unless you are going to work with horses, they can often be a bit of a tie depending on whether you want to find a job/go to uni/travel etc. It would be annoying having to really skimp on things you need, and unexpected bills that always appear when you need them least.

What about finding a share with somebody who doesn't have a rider for their horse that you can treat as your own, and in the meanwhile save up a pot of cash that you can either have as an emergency fund if you do end up getting a horse, or for whatever else you want to do.

 

[ester]

I can’t get my head round having the luxury of a horse but not contributing towards my own keep.

 

[Fluffypiglet]

I did it, lived with parents all my money going to the horse. But I did find it a tie as my life started to change. When my horse went (was put down ☹️) I gave up horses for 15years as I needed to try living a normal life with work, mortgage, boyfriends etc. I'm now older, married (no kids) and have a horse again. Plus only have 8 years left to pay on my mortgage! It's a very expensive hobby and ties up your life and whilst I loved my boy, I did find the commitment hard at times when life was changing around me. Only you can decide whether you want to tie yourself to something long term and deal with what that may prevent you doing in the future. Just to say, I cannot comprehend selling a horse once it's mine so much of me being "stuck" is self inflicted!!

 

[SpringArising]

I can’t get my head round having the luxury of a horse but not contributing towards my own keep.

Well, you're a fair bit older than the OP. As 18 you don't have the same mentality/morals as someone a bit older (I know I didn't, anyway!)

 

[Annagain]

I'm aware this might sound patronising and I really don't mean it to be so apologies in advance. You're 18. Over the next 10-15 years your life is going to change a lot - whether that is university, working your way up the career ladder, leaving home, meeting someone you want to spend the rest of your life with, maybe having kids. The chances are you'll earn more as time goes on but you may also have extra costs and you may also struggle for time. The important thing at the moment is not to limit your options so that you're not trapped into constantly struggling to make ends meet and having to stay at home with your parents to afford your horse.

I think I'd look to share for a few years and save some money. Whether you then use that money to buy a horse or a house first is your choice but at least you'd have that choice. There are some lovely horses out there being offered for share and maybe 3 or 4 days a week would be enough to scratch that horsey itch without overcommitting yourself?

 

[mums the groom]

at your age I'd get a horse on loan for a few days a week for a set amount, then put some money away for when you grow up. (quick tip if at 18 you put £2 a day away by the time you retire you would have £1million). Owning a horse is wonderful but also time consuming very expensive and sometime emotionally draining. are you prepared to forgo on the girls holiday abroad or the nights out and shopping trips or in the future move in with someone because you can't afford rent because of paying livery/horse cost. I only bought my first horse in my 30's all the others were part loans so I could have the best of both worlds.

 

[ester]

Well, you're a fair bit older than the OP. As 18 you don't have the same mentality/morals as someone a bit older (I know I didn't, anyway!)

I paid a bit at just 18- I took a gap year so it was not that much under the proviso that I was saving and would not be getting any financial help when at university. It's always been expected in our house, the only time I didn't was after uni when I was temping until I got a full time job (about 6 weeks) which is why it's odd when people say they aren't.

 

[Maesto's Girl]

I had one as a child but I couldn't comprehend as an adult not having somewhere to call my own to allow me to have a horse...which is a luxury. I grew up with horses as my life then losing mine led to a 15 year break. I gained qualifications and a well paid job, got onto the property ladder and developed enough disposable income to allow me the luxury of horse ownership again.

 

[SpringArising]

I paid a bit at just 18- I took a gap year so it was not that much under the proviso that I was saving and would not be getting any financial help when at university. It's always been expected in our house, the only time I didn't was after uni when I was temping until I got a full time job (about 6 weeks) which is why it's odd when people say they aren't.

I guess it depends what sort of house you grew up in! Like you say for you it's always been expected, so anything else would seem strange.

I know that if I was still living at home at 18 (moved out the year before), my parents wouldn't have expected to receive money from me just for being there, so in regards to OP I suppose it's up to her what she spends her spare money on!

 

[ElleSkywalker]

I had one much younger and on much less money. I also paid rent from 17 years old.

It is possible but as other have said you have to sacrifice and prioritise. I didn't get on property ladder till 34, and even now after 16 years together myself and OH have on my been on one holiday together.

Would I change it looking back and be sensible? Not a chance.