affording to compete/train - what sacrifices do you make?

[Jango]

Probably 50% decisions and 50% luck here.. I have made all my work related decisions in the last 5 or so years, with the aim of earn more/work less. I've changed jobs frequently and pushed for decent pay rises. I'm fairly good at my job (although I do work hard within my hours) in a niche area so I have built up to a good salary plus bonus. Honestly the best thing you can do (if you work in the private sector and haven't recently changed jobs) is talk to some recruiters and see if you can move jobs for more money.

I have a cheap house in a not particularly desirable (but fine and safe) area, so a small mortgage. Im 33 and I don't really make any sacrifices now, if I want to go to a show/training I just go. But I'm very busy socially/holidays, so I typically only compete once a month, plus 2/3 lessons and probably 1 or 2 fun trips out e.g. farm ride or beach. With the cost of fuel I have now started putting on our farm FB group whenever I go anywhere and that is really helping with my fuel bill as someone is usually keen to come! I don't really buy many clothes, but that's because I hate shopping ?

When I was younger I used to do cash in hand waitressing at weddings/posh functions as a second job (probably once a month) and I also used to look after someone else's horse 3x evenings a week. I only got my own transport recently so just used to share when I could.

If I was you I'd make a list with 2 columns; things to reduce spend Vs things to increase income. Add rough value estimates to each and think about the time commitment, then focus on doing the ones with the biggest returns on the smallest amount of time/effort I see so many people mindlessly working really hard, for little reward. You need to work smarter and maximise your time, good luck!

 

[palo1]

Every now and again I get a little pang of panic over them and then I just look at Boggle's beautiful head over the stable door and it goes away

Tbh, I wouldn't usually be in so much CC debt, but my salary reduced by 35% ish this year after my commission went through the floor but I failed to change my expenditure to match it so have continued on. That said, I do have a way of clearing it if I need to by releasing some company shares.

I know it's not sensible but life is short and when you have a sound pony I think you have to enjoy the good times whilst you can.

Irresponsible to the max! Have you done the sums on a economical car plus horsebox instead btw? I am leaning towards that...

I have no capital at all that I would want to put toward a horsebox tbh...it would be just...so indulgent!! At least with a trailer and 4x4 I kid myself that this is a practical arrangement - when the weather is difficult here I can use the 4x4 to get to work AND that we can use the 4x4 for other stuff. We have used it in the past for my OH to get to work when the weather is too tricky for his van or when he has needed to get to see his Dad who lived in a pretty isolated and awkward spot transport wise. As we are moving to that exact place I don't think a nice horsebox would last long either (steep rough track to get in or out) !! The trailer costs so little as well...The better solution really would be somehow to stretch to the very most economical 4x4 rather than my old Shogun - that might show better fuel efficiency and then I would only tax, insure and repair 1 vehicle. But then I look at the cost of 'decent' vehicles and the finances make me hyperventilate...!!

ETA - Just thought about this too and realised that the cost of a decent 4x4 which would make sense in my situation would simply eat up any money for training and competing in any case. I am effectively doomed lol. But the horses are beautiful and I can develop stuff at home to an extent.

 

[palo1]

I don't want to derail the thread at all but I just wanted to reflect that back in the bad old days, most riders I knew spent TIME ironing out or getting round some pretty naff problems; when I was young there were always conversations about horses that didn't want to be caught, bucked, reared, napped, refused etc etc. There was much less knowledge I think about why horses might do those things. Now we know more and have a different approach but sorting problems out (rather than just 'dealing' with them in a fairly basic way) costs much more money and the costs of all of the disciplines have increased too. I think if you really want to afford to compete 'formally' as well as deal with the issues that any horse is likely to have then you have to make some tough choices unless you have considerable wealth behind you.

 

[scats]

I make good money and don’t have any kids, so I suppose that helps. Desperately trying to save to buy my own house, but I’m on my own so that’s hard. I run my own business and have bought into my friends college, where I am also the manager, so I do work a lot and it’s quite intense. I refuse to spend all my money on horses though. They want for absolutely nothing and get the best tack, rugs, feed etc, but I always make sure there’s money for me to enjoy things I love. I’ve been on a shopping trip today (I can’t be trusted on a day off!) and I’ve bought some new clothes. I buy new clothes every month to be honest, I’m dreadful!
I don’t use my credit card, that’s for veterinary emergencies. I’ve nearly payed off my wagon loan, which I’ve been paying off for 6 years so that amount each month will automatically go in the house deposit fund, and I have a small amount on PayPal credit that I don’t mind adding to every so often if there’s something bigger that I want, but I won’t let it get over £500 as then the monthly repayments become a bit noticeable.
Not really doing lessons at the moment, but I go to farm rides or dressage most weekends for the whole summer, so that does add up.

 

[nikkimariet]

I’d say the biggest money saver for me is being able to buy in bulk. Supplements, feeds, bedding…

I sell in order to buy whether it’s tack, rugs or matchy. I don’t let myself collect things. And even clothes for myself I sell in order to buy. I do my own nails these days and am an eBay queen (I have to be because I like expensive things!).

I like going out to eat and short breaks etc and having my own life so I’m pretty careful with my own cooking which does save me a fair bit, I never nip into town for lunch on the days I’m in the office as it’s an easy way to waste £15/20 that’s realistically bills money. And recently stumped up for a parking pass which will save me a couple of hundred annually.

Costco card for fuel has been an absolute LIFE SAVER. I used to do 3 hours of driving a day for work so have a habit of searching for cheap fuel and this has made it so much easier. When I go hacking I fuel share with my friend which works well for both of us.

Credit card is for big cock ups only. Lorry power steering went recently and they found loads wrong with it when it went in for repairs so that took a beating. Paid it off in a month just by being careful though. When I need to save I am utterly scrupulous. I’ve had some dreadful vets bills in the past few years so always keep it clear for that.

I aim for a lesson every 6 weeks. They’re incredible but not cheap and it’s the fuel that’s the killer. I plot out competitions so I’m not doing pointless outings, they all count towards a qualification etc. A lot of people ask if I’ll event or SJ Rooni competitively but I can’t (and don’t want to) justify the money on it. BD is bad enough and in another year I intend to be out at small tour and that really starts to get expensive. I trim him myself he’s got great feet and I never intend to shoe him which is a bonus.

I have a decent job and I fit in freelance teaching and riding around it which is nice cash in hand (and a recent jiggle round of clients means I’m doing less miles for the same money and I have an extra evening to myself a week too!). I’ve stepped up role wise recently and altered my pension % so I’m not feeling the benefits of said step up but I will when I’m at the age my knees and hips stop working! I’m umming and ahhing about changing my car atm but I can’t quite bring myself to start paying hundreds in finance a month… There’s nothing wrong with my car and it runs well and is plenty nice enough. I will keep thinking about it!

I live on my own so no help with bills etc but with part working from home it’s quite nice to have the run of it all myself. And of course I realise how utterly fortunate I am to have Rooni at the family house (the bills involved are akin to livery - muck heap, arena and field maintenance plus facilities) but I can manage bedding and haylage to suit myself which undoubtedly saves me £ in some places.

I also rarely buy gifts (birthday and presents) outside my family now. At 32yo it just becomes a spending game and 99% of my social circle have houses/kids etc where we all appreciate money can be better spent.