Giving up for financial reasons...anyone done it?

joolie

joolie

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Bit of a ramble really! I've owned my own horse (on my second one now) for last 4 years after loans/shares. 2 years ago I split with my partner, we were living together with him earning considerably more than me. Belongings and horse were packed up and moved and am now living alone aged 32. So flipping heck, the past two years have been expensive! I'm lucky enough to earn a reasonably good wage but running pony obviously takes up a fair chunk of money which my sensible head tells me should be going on a house deposit....

I've kind of mentally given myself a year to enjoy my horse, get her out competing and giving her a well rounded education with a view to being a nice sellable RC all rounder. I'm wondering whether to sell up purely to save up some money next Spring. Has anyone ever done this? Are there ways around it (getting a sharer etc to help out a bit)? And did you regret it? I love my mare to bits, mulling over whether I could do it!

TIA :)
 
Buying a house would be the last thing on my mind but that's me. If I was buying a house it would have to have land and stables lol
 
Yes I sold my boy about 18 months ago solely for financial reasons, it was the worst mistake I have ever made and I regret it daily :( He was meant to go to a girl who was giving him a home forever, she sold him on 6 months later without telling me. To say I was furious when I found out was an understatement, but that is the problem when you sell them - you lose all choice.

I would say that my decision to sell was only after I had reached the absolute end financially, but it was still the wrong choice.
 
HaffiesRock said:
It is a tough one.

Could you consider putting your horse on full loan for a couple of years while you get yourself sorted out?
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Quite possibly, I can be a bit of a control freak and having heard all sorts of loan horror stories I would fret a bit! It'd be great though if she could go off to a good home. My job will (hopefully) result in an ok pension (NHS) but I do wonder if I should be a bit more secure rather than what feels like chucking money away renting. Obviously I've no idea what the future may bring but I do just wonder whether I'm being a bit daft having the world's most expensive hobby!!! Sadly I'm one of these who can't seem do it on the cheap, we had a year on a private yard at grass livery which I hated. I found it really lonely and miserable, she despised being out at night in the winter.
 
Lévrier;12821861 said:
Yes I sold my boy about 18 months ago solely for financial reasons, it was the worst mistake I have ever made and I regret it daily :( He was meant to go to a girl who was giving him a home forever, she sold him on 6 months later without telling me. To say I was furious when I found out was an understatement, but that is the problem when you sell them - you lose all choice.

I would say that my decision to sell was only after I had reached the absolute end financially, but it was still the wrong choice.
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Hmm see this is what I'm worried about. It's not as if I'm racking up lots of horrific debt, just not saving as much as I feel I should. I see my other aged 30 something friends are moving on and building stability for themselves whereas I'm just happy playing ponies and spending money!!

PS that's what I would worry about, if sold I would want her to have a 'forever home' too...obviously this can't be guaranteed. Sorry to hear it :(
 
joolie said:
Hmm see this is what I'm worried about. It's not as if I'm racking up lots of horrific debt, just not saving as much as I feel I should. I see my other aged 30 something friends are moving on and building stability for themselves whereas I'm just happy playing ponies and spending money!!
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Oh I racked up a LOT of debt to the stage where it got unmanageable - mainly due to my health problems at the time - but I still think it was the wrong choice.
 
I have. Sold my last horse, and gave up riding completely for the time being, and finances was ultimately the reason for it. Kept her on for longer than I should have and was stretching it hoping I could work something out but in the end she had to go. I do regret it every single day as it felt like a forced sale - wasn't really prepared to give her up. Should add it was an unexpected development in my health/work/financial situation that led to it - she was meant to be my forever horse and I could never have foreseen what happened.

If I could I would have loaned her out to people I knew, hoping I could have her back when finances allowed it. Was unfortunately not an option. Thing is if you have doubts about parting with a horse through a sale, there's no guarantee you can buy them back at a later point and you might even lose track of them despite pretty promises made by the buyer so personally if I was in a similar position later I would try to find alternate arrangements unless I was prepared to lose the horse in question for ever or desperately needed the money from the sale.
 
Thanks all for the replies. Good food for thought. It's an interesting one as my non-horsey friends simply cannot understand how much time and money a horse takes up, they think I'm mad!

I guess there's no 'need' to buy a house now as such, perhaps there's the worry I may never be in a stable couple again (!) and I've also learnt never to rely on someone else's empty promises. It's sad to hear that people regret their hand being forced as such, maybe I need to look at making other lifestyle changes in a bid to save some more money. I'd love a nice reliable sharer for her so this is something I may explore in the next couple of months, just don't want to become reliant on the money.
 
I'm 32, home owner but single with a good job. I would die if the horses had to go.... If they did I'm sure a new hobby must be as expensive.... A manicure , gym membership or shopping habits could also be as expensive...
 
Would you not qualify for the govt help to buy scheme? My mum is pushing me to get on the scheme after I start my first job out of university in September and buy a nice 2 bedroom house not far away. If I bought a house it would mean not enough money for horse - not going to happen! The difference for me is I am 22 and although I would love to move out and have a space to call my own, horses are #1 priority at the min! Have a look at your local govt schemes and new builds locally as it wasn't a bad set up and smaller deposit.
 
Could you compromise and buy a lesser value investment property ( say a small student style flat) which would give you an income and hopefully cover the mortgage and give you a foot in the property market but allow you to carry on your current life?
 
J1993 said:
Would you not qualify for the govt help to buy scheme? My mum is pushing me to get on the scheme after I start my first job out of university in September and buy a nice 2 bedroom house not far away. If I bought a house it would mean not enough money for horse - not going to happen! The difference for me is I am 22 and although I would love to move out and have a space to call my own, horses are #1 priority at the min! Have a look at your local govt schemes and new builds locally as it wasn't a bad set up and smaller deposit.
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Yes I would - a couple of people who I work with have done it actually. I've not got enough pennies yet to even do that but it would certainly be something to look into. I could run a mortgage on the sort of house I'd be looking to buy fine, it's a matter of sufficient deposit!

I would miss it horrifically, particularly as I work shifts so have a chunk of free time during weekdays, god only knows how I'd fill it!
 
Honestly, your mental health is worth more than owning bricks and mortar! I'm 36 and I'm only now looking at buying a shared ownership property. It will be in my OHs name as he is providing the deposit and the mortgage. If we break up, I'll go back to renting. Its really not the end of the world :)

Its a very British thing to be obsessed with buying a house. Renting allows a lot of freedom. The only reason we are buying is because in Milton Keynes we can buy a 2 bed shared ownership for less than it costs to rent a 1 bed. We still arent totally set on it either, and if the perfect rental comes up, we may well go with that :)
 
FrankieCob said:
Honestly, your mental health is worth more than owning bricks and mortar! I'm 36 and I'm only now looking at buying a shared ownership property. It will be in my OHs name as he is providing the deposit and the mortgage. If we break up, I'll go back to renting. Its really not the end of the world :)

Its a very British thing to be obsessed with buying a house. Renting allows a lot of freedom. The only reason we are buying is because in Milton Keynes we can buy a 2 bed shared ownership for less than it costs to rent a 1 bed. We still arent totally set on it either, and if the perfect rental comes up, we may well go with that :)
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I know - suppose I almost feel a bit of peer pressure that I should be a bit more sorted and settled really - though I suppose it doesn't really make a jot of difference in the end!! The flexibility of renting is good as I can get itchy feet. Just wish the selection of properties were a little better in my local area.
 
I owned property from 21 until I split from ex at 32 and have been renting since then. My new (and last!) OH and I are talking about buying but probably not for another year or so. Renting used to bother me but now I don't mind it.

I think trying to find a sharer or loaner could help. What about a flat share? If only for a while it could allow you to save money.
 
joolie said:
I know - suppose I almost feel a bit of peer pressure that I should be a bit more sorted and settled really - though I suppose it doesn't really make a jot of difference in the end!! The flexibility of renting is good as I can get itchy feet. Just wish the selection of properties were a little better in my local area.
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What Frankiecob said, plus:

You have good health and are able to enjoy your hobby to the full, you can afford it financially and are saving something every month, just not quite as much as you'd like...definitely don't give that up just to try to save money for buying a house due to peer pressure!

You just don't know what life will bring you: in 2 years' time you might develop a dodgy knee/hip/whatever, which will stop you doing the expensive horse stuff but not stop you from working or just hacking, and you'll regret 'losing' those years. Or those happy couples will split up and go back to renting, and cry onto your shoulder saying they wished they hadn't given up everything they enjoyed for that bloomin' mortgage hanging around their neck, etc. Or you'll have met someone else, fallen madly in love and are up the duff, and will cut down your riding due to that.

A house you own is great and has many positives, but can also be quite a bind, and the cost of the mortgage isn't the end of it. The cost af all the roof repairs, minor leaks, even just servicing boilers etc, etc etc, are so much more expensive than you think when you are used to renting. Moving house is difficult because you will need to sell. Also, interest rates are at a historic low - they are bound to go up, and can you still afford the mortgage then (if you have a little more money at that stage it will be an ideal time to snap up those repossessed houses, ouch).

If I were you I'd praise my lucky stars, and carry on exactly as I was, with perhaps a good look at my finances and outgoings to see where I could save a little extra money, so that I could put a little bit more towards the savings than I was. Food/clothing too - not just the horse.
 
I was in exactly the same position as you and gave up my horse because I thought I couldn't afford her - made the mistake of adding up the monthly costs. To this day I have no real knowledge of what happened other than she was neglected to the point of being taken by the RSPCA and was put down some months later because of internal organ failure. I know this is a rare case but I would never sell a horse again.

I'm very independent and have already worked out how I would afford horse/house/bills if OH left - I sound mental! I would get a sharer for my mare and a lodger (or 2!) in my house. Not ideal but a small price to pay for keeping the thing that I love.

I would really consider all of the options and selling would be the last possible option for me. And don't ask for advice from non-horse friends! ��
 
Does having a horse actually make the difference between buying a house or not? Or would it just mean you had more savings but still couldn't afford a house? In the end it's down to what is more important to you, not anybody else, but it would be a shame to give up the horse & still not be able to achieve the alternative.
 
I haven't, but occasionally I do take a mental step back and wonder if I can really justify the amount i'm spending - it's a crazy amount of money.

Going against the grain here, but personally i'd definitely buy rather than rent. All of us are going to have to work a lot longer and pensions are going to be much smaller in thirty/forty/fifty years. Being in a position where you have paid off the mortgage rather than having to continue to find rent will make an indescribable difference to your life. I wouldn't - and didn't - have a horse until I could afford a mortgage and a reasonable pension plan.
 
Depends on what your biggest priority and want is really...to have your own house or have your horse. For me, my horse has a home for life and even if I found myself single I would still keep my horse even if things were tight financially.
 
once my current horse goes on her final journey(age 24, has cushings on 4 prascend daily) if I have my sensible head on I wouldn't get another as I have run up rather large credit card debts to fund vets bills and medication and really cant afford a horse, even one that doesn't cost £120 per month on medication alone. BUT I am retired so what would I do with my time? I think I would find it very hard not having my equine fix as I have loved horses all of my life....I must admit to being slightly envious of my friends who don't have horses as they seem to always have plenty of money but I would never swap with them..would you swap lifestyles with your horseless friends? that's a question that might help you make up your mind.....good luck
 
Having a horse could mean you wouldn't be able to get enough of a mortgage even with a decent deposit. I told the bank £400pm for the horse (massive underestimate) and £270pm for my car when they asked about fixed payments. Those two are enough to shave £80k off the mortgage. Now admittedly, the repayments on that sort of mortgage would be £1000 a month and if interest went up we'd be a bit screwed but I hadn't realised that those two fixed outgoings would have such an impact.

OH and I will be renting to start with (as I work 1.5 hours in one direction, or 2 hours in another, and OH works 1 hour in yet a different direction) and we'll stay locally. Like you we don't have a deposit saved up and I'm just starting to get to the point where I can start saving regularly even if it's not huge amounts. Thankfully I can earn bonuses at work so I figure that even if I only put a small amount in the deposit fund, that extra income can go straight in too. It's not going to be a fixed amount on a fixed basis so I shouldn't miss it.

Good luck :)
 
When I was younger, and single, my parents were supporting me quite a lot as I had a horse, mortgage, bills etc etc. I worked full-time and had a fairly reasonable wage for my age, but parents were always (very kindly) putting their hand in their pocket for me. Push came to shove and they eventually said the horse had to go. With that, I went and got myself a second job, part-time working in a supermarket. I did that evenings and weekends, on top of my m-f 9-5 job. I never got to spend any time with my horse and she was always seen to in an almighty hurry, in-between jobs, but I managed to keep her. A the time I thought I was mad, and I was totally exhausted, but I loved that horse more than anything. Im so glad I did that, as it turned out it was only temporary, I met someone, life got easier, and I kept her for the rest of her life :-)
 
Some brilliant replies and great food for thought, thanks! I'm not in a huge rush to do anything just wanted some insight from people who had sold or considered it. Its a tricky one as there's no saying what'll happen in the future, and as someone posted with no family yet I have no need to buy as such.

I think having a sharer for her may be an option for me to explore in the spring, would be a great help with time too as well as financially. I think just adding up how much it all costs (£400-£500 per month) is pretty shocking, perhaps best not to think about it!!
 
Those people who are spending £400 to £500 a month , is this full livery ? I doubt I pay more than about £150 a month for mine - DIY livery is £70 a month. If I had to spend £400 to £500 a month I would definitely be horse-less. My horse wants for very little, is insured, shod, fed basic chaff and nuts, bedded on rubber mats and shavings, rugged, turned out in the day and stabled at night, and kept 1 1/2 miles from home. Admittedly I dont compete and not having lessons at the moment - I know these costs can add up. Im my opinion, horse owning doesnt have to cost a fortune. People often think Im rich to afford a horse. Far from it, but I doubt I spend more in a month on my horse than other people spend on a night out, which I dont do. I suppose nice clothes, spa visits, manicures, social life etc are all sacrificed so that I can have a horse. Its priorities I guess. Would be great to afford it all :-)
 
Notimetoride said:
Those people who are spending £400 to £500 a month , is this full livery ? I doubt I pay more than about £150 a month for mine - DIY livery is £70 a month. If I had to spend £400 to £500 a month I would definitely be horse-less. My horse wants for very little, is insured, shod, fed basic chaff and nuts, bedded on rubber mats and shavings, rugged, turned out in the day and stabled at night, and kept 1 1/2 miles from home. Admittedly I dont compete and not having lessons at the moment - I know these costs can add up. Im my opinion, horse owning doesnt have to cost a fortune. People often think Im rich to afford a horse. Far from it, but I doubt I spend more in a month on my horse than other people spend on a night out, which I dont do. I suppose nice clothes, spa visits, manicures, social life etc are all sacrificed so that I can have a horse. Its priorities I guess. Would be great to afford it all :-)
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This is everything I spend - part livery inc hay plus daily turn out and bring in, weekly lessons (which I'll prob reduce to fortnightly once we are slightly more established), shavings, basic feed and supplements, insurance plus farrier. Oh and a bit aside for extras such as vacs, teeth, rugs and other bits and bobs. My shift work means I struggle with DIY as I can't be down at set times and once I add up services it equates cost wise to going on part. Not cheap!!
 
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