Horses and finances - how do you balance?

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xspiralx

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Particularly interested in input from those in their 20s on a relatively modest salary with no parental or partner support!

I've just turned 23 and I'm just about to start a new job that with a bit of careful planning will leave me with about £500 a month after rent and essential bills etc. I also won't be working in London anymore, and so the selfish and indulgent side of me is jumping up and down to start thinking about getting a horse again.

However the sensible side says that I should be saving a bit towards a deposit on a mortgage, and that while I could probably just about afford a horse on DIY livery, there's no way I would be able to think about learning to tow, getting a lorry or trailer, or going to competitions - so there is no point for now, I'll save for a while longer.

However there seem to be quite a few younger people on here who manage to have one or even multiple horses, and have the means to travel and compete them, have lessons and so on.

I'd love to know if there is some amazing trick to managing it all - my salary isn't bad for my age [under 25k but I am in Surrey], and I don't lead an extravagant lifestyle, rarely go out, don't shop much, don't spend much on luxuries, have a small, cheap car - so its not like I could cut back anywhere and be able to afford it.

Really interested in other people's experiences!
 
My horse gets everything, I get nothing - perfect balance!!
I don't buy new clothes, go out or have holidays, I keep one horse fairly modestly on DIY. Doing it this way if she needs a new saddle/back treatment etc then I have the £ for it. At the end of the day unless you have your own land or are made of £ then it isn't really possible to fund any interests/hobbies other than horses. So long as you are ok with that, can save £ for emergencies and are sure you are secure in your job and have enough disposable income for a horse then go for it!
Beware though, if you don't save up for something like a mortgage now then it most certainly won't get any easier with a horse.
Perhaps have a share while you get the things like despoit saved for and a house then re-asses wether you can afford a horse and take it from there? Less heart ache that way than if you get a horse and fall in love, before realising that you really want the security of your own place and having to sell your horse to be able to afford to do it?
 
Couldn't you find a share horse ? I imagine there would be plenty of people looking for help at the moment both finacially and with time especially from an experianced horse owner ! a year down the line you can then really decide if you can afford it
 
Im 26. I earn, almost certainly close to half what you do.

Firstly, the horse was *almost* a gift. I paid next to nothing for him considering what he can do.

He came with full tack and a full wardrobe and I don't spoil him with unneccessary tat. Simple tack, he isn't over rugged etc etc

I deliberately chose a good doer. The money I save on feeding him etc - I put towards savings for him.

He's only shod infront.

I choose to live a frugal life, so that he can live a good one. He's at the most expensive livery more or less, in the area, however I eat beans on toast :D

I have a sharer - they pay half of his bills and get to have a horse of their own, a few days a week. Gives me time to spare to do overtime etc and also helps with his bills.

Every month my horse costs me in the region of 200. Which is of course regional, BUT i think you could have a horse and do a little saving too on your wage.

Hope that helps.
 
Ladylina83 said:
Couldn't you find a share horse ? I imagine there would be plenty of people looking for help at the moment both finacially and with time especially from an experianced horse owner ! a year down the line you can then really decide if you can afford it
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Ditto this. £500 spare a month doesn't seem an awful lot tbh and if you took the costs of a horse out you'd be cutting it really fine IMO especially if you do want a property of your own one day. For me a roof over your head would take priority over a horse any day.
 
500 a month after essential isn't a lot you'l probably find. does your budget include petrol, lunches, medical, socialising money, holidays etc?

if i was you i'd get a share on a good horse who's owner wants it brought up a level. and then i'd enjoy my spare cash having a good social life and saving a bit of cash.. you are only 23, it would be a shame to be scrimping to afford a horse when a sharer option might suit your lifestyle more.
 
To explain, I will have £500 more a month clear than I currently do.

Assuming my lifestyle doesn't change, then yes it will be a fixed £500 a month free not including lunches, petrol etc because I already incorporate this into my expenditure.

Yes I agree with those who say I need to start saving for a mortgage - I absolutely intend to, hence my decision to wait for a while at least before reassessing my situation and possibly buying. Rest assured it is not in my immediate plans to buy though.

I do share at the moment, and no doubt will continue to do so, but I'll have to see what I can find. I've been lucky enough so far to find riding that doesn't involve money changing hands, or a very nominal amount, and I hope to do so again as I'd prefer to put that money towards a horse fund of my own. Sharing is a great option, but I really really miss owning my own, its just a totally different experience.

Whilst I appreciate the suggestions, what I'm really interested in is the responses like kitsune's, from people who have horses on moderate salaries, and literally how they manage it all.
 
if your 500 is free of those expenses then go for it! my friend is a financial advisor and she said people always underestimate their spending in budgets, and don't factor in stuff like car repairs, vets fees, insurance costs, emergency funds etc. also a cash fund in case you lose your job or are out with illness.

i thought i'd done my maths and still managed to have a few hairy months at the start! i had enough for livery, but had a whammy of car repair for a crash, a and e bills and a slow work month. i was at my last penny and thank god i didn't need to pay for any vets bills etc that month! I still don't have excess cash, never have holidays or new clothes, but i don't regret it at all.


if you have done this and have the 500 still then go for it, i know what you mean about missing having a horse, i was two years between horses and hated it!
 
To be honest on that you should be ok - When i got mine I was 22 and on about £19k I was ok for a while but then I got myself into a load of debt trying to make ends meet ! Don't get a loan to pay for the horse thats for sure (and some of the best advise that was given to me !) Saving up for a house deposit ... I could understand why people would say this and it is very sensible advise ! ( advise I ignored) I managed to get myself out of trouble by getting a pub job on the side and only spending my tips and wage from that job on clothes and weekly expenditure now even to this day I take off my "allowance" each week and put that in a seperate account for food going out etc and everything else stays tucked away paying bills and totting up to some savings - that card ( right don't laugh ) is frozen in a plastic bag full of water ! if I want to buy something with the money from that account I have to defrost it ... this allows thinking time ie do I really need it! I only ever buy sales clothes and love the woops basket in Asda, although in real life now 10 years on I earn much better money and I don't actually have to scrimp as I can afford it. My spending habits have just changed from when I had nothing. Hopefully in the next year I will also be able to buy a house

so advice - open up a horse account and make sure you have everything you need in there each month + extra then you can buy bits like a new numnah or boots etc or pay for a jab. What is left in your account is then yours to spend on living !

I agree there is nothing like having your own
 
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Im 21 this year and earn much less than you, primarily because I only work part time and I attend university full time. I still live with my parents, so do not have rent and bills to pay like you do, but they do not contribute to my horses keep (I have one mare).

I earn around £500 each month, but this includes my student loan too. So come May/June, I will only be earning around £400 from my part time job unless I get additional hours.

I am financially independent, I manage to afford my horse and I have money left over to get the bus to uni, give my mum money towards food, and try to save a small amount.

My mare is on DIY livery and the prices are fairly cheap compared to the facilities we have - I pay £28 a week for stable, grazing, brand new outdoor arena and haylege. Although, prices will be going up slightly because of the new arena.

We have never had a trailer or horsebox in all the years we have had horses - we used to always borrow our friends or tag along with them. My mum is considering getting one of our own so we can compete more, but I definitely could not afford one by myself, so would need support with that.

Haven't had my mare long and therefore haven't been out competing yet, so not sure about the costs on this.

Hope this is to some help :o
 
You earn a lot more than me nd i manage perfectly fine!! And im REALLY bad when it comes to spending money :/

Im 21 and at Uni with two horses on DIY and i get very little input from my parents.

I only have one stable though and one of my horses is turned out 24/7.

Truth is that i earn £90 in a part time job and put this aside for my neddies. My stable costs me £100 a month and my retired horse costs me £50 a month. (My parents pay my rent whilst im here)

My secret is finding a yard within your budget. I was at a lovely lovely yard, but i was really struggling and kept nicking money from my savings!! So i moved, and now its fab. I dont find it all that easy and i dont have as many rugs as most people do lol, and i cant afford for my horses to be massaged every other day but...

They are groomed to perfection every single day. Theyre on good quality feed and ad lib hay. Not to mention, menthol scented shavings....

I find that i often have to go without, most of my friends go out three nights a week and i sit in and watch take me out :/ but i dont mind and theyre absolutley worth it.

I wouldnt be able to afford it if i didnt have the yard where mine are kept. As the value is amazing and i pay £186 a month, for two horses including ad lib hay and bedding. Not bad eh? I havent had to lose facilities either with an inddor school, outdoor school, xc course, fields of hacking.....

:) get a horse on loan to test your finances before buying i would suggest!!
 
If you're on the right livery yard, you might not need your own trailer/license etc. You could go with other people and instead make contributions to fuel cost, help look after their neddy when they're on holidays rather than it be put on full livery etc.

I've been reading all this with interest as I'm 25 and hope to be in a £20K job in the next year or so when I've finished my PhD. I am beyond exciteed that I could own my own horse in the next 3 years or so! It seems to sound like having a baby - there's no perfect time to do it, but you'll be massively happy and will find a way as long as there's something coming in and you're responsible, even if it's beans on toast and thrift-store shopping all the way!
 
I fit this criteria and own a horse but it isn't easy! You need to be really strict with budgeting for things because although I have a similar amount left as you after essentials, my grass livery, insurance, feed, shoes (only fronts) makes my bill £275 and that is with her living out 24/7 and before I've had my lessons/competed which I spend another £120 a month on so that brings it up to £395. Having £105 left over might sound ok but something else always crops up and I've just had a vet bill for a very bad foot abscess for £300! last month she had the saddler (£45) the month before her vaccinations and teeth where done (£100).
Grass livery is a great way to do it and I used to spend £50 a month on bedding so i've saved money on that.
If you want a horse badly enough you will find a way to afford it but it might be worth getting one on loan to make sure you can afford it first rather than taking the plunge and buying something.
I got into debt and nearly had to sell my horse so please please make sure you can afford to buy one before you do because I went through an incredibly tough time this time last year but fortunately a move from a beautiful yard that cost twice as much to grass livery has helped me get sorted!
 
I think you could get on easily with 500 a month if you watch your expenses.
I'm 25, a PhD student and get 15k a year. I've had my mare since this Summer and have saved up quite a bit even with having my horse. It's always good to have some savings though as an unexpected huge vet bills might come up.

My current livery is 150/month in Summer and 200/month in winter since they feed hay (although it's a grass livery they are on the pricey side but very reliable and clean up the field). Dentist is 45/year and vet is no more than 100/year for shots. Chiro is 45 per visit. Feed and supplements vary quite a bit according to what you feed but I'd say it's about 40-50/month.
For trailering, they always offered this service at the yard I was at (and the seller delivered to my first livery). You can also hire but I was happier for someone with experience driving.

My advise to you would be to save up for a few months before you buy (and to count to have a few savings left over after you've bought) , but life's is too short to wait to have your own property before owning a horse.
 
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I earn about the same as you Spiral, I keep two but don't pay livery because they live at my parents. I'm single so the mortgage and bills are all covered by me too. I have a part time lodger that helps and if I had to pay livery I would only be able to afford one. Basically I'm the same as Kitty, I cut back on anything for me! I get my winter hay as a birthday and christmas present from my parents. I don't compete often anymore but do hunt regularly and manage a couple of residential camps a year so about the same money wise. Having had horses all my life I actually have most the stuff I need anyway so don't need to buy rugs or tack very often - I had a made to measure saddle last year but have now sold others to cover it. I do have a fairly good social life but it's not doing expensive things. I have had and would do again part time bar work to help too :)
 
You would manage a horse fine with a spare £500 a month. Well you would in Norfolk anyway. Not sure where abouts in the country you are as obviously prices vary.

I earn a lot less than 25k a year and after EVERYTHING a month including petrol for the month I have £400 roughly left over for doing what I want with.

When I had G on full loan he cost me about £200 a month. The other £200 was mine for clothes, going out partying etc. It was tight some months but was worth it.

I am now looking for another full loan as I don't want to share forever but my dad won't buy me another horse now I'm 23 and I currently don't really want to buy, unless it was very cheap!

Go for it! Re travelling issues, I know what you mean. I have to compete or I get bored, but if you were at a nice yard you can always lift share or hire something for the day? Some yards do shows too!
 
I earn a lot less than you I'm 26 and work full time and have my own horse and horsebox but I'm selling that as I'm going back to uni full time in September.

I manage but I do this by living at home still (I have already got a deposit for a house though from grandparents) I pay rent and buy food but it is reduced rent compared to a normal rental.

I don't go on holiday unless it's with my boyfriends parents as they don't see us too often so invite us on holiday with them occasionally if they have hired a cottage.

I don't buy many clothes, none infact at the moment. I don't really go out clubbing anymore but i do go to the pub etc and do this as cheaply as possible. I don't buy lunch and rarely have meals out.

My mare costs me £300 a month minimum on DIY livery. I have a sharer who has her two days a week and gives me something towards her keep. She is only shod on the front feet and doesn't get much hard feed (she doesn't need it though as she's quite forward going and a good doer, she's been assessed by a nutritionalist).

I would of though if you have £500 left over after bills, petrol, food etc you shouldn't be too badly off if you had a horse but I imagine you wouldn't have much left over to put aside for a house.

I'm saving for going back to uni at the moment and finding it a struggle but I am trying to live like a student before being one in September.
 
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Thanks for the responses everyone.

I've just found out that I ought to be able to finish at 4pm in new job - seems silly NOT to have a horse really.

In all seriousness though, I don't plan to rush into anything, need to settle in new place and new job, and keep an eye on my finances for a while before making any decisions.

Its certainly something I am going to aim for within a year though I think, all being well.
 
xspiralx said:
Thanks for the responses everyone.

I've just found out that I ought to be able to finish at 4pm in new job - seems silly NOT to have a horse really.

In all seriousness though, I don't plan to rush into anything, need to settle in new place and new job, and keep an eye on my finances for a while before making any decisions.

Its certainly something I am going to aim for within a year though I think, all being well.
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That sounds wise! Settle in, make sure the job is right etc.

I'm in a similar position to you - my basic salary is probably a bit less but I do freelance work too. On what I earn now I could comfortably keep a horse on DIY costs-wise, but can't afford the time.

I officially work from 8.30 - 4.30, but I want to get ahead and that means going the extra mile and putting the hours in when needed. On a good week I get out at 4.30 and think how wonderful it would be to go for a ride on my own horse, but on a bad one I'm in the office til 6.00 and have the freelance stuff to do in the evenings. In reality I'd need a decent part livery service if I was going to have my own horse - but I can't stretch to that financially.

I don't mean to rain on your parade - it sounds like you are being sensible and doing your sums! Just maybe hang on for a bit - like you suggest above - and see exactly what your new company expects of you.
 
I am a lot older and earn substantially more than you but I live in a very expensive area of the country and I have about £500 a month left after rent bills travel to work, food etc and I manage to have a pony and compete for less than £500 a month.

He is a native pony and a good doer on grass livery so his livery including food costs about £200 a month including hay in the winter. He has fronts only and is shod every 5 weeks, then I have insurance and lessons. I am really lucky as the yard I am at is within hacking distance of two riding clubs. I also hire a lorry if I want to go to bigger shows or sponsored rides etc, sometimes I can share the cost of this if another livery wants to come along.

I do not have much money left for treats for myself but I still managed to go on holiday last year with a friend and we took the horses with us and it was not that cheap either.

However I still live in rented accommodation and don't manage to save much if anything per month during the summer if I am competing.

I have made some wonderful friends through having the pony though and would probably be miserable staying in every evening and saving the money instead or if I went out in the evenings socially I will still not be saving money.

I read someone where that to buy a house in some places in south england on your own most people on average salaries need to save up all their salary for 30 years in order to get a big enough deposit!
 
I clear about £1300 pcm and manage to keep 2 ponies on DIY - I reckon they cost me £400pcm - £300 on livery and £100 on feed/hay/bedding/competing (in the summer the money I save on feed/hay pays for my entries).
I buy all my clothes from jumble sales and the only reason I get a holiday is because my aunt and uncle have a house in Crete! I buy my flights about 6 months in advance so they are dirt cheap!
 
Hello!

I'm a bit of a candle in the wind and I live for the here and now. I 'could' put £500 in a savings account every month but... I had wanted my own horse for as long as I can remember and that was more paramount to me than savings, mortgages etc etc.

I am 25 and earn around £35k. My OH is a mature student (although graduating for the second time this year hurraaaay!) so my wage supports us both. I have about £600 disposable income every month and the horse takes up about £350 of it... the rest goes in a savings account for rainy days.

I would say go for it. It took me 9 months to find my dream horse so start shopping!! :D
 
Navalgem said:
I don't go on holiday, I shop at aldi, havent had a haircut in 15 months, drive a group 1 insurance car, buy clothes from ebay. lol
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Good Grief - I think I am your twin! You've said everything I was going to say!
I don't go out, I make packed lunches for work, I sell bits and bobs on ebay (probably the ones which Navalgem buys), and in summer, I will cycle to the yard in the evening or the morning to save fuel. I also don't go on holiday, and make sure my hair stays long because that way, I can always put it in a ponytail, straighten the fringe and look reasonably tidy, so it's low maintenance. I cancelled my gym subscription as well.
 
Holly Hocks said:
Good Grief - I think I am your twin! You've said everything I was going to say!
I don't go out, I make packed lunches for work, I sell bits and bobs on ebay (probably the ones which Navalgem buys), and in summer, I will cycle to the yard in the evening or the morning to save fuel. I also don't go on holiday, and make sure my hair stays long because that way, I can always put it in a ponytail, straighten the fringe and look reasonably tidy, so it's low maintenance. I cancelled my gym subscription as well.
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LOL! Probably are the bits and bobs I buy :p Ahh the things we do eh, worth it though :D
 
I'm 19 and have just got my first ever horse. I haven't had him long but I'm coping alright, I'm on a rubbish amount of money at work, but don't struggle with keeping him. I spend about £70 a week on my horse. After car insurance, petrol, phone bills etc I'd never be able to afford a house or anything, but in my opinion, it doesn't matter. I would give up anything to keep my horse...but the amount you get paid, I don't think you would have a problem..
 
I just about manage to pay the bills and care for my horse, have very little left over for any luxuries like shopping. Haven't been on holidays for ages, can't even afford to go to 3 day shows, or those that are at any great distance away. Couldn;t afford to travel to shows at all if Father didn't feel sorry for me and drive me there! It can be frustrating being skint all the time, but I knew what I was getting in to! I basically work, see the horse and sleep :/

Edited to say: I would never consider a mortgage, the folks won't live forever, and I could be dead tomorrow!
 
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Well what i want to know is how so many of you are on 25+ k a year by mid 20s!!???? I'm 23, finished uni last year, got a job as a self employed agent but is 99% at one place and earn less than 15k per year. Before tax. I suppose i could get an office job but i want the freedom to use my degree at some point and not get stuck in an office (plus average pay for those around here is well under 20k!). Needless to say i can't really afford a horse at the moment. I do spend over £200 a month on petrol though which does not help. So, what job do i get to be earning over 25k lol
 
I'm also in my twenties, working full time. I earn around £25k a year.

I started a small online business in my spare time, which covers the expenses for my horse on DIY livery.

I have a partner and a mortgage, so the cost of keeping my horse then doesn't come out of our household budget.

It's hard, I get no-where near enough sleep and spend my life running around like an idiot. I get up before 6am to work on my business, work at my day job 8am-4pm, then go to do the horse and ride, then home for dinner, see partner, and work some more on my business.

It's worth it to me! Where there's a will, there's a way :)
 
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