How do you afford it all?!

[sjdress]

Without getting too personal I am just wondering how people afford to keep horses and pay a mortgage. I am currently saving for a deposit and really struggling. I work full time and earn an average wage. I should have enough but I am really struggling by the end of the month. I am starting to think i may have to give up horses but I have been doing it all my life, I just can't imagine it.
Are there ways to afford it all? I have one horse and compete regularly - I guess this is where I can start to cut back but not sure I could be a happy hacker!

 

[Nativelover]

Whilst saving for a deposit, you'll have to sacrifice something. So I'd cut down on competing. Can you do extra work??? Overtime or another job???
I really try to pay cash for every luxury I get, save first by working extra and get what I want that way.
It's very satisfying (and addictive) to save/work hard for what you want.
Other than that, extremely good and strict budgeting goes a long way to affording things.

 

[atropa]

A strict and sensible budget and not spending over my means

 

[sarahann1]

A combination of luck and serious scrimping. When I first bought my own flat I had the heating on only enough to stop pipes freezing, no internet or digital TV sub, rarely went out, didn't really drink, clothes got worn till they died and ate budget foods.

I'm still a bit like the above even now on a better wage, it's sort of ingrained behaviour now!

 

[EQUIDAE]

Being ridiculously strict on every penny spent!

But saying that, I couldn't afford my first horse until I was 35 and that is despite earning £40k ish.

 

[SatansLittleHelper]

I manage to keep mine on a really tight budget and he doesn't go without but I don't spend money needlessly. Mine does live out 24/7 though so probably a different situation to yours.

 

[gnubee]

Saved for the house then got horses afterwards. Stayed with my parents to save for the deposit. You have to get very lucky to be earning enough and have enough spare time to keep horses and compete whilst also saving. Try keeping a diary of your expenditure for a few months, then write a realistic 10? Year plan for where you want to be and what you expect to earn, then figure out what your priorities are and what you need to give up/ cut out to get there (with contingency for general savings fund, job loss, vets bills etc)

 

[Archangel]

Smart spending! Shop for food once a month only and compare between supermarkets to get the best price at the time. We have £10 allowance weekly for fresh things like milk, bananas and bread. I used to buy fresh meat and fish and then freeze it - now I buy frozen it is so much cheaper and just as good. This way of shopping has saved so much money.

Horses have a budget and I stick to it.

When two of my very old horses died *sniff* I put the money I spent on them in a savings account.

 

[laura_nash]

By buying dumps and doing them up whilst living in them - haven't had a mortgage in 5+ years as paid it off this way on an average wage.

Haven't had a proper bathroom in over a year though!

Plus I don't compete, and have horses that are cheap to keep (live out, rarely need the vet (touch wood) etc).

 

[acorn92x]

I don't have a mortgage or my own house (Yet!) but my other half and me are currently in the process of saving for one and aren't doing too bad at it! I'm 23 and he is 21 but we are both VERY lucky to have well paying jobs (I earn a smidge under £40k and he earns £33k) so manage to save his entire monthly salary and we live off of mine. I have a horse and compete (Albeit just locally atm but hoping to start BD with her late next season/early 2017 and possibly do some showing) and I budget for this but I only do it because we can afford it. OH does not have an expensive hobby (He plays football for a semi-pro team) but is incredibly supportive and understanding and never, ever moans about how much I spend on her. We don't go out much and when we go, it's for dinner with friends or bowling or something like that so not overly expensive anyway. I don't drink and he only drinks in moderation so again, money saved there - we are both more than happy to spend nights in at the weekend as we both wake up early for our hobbies, he is content sitting on the Playstation and I am content watching Horse and Country on the TV or reading! Neither of us are fussed about shopping (I buy a lot of my clothes on eBay and get loads of compliments about what I wear, plus I tend to buy a lot of branded clothes that I wouldn't necessarily be able to afford brand new on such a strict budget) or materialistic things either. This also helps us to avoid spending excessive amounts of money, which in turn allows me to spend it on my horse - happy days!

We live with his Mum and each pay £200 a month rent which is more than a fair amount imo considering we get a hot meal on the table every night, facilities to wash and iron our clothes and a huge room (The house is rented as she needed to release equity in the previous owned home). We also live on the London/Surrey border inside of the M25 so it's a very expensive area to live and we would never, ever even get a room to rent for £400 a month in this area so are very lucky to have this set up really.

At the start of each month (Or whenever we get paid), we divide money up into our accounts and put savings into our joint one. We budget for literally everything and have an emergency "pot" which we put money into each month if we do get really, really short or if an unforeseen expense crops up. If we don't use it, it just builds up. We are both quite frugal though and neither of us feel like we go without anything. It's more than do-able but you do have to be sensible and realistic. We save hard but also work VERY hard so are both entitled to spend money on the things that we love (Within reason of course!), hence why I have my horse and while I still budget for everything she has, she doesn't go without anything. I am very appreciative that we earn a lot of money considering we are so young and it would be easy to fritter that away but we desperately want a place to call our own so the saving will be worth it in the long run.

 

[Prince33Sp4rkle]

can you get a second job cash in hand? bar/pub work? can you clip horses for other people? is there the option to do yard work to reduce your livery?

i have an 8.30-4.30 office job and teach freelance around that which is obviously not an option for everyone but if it wasnt teaching i would have to do something else.

 

[madlady]

I'm very lucky in that I don't pay for a livery yard - we only pay for summer grazing and we get our winter haylage in with that cost. If I had to pay for livery I would only be able to have 1 rather than the 4 we currently have.

 

[Deltaflyer]

When I had a mortgage I could afford my horse and to go competing a couple of times a month. My horse was on DIY and I had a full time job which fortunately was a strict 9-5 and only 2 minutes from where I lived so that gave me more time in the mornings and evenings to go to the yard than most working people seem to have. However, I couldn't afford things like uber-expensive tack, a horsebox etc. But my horses over the years had everything they needed. I sacrificed in other areas too. I rarely bought myself new clothes, my hair got far less attention that it should have and we only went on holiday abroad every few years (and that was because my hubby wanted to visit his family in the States and often his Dad paid for the flights). I'm not saying we were destitute as we both worked but one factor was that I was already on the property ladder before I bought my first horse.

Now that I'm an old fart and don't have a mortgage I work to pay to be at a more expensive yard with better facilities and better hacking. I work further away from home and start earlier and finish later which means I can't go up in the mornings and have less time in the evenings, although only four days instead of five. I now have been able to get a lorry as well and can go out to shows etc. every week if I want.

If I didn't have the horse I wouldn't have to work but I LOVE having my boy and going out and doing stuff with him

 

[Merrymoles]

Every time you look at buying something, question whether you really need it. Yes, it might make you happy, but do you really need it?

I am self-employed and we have been very skint for the last six months since a large contract ended. I am still earning but not enough to be comfortable with our large mortgage. I am currently taking every piece of work that comes along - for example I worked Sunday this week and that will be enough to pay my next month's livery I hope!

My horse has the smallest wardrobe of any on the yard and we do have some begged and borrowed stuff too - a spare bridle that a friend has lent, a different bit from another friend etc. He is shod in front but copes well without backs which cuts my shoeing costs by around half. His only supplement is supermarket salt at 69p a tub.

Unless you are comfortably off, horses are a big drain on resources and I keep everything crossed that he doesn't need the vet or come in with a ripped rug but I do still find the money for wormers, teeth etc.

 

[Sugar_and_Spice]

I haven't got a mortgage but I do have rent and bills to pay (live alone). I afford to be a horse owner by giving things up that other people take for granted. My clothes are cheap and only buy new ones when current ones are holey. I drive an old car. I rarely go on holiday and when I do it's somewhere cheap costing a couple of hundred pounds. I don't smoke or drink or have take away for dinner. I take a packed lunch if I'm out all day. I rarely go out because I can't afford to and usually don't particularly enjoy it, only making the effort for friends birthdays really. Horses are my thing and I make the most of being a horse owner. Not sure I see much point in owning a horse and then going out every night of the week instead of spending time at the stables, so I don't object to my lot in life.

 

[FfionWinnie]

I don't have sky, no holidays, don't drink, don't smoke, don't go out to eat much. Horses are kept at home simply and only buy stuff if I can afford it. I achieve a lot on a relatively low income.

 

[Always-Riding]

I'm in a very similar situation to you. I'm 21, on a fairly decent wage but I want to start saving for a deposit (I rent my own house + all the bills associated).

I sat down and worked out exactly what I was spending per month on the horse, so I could see to what I could save without having him (and how much free ££ I'd have to spend!). Sadly it worked out I just couldn't afford to have him, and save. I sold him. I hated being without a horse so in the meantime I bought a filly - now a yearling. She costs me £100 a month plus farrier trims and the odd wormer etc.. So although I have nothing to ride, I will do when I've gathered a good amount of savings and hopefully in a better position in 3 years time!

 

[ihatework]

In the early days of work / getting on the housing ladder then sacrifices have to be made, especially if you have horses. These days I have a well paid job that covers mortgage, horses, holidays etc.
When I was younger though, just out of Uni, I lived in a shared house of 6 - it did my head in, but the rent was cheap and allowed savings to be made. I ran an old car & trailer. I had 1 horse on a cheap DIY yard. I didn't compete affiliated and just made use of RC cheap clinics/comps. I was careful on what I spent on luxuries.
Once I was in a position to buy, it was a crappy 2 bed maisonette in a crappy town. I rented out the second bedroom.

 

[MotherOfChickens]

I didnt have my own horse until I was 35 and had been on the house-owning ladder for 13 years. I afforded a house before then by having lodgers as wasn't earning brilliantly and single. Now I afford it by having a strictish budget and a second job (I don't compete, have the horses at home although rent extra grazing and have just bought a truck so I can avail myself of local schools). It is also much easier having a partner.

 

[AppyLover]

I am 24, I bought a horse and moved out of home within 3 months of each other (hadn't saved to get a horse either I got tagged in one of FB next day I went to see him, my sister and I decided to split the cost and he came home 2 weeks later). My sister and I rent a flat which is turning out to be more expensive to run that our parents 4 bed house. If anyone thinks underfloor heating is nice please never put it in a rental home the price is extortionate to pay so this winter I am relying on the floors below to heat us and oil radiators because I refuse to turn them back on. To be honest some months are easier than others but even on bad months I never never hit my overdraft and we have parents who see it as their job to make sure we are always ok (not spoilt if we wanted something we saved and worked for it) , I have no saving etc but by the time our lease is up I will only be down to 1 phone contract not 3, a chunk of my debt should be lower (I hope) and I should have less than 2 years on my financed car unless I sell it next year for a cheapy 4x4. I make a decentish wage that increases every April (if I don't get made redundant next July which is a possibility). Yes I miss my 6 weeks In America each year but I was always broke saving for that anyway and now I get something that I can see where my money goes �� And I know in a year or so I can have a holiday to the US again ��

 

[Spilletta]

In the past I was rubbish with money, but then a friend lent me a book called “The Money Secret” by Rob Parsons, and that taught me a lot. And I think it’s worth checking out the Martin Lewis Money Saving website as well.

I’ve become a convert to “looking after the pennies” even though when I first started I thought it wasn’t worth the effort for the odd few pounds here and there (not in a dismissive way, but because it just seemed a drop in the ocean towards clearing my debt/starting to save).

One tip that might be worth investigating is to use a cashback credit card, e.g. American Express, for things you would normally pay for out of your current account such as fuel and groceries. Set up a direct debit to pay it off in full each month (this is key!) Each year, the amount earnt is put back onto your card’s balance. In the case of American Express you have to build up £25 or more. Whenever my husband decides to make a purchase that he would pay for up front, I use the card and he gives me the cash as this helps build up the amount.

Another thing I recently tried was using Music Magpie when I cleared out some CDs and DVDs. I didn’t have masses to send, but got about £16. Nothing major but the shelves are looking less cluttered and that’s more than a bag of conditioning cubes for my horse. I’m now waiting to get cheques from a couple of similar companies for some books I sent off. If they deliver on their promises, I’ll get another £40-ish. Even if they don’t, it doesn’t matter too much as I normally give all my books to charity.

I have also become a lot more strict with myself about buying things, even if they seem like a bargain. I used to have a little panic that the item won’t come around again when I really do need it, and that I should stock up (how many running tops do I really need from Aldi…) And also, does my horse really need a new leading rein just because I’ve spotted one in a lovely new colour? No!

I’ve also become better at grocery shopping, and using vouchers/points where possible. For example, I used to buy pre-packed salads, but it’s much cheaper and fresher to buy whole and chop it yourself. Not that it’s really salad weather now. Time for the slow-cooker stews, where you can use the cheaper cuts of meat! I will take on Archangel’s tip about buying frozen meat as I do currently buy fresh.

These are just small things and hope they help you work towards the bigger picture of building your deposit.

 

[Stockers]

I was lucky in that I bought my first property in the mid-90s' whilst earning a fairly low wage living in suburbs whilst training as an accountant but wa also paying train fares to London.

I had to drop the horses for 3 years when I first bought my flat and I also had to devote all my spare time to studying. Pony went out on loan. I had to budget hard and stick to it. I remember overspending in the early days and being left with £4 to feed myself for the week before payday - never did that again!

Those early sacrifices were worth it to be where I am now.

 

[unicornystar]

I am on my own with teenage daughter, work full time and have two minis and two larger.....how do I afford it?

I don't have holidays (ever) my holidays are going away competing at unaffiliated stuff for a weekend!
I have a dog sitter who doesn't charge if I go away because she loves the break in our house with her own dogs.
I rent - over 1k a month BUT with this comes huge garden on private estate and a field opposite with stable at bargain rate (well worth the money on the rental for the house) this has saved huge amount and despite not being keen on having my guys out all year, they are happy, if not happier.

I don't have any treats particularly for myself, my daughter works three part time jobs (she is 16) and buys the majority of her own clothes.
We don't go out for meals.
We don't do unnecessary miles.
We don't go mad with the wood for the fire we put an extra jumper on.

I buy in bulk if I can afford it for haylage etc as it is cheaper. I stock up early on (August) for winter when prices are a little cheaper.

I don't buy brand new tack, I buy secondhand, same for work clothes and most other clothes, charity shops have awesome bargains!! Karen Millen top for £3 for example.

We don't have expensive meals, but we do have to put up with Iceland and such like!!

We do one class instead of three, keeping costs down......over the winter at least!

I don't have a flash trailer, I use a very old but very solid Rice Richardson....towing with equally old shogun but does the job and I am not out to impress anyone or care how they think I look

You could get a sharer to spread the cost of your horse? You can sell manure from your poo picking, or at least give it away to save you the cost of having it removed.

Go get some part time jobs, even dog walking or helping in a bar it all adds to extra pennies!!

It is possible you just have to be realistic and plan ahead an awful lot. It isn't easy....

 

[Llee94]

I am 21 and currently in the process of trying to buy my first house with my boyfriend. I am very lucky that between me and my boyfriend we have quite a large deposit (mostly down to him and his frugal ways) so we can look at houses with land or the potential to buy land near them for my horses. He is very understanding when it comes to my horses and is sacrificing a lot to get what I need for them.
However, I am unsure about how I am going to pay for everything once I leave home. I start my new job next week which is an okay wage but probably still not enough to cover everything. I am very lucky in that my Mum doesn't charge me rent, or diesel money, tax or insurance for the lorry but I pay for everything else in my life including my horses and BE. I am better now at saving money but I do still find myself going to Tesco to grab a pint of milk and walking out with £20 worth of junk food.
I think I am going to have to have a serious reality check on whether or not I am going to be able to keep up my current lifestyle when it comes to my horses when I move out. I want to take the lorry with me but I think I will have to suck it up and have my trailer to start with (again, my mum has been very kind and said I can borrow it to start with). I keep telling myself that some transport is better than nothing but I love my lorry so much that I really don't want to part with it.
I don't go out much at all, to the point where my friends don't even bother to ask me anymore as they know I will say no. I don't drink, I don't buy clothes very often and when I do, most of them are off eBay. I will have to stop going on holidays (4 so far this year, 3 of which were abroad) and limit how much I compete. I currently do about 1 BE event per month of the season but maybe that will have to be cut down to one every two months. All my tack is second hand and if I need something that I can only get new, I wait until the sales. Rugs are another thing I buy on eBay. I once got a stable rug for £2.20 plus postage. It isn't branded but it does a perfectly good job at keeping my horse warm.
My only other option would be to get a livery or two in to try and cover some costs but then again I have never been keen with sharing my private yard with other people.

 

[chillipup]

I don't have a mortgage or my own house (Yet!) but my other half and me are currently in the process of saving for one and aren't doing too bad at it! I'm 23 and he is 21 but we are both VERY lucky to have well paying jobs (I earn a smidge under £40k and he earns £33k) so manage to save his entire monthly salary and we live off of mine. I have a horse and compete (Albeit just locally atm but hoping to start BD with her late next season/early 2017 and possibly do some showing) and I budget for this but I only do it because we can afford it. OH does not have an expensive hobby (He plays football for a semi-pro team) but is incredibly supportive and understanding and never, ever moans about how much I spend on her. We don't go out much and when we go, it's for dinner with friends or bowling or something like that so not overly expensive anyway. I don't drink and he only drinks in moderation so again, money saved there - we are both more than happy to spend nights in at the weekend as we both wake up early for our hobbies, he is content sitting on the Playstation and I am content watching Horse and Country on the TV or reading! Neither of us are fussed about shopping (I buy a lot of my clothes on eBay and get loads of compliments about what I wear, plus I tend to buy a lot of branded clothes that I wouldn't necessarily be able to afford brand new on such a strict budget) or materialistic things either. This also helps us to avoid spending excessive amounts of money, which in turn allows me to spend it on my horse - happy days!

We live with his Mum and each pay £200 a month rent which is more than a fair amount imo considering we get a hot meal on the table every night, facilities to wash and iron our clothes and a huge room (The house is rented as she needed to release equity in the previous owned home). We also live on the London/Surrey border inside of the M25 so it's a very expensive area to live and we would never, ever even get a room to rent for £400 a month in this area so are very lucky to have this set up really.

At the start of each month (Or whenever we get paid), we divide money up into our accounts and put savings into our joint one. We budget for literally everything and have an emergency "pot" which we put money into each month if we do get really, really short or if an unforeseen expense crops up. If we don't use it, it just builds up. We are both quite frugal though and neither of us feel like we go without anything. It's more than do-able but you do have to be sensible and realistic. We save hard but also work VERY hard so are both entitled to spend money on the things that we love (Within reason of course!), hence why I have my horse and while I still budget for everything she has, she doesn't go without anything. I am very appreciative that we earn a lot of money considering we are so young and it would be easy to fritter that away but we desperately want a place to call our own so the saving will be worth it in the long run.

Acorn92x, your post makes interesting reading. You and your OH seem incredibly mature for your ages. If it's not too personal, did your parents teach you about money/saving?

 

[LHIS]

Budgeting! I am married and my husband has a very well-paid job, I also work full time so we bring in a comfortable wage between us. We also have a house, mortgage, 2 cars, etc etc. No children. We live in a very pricey area of Cheshire which makes living cheaply hard. I don't spend money on things like getting my hair done, getting my nails done, holidays, like my friends and family do. I only buy what I need and bargain hunt for anything I do buy.
My hubby is quite spendy, though it's because he's always had a well-paying job. I on the other hand have had very little for many many years, before I met him, so can budget with the best of them and am frugal. I used to have 3 jobs at once to make ends meet (was part loaning at that time) and lived off beans, but I was happy. Moral of the story is, I suppose, that you can make it work for you

 

[gina2201]

Are you saving up for a mortgage on your own? I only started on the 'owning' property ladder with my OH so it was two incomes rather than one, god knows how or if I could have on my own! We are fortunate that he was able to keep his apartment rented whilst we bought a house together so it pays for itself. As for budgeting I have a spreadsheet with all outgoings (regular fixed ones) and also adhoc purchases and I also itemise everything I spend on my horse or horse related things, surprising when written down the small things you don't really need but buy can add up! I don't tend to use it now though as not need to save for anything in particular but it's useful to write it down and see it all on one page!

 

[SO1]

In most areas of the UK especially the SE it is very difficult for someone on an average wage to save for a deposit to buy on their own unless it is for shared ownership or perhaps they are are living at home and not needing to pay any rent.

Competing can be expensive with the costs of entry fees and fuel and associated transport costs. Could you look at doing a transport share so you could at least share the cost of fuel by taking someone else with you to the competition bit like people who car share when they travel to work etc.

In the first instance work out how much you would like to save each month and then see if you can either increase income or reduce outgoings or both in order to do so.

What can you do to increase your income - do you have anything you can sell on ebay or at a car boot sale, could you get another job that is better paid or are there any skills you could learn in order to do so, could you get a Saturday job as well as your normal one. Sharer for your horse perhaps?

Reduce outgoings. If you are not already doing so could you move back home with family, could move to cheaper accommodation, move your horse to a cheaper yard. Are you shopping efficiently you can get good bargains at charity shops and pound shops.

Also think about doing a cost/benefit analysis. How important to you is getting a mortgage to you compared to competing your horse, how happy will doing these things make you. Is anything you want to do time limited. For example if you don't compete your horse for a couple of years then will you be able to still do it later, same goes for getting the mortgage is this time limited or could you do it more slowly or later on.

 

[Abi90]

I used to live alone in a flat in Cheshire on £18k a year. After rent and bills I only had £400 left to cover food and petrol and "luxuries".

I used to not go out, not have take away, never buy new clothes and always make a shopping list and stick to it to keep groceries down. Bulk maid food and froze it for later.

That was without a horse. 2 years later I am on significantly more money with a house, bill, car loan and a horse on part livery. So I have gone back to the days of scrimping and saving. I'm also not likely to go on holiday for a while!

If you work out your budget for each month and are really strict with what you buy it is more than possible (provided you earn enough to cover the expenses). I normally have £150 a month truly disposable income left over which means I allow myself one luxury purchase, weather that be an item of clothing for me (or the horse), and one meal out a month.

That's provided there is no equine dentist visit or car MOT to be paid for that month. Then I just go without.

Luckily I have a fair amount of savings to fall back on in an emergency but I'm also saving for a wedding!

It can be difficult and payday can never come quick enough but if you're strict and have budgeted well then you'll be fine

 

[Lintel]

Whilst saving for a deposit, you'll have to sacrifice something. So I'd cut down on competing. Can you do extra work??? Overtime or another job???
I really try to pay cash for every luxury I get, save first by working extra and get what I want that way.
It's very satisfying (and addictive) to save/work hard for what you want.
Other than that, extremely good and strict budgeting goes a long way to affording things.

Totally agree.
To me it's the silly things like Sky TV, a fancy car payment, do we really need an iphone6!? Trips for carry out and wee extras with the shopping.
I LOVE budgeting - and in my opinion it's all the stupid things that eat up budget.... Unfortunately I have RUG ADDICTION so any wee bits I've saved that don't go into the my isa end up on rugs..."sigh"!