How many of you have put yourself in debt to have a horse?

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shadowboy

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Just asking this really because Buying Jack has wiped all my savings- and I thought to myself would I have taken out a loan to buy him? I dont know to be honest- I really clicked with him. What about you? Did you get a loan to buy your horse or did you use savings too- or has your horse put you into debt- my last horse Shadow did- he had to have the best of everything so I kept putting it onto the credit card. I will be far more sensible this time thats for sure. I dont want to know how much by- I'm just trying to see if people love to be around horses so much they would get in debt for them......I did last time- But i'd like to think I wont this time!
 
I'm in the process of selling my car at the moment for funds to buy a horse, although if one comes up sooner, I shall have to beg, borrow and steal!
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I would like to try and NOT get into debt with a horse, as it will only mount up (excuse the pun) and I'll never be debt free!

I've set up an xcel spreadsheet to manage my monies!
 
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I've set up an xcel spreadsheet to manage my monies!

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Good idea! I bought my last horse on my credit card
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and the one before with a bank loan....savings? what are they?

Fortunately this time though my Dad was fed up seeing me trundling home at the side of a lame horse and forked out for my latest (hopefully last one for a while!)...Good old Dad!
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I borrowed from my mum to pay for my horse (that I had bought as a project). However ended up keeping her and selling my old horse, which I then paid mum back with
 
Nope - I do have a £2K student loan which is sat there for an emergency but is so far untouched but I always make sure I have atleast £500 in my bank account to cover vets bills/new rugs/tack etc should the expense arrive unplanned (I put aside for routine stuff or things I know Im going to need separately). However, I had a bank balance of about £2K's savings before I got Tilly and have been unable to get it back above the £1K marker since I've had her....

I would however consider a loan for investing in transport - for the forseeable future I'm not going to have that sort of money to spare so would look into a loan or finance deal.
 
I have and would again i would never have got my stud or stallions without getting into debt and that is one thing i will never regret.
I am married without children and from our meaning mine and my husbands life is for living in the here and now.
We wont have anyone to leave anything to so what the hell we go for it.
That said most of the horses we have gone into debt for do earn there own living the rest we have just bred.
 
I have done, however I would have no hesitation about getting into debt to KEEP Beau, ie if he needed an op or something, I dont intend to buy another until he has gone.
 
I was going to say that but thought I might get jumped on!

S..A..V..I..N..G..S..?????? What are they? In my experience, any time you think you've got a bit of "spare money" something leaps out of the woodwork to spend it for you - like, the washing machine blows up/exhaust falls off car/horse acquires some totally inexplicable injury etc . . . .
 
I had done for my mare, but i wouldnt again- not the debt side of it but the heartache of how wrong it went!

I paid it back onto a credit card pretty sharpish but she went lame/blah blah and it ended up costing double so in future i'd loan or save up.

I would never ever take out a bank loan etc, but thats partly because i begrudge paying anything more than £2k for a horse and i could save that sort of money up.
(i dont even look at horses advertised more than £2k)

I would possible take out a family loan or borrow from my mum where theres no interest incurred etc.
 
I'm permanently in debt because of my horses! Never think about it. As long as you can keep up payments, it's only using other people's money to have fun.
 
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I have and would again i would never have got my stud or stallions without getting into debt and that is one thing i will never regret.
I am married without children and from our meaning mine and my husbands life is for living in the here and now.
We wont have anyone to leave anything to so what the hell we go for it.
That said most of the horses we have gone into debt for do earn there own living the rest we have just bred.

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But Sally you got yourself into debt to start a business - that is a HUGE difference IMHO.
 
EEk, DaisyMay66 im scared of being in debt- although its other peoples money its got to be paid back at some point and at the expense of you if the interest is high etc.

Perhaps im growing into an old fuddyduddy?

I got myself in a huge mess when i was younger and vowed never to do it again (im on about normal debts not horse debts)
 
would never borrow for horses, if we cant afford cash at the time we save up till we can afford, at the end of the day our horses are a luxury
 
I was lucky in the fact that Hubby bought most of my horse Jack, but I did manage to put some towards it from some inheritance I had. However, I guess if I wasn't that lucky and I wanted one bad enough, yes I guess I would go for the bank loan option or BEG my Dad!

I don't have any savings, all my money goes each month, towards the house, Jack, and like someone else said, there's always something, whether it be annual jabs, teeth, saddler, back lady etc etc, the list goes on!!!

People that don't have horses always seem to assume that those people that 'do' have horses must be rich! Oh, how that is not true - if you have horses, you're generally skint!!!!

MX
 
Yup! I had a credit card with a limit and the horse was that limit so I bought a horse on my Credit card! Then had to buy stuff so got another card, then a year later got a loan to pay that off, and it got worse, but now I can afford the neddie and pay stuff off, although will be in debt for about another 2 years. What I spend on the horse though is still LESS than my sis spends on going out etc, and its a hobby so its not like I am in debt for a bad reason. I pay for EVERYTHING myself, OH doesnt help as its MY hobby not his.
 
We upgraded the mortgage to pay for a new kitchen and bathroom and we bought my horse with that money too...much easier and cheaper way to pay money back. Luckily I had only ever had cheap ponies before that and we always bought our tack 2nd hand so that was a saving, I do now save a little bit of money away each month to make sure I have the funds if anything was to go wrong but yep have been in debt to buy my pony a new rug or horse more hay etc. Its always the way...OH doesnt help me either....its my hobby and due to me to pay...if no money then out to get another job....
dont they say when you own a horse you might as well dig a big hole and just shovel money into it...??
 
It didnt start off like that though Weezy i had a couple of my mares that had been retired from competition and they always came back from stud poor so we rescued and i mean RSPCA case rescued a stallion that we had used previously ,we only really bought him for our own use as he was older but it has im afraid snowballed from there .
Now we have 2 including a homebred one and are looking for another two must be mad.
I do enjoy it though but still work if i need to .
Wouldnt change anything though and dont know what i would do if i didnt have them.
Would probably have to take up some dangerous sport to keep myself amused.
 
I bought George with inheritance money and I really really wouldn't want to get in debt over a horse, however as far as I'm concerned George is with me for life and I think I would dio whatever to maintain that.
 
All right, maybe I was being a bit flippant about debt. You have to be conscious of it, but I don't think you should worry too much about it. I had my own businesses for years before I retired and it always involved lots of borrowing, mortgages etc. I think maybe you need a particular mentality not to care. As I've got older I care less and less (about all sorts of things). Perspectives change. This is no criticism of people who don't like debt - it's a choice, that's all.
P.S. I also gamble...
 
Everytime that I have had any savings, Charlie has usually managed to spend it on a nice big vets bill. I am debt free, but I do struggle to cover his expenses and my expenses each month. I would much rather live like this, than not have Charlie as he gives me a lot more than money could ever buy
 
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