Musing... What sort of salary to run a competition horse?

[wench]

Just musing really... As I've just started a new job!

What sort of salary do you think is required to run a competition horse "successfully"?

I'm talking about paying rent/morgage and bills etc, enough money for lessons, and competing?

My horses have to be on full livery due to my job, but to be honest DIY wouldn't save me an awful lot, as the amount of fuel it would cost to get to one twice a day, may as well just pay the extra livery money!

Any thoughts?

 

[BeckyD]

I think that's really difficult to judge as everyone's mortgages, cars, other living expenses will vary! Plus our view of necessary horse expenses will vary. I now budget for £1,000+ per month on my horse, and I spend more than that on house bills, mortgage etc, then there's also my car and Horsebox to run. Plus holidays, clothes, going out etc. so now I need a good salary to support all that, but I used to manage fine (and still save) on 1/3rd of what I now earn.

 

[TGM]

Gosh, I think that is a bit of a 'how long is a piece of string' question! Costs are going to vary wildly depending on discipline/level/frequency of competing, plus whether you keep horse at home or at livery, whether horse is a good doer/poor doer/special needs(!) etc., plus the size of your own living accommodation (one bed flat or six bed family house)!

 

[wench]

I would be generally assuming "normal" sized house, on livery!

 

[HufflyPuffly]

Ok I will reply on what I manage.
I run my own home (small 3 bed end terrace) on my own, run a car, half the cost of a horse box, pay for one horse on DIY and pay the cost to compete two, one showing and the other affiliated BD, unaff SJ/ODE etc. I earn around £24K a year.

It's tight and I would like to put more money into competing Topaz, but currently can only afford lessons twice a month, and competing about every other week'ish. Luckily or not, Doodle doesn't cost me a lot, and I am very careful about the ground she goes on so that can save me money, she will do RC showing this year as well as a select few 'big' shows (Cheshire and some of the Arab shows).

It's all about priorities and what you really want to do, I quite prepared to forgo other luxuries so I can compete.

x x

 

[Oscar]

Depends on location!! I had a 3 bed semi in Surrey, mortgage was £1,700 a month. I now have a 3 bed semi in N.E. Lincs & mortgage is £700 as were making over payments to reduce the term!!

I think you can manage whatever your budget within limits. Field kept horses, barefoot, no lessons is going to be a lot cheaper than full training livery & weekly lessons with a pro.

 

[Holidays_are_coming]

I have my horse on Diy live alone but luckily have a company car.

With weekly lessons, livery (barefoot so no shoes, feed, physio and competitions I probably spend 500 a month but the horsebox is on top of that. When I want to get out evening it will be more than that so I need to save over the winter.

 

[Leg_end]

Totally depends on your location and what you need to be able to do your job and ride during the week.

My horse budget is £1,000 per month for the summer season when I want to compete a bit more which is essentially another mortgage. But I do live in Berks which is an expensive area for livery. I have a house, horsebox, nice car, regular holidays and I am lucky enough that I do not have to make sacrifices to have my horse. But I have an intense job which requires hard work and long hours so I don't spend as much time with my horse as I would like and means I have to spend more to keep him looked after.

 

[MagicMelon]

It really depends on your other non-horse costs, like myself and partner make what Id call a reasonable salary but it still never seems enough! But then we maxed ourselves on our mortgage to get the nice house with land and we've just spend a few grand on stables and we've just bought 2 newer cars, then we went on holiday etc. So its not just your usual monthly bills, there's always other extras! I have 5 horses currently, I used to compete BE but would struggle right now I think to do much of that. I used to BE and BS regularly when I still lived at home and was on £18k so all that went on the horses and competing at that time. I then turned more to BS when I moved out because it was cheaper and at least I could earn some money back so it depends what disipline you do too. I also only had monthly lessons if that to save money (not currently as just backing my new horse so not competing right now - only inhand!). Keeping the horses unshod also helps. So there are ways to cut costs I guess, you just have to see how you go. Nobody can give an exact figure as depends on so much.

 

[ihatework]

Gosh, that's impossible to say.
I'd probably turn it around and ask yourself how much your basic living costs and what salary you would need to live a basic but comfortable lifestyle minus horses.
Then you need to add onto that what extra disposable income you would need to blow on running a competition horse.
Even that is subjective!!
Going back a few years I ran my horse on a budget of £500 a month - DIY basis, eventing PN, included lessons but less frequent and with a trailer for transport.
Nowadays I run 1 dressage horse on approximately £1000 a month - part livery, plenty of lessons and a 7.5T lorry.

Unfortunately running a successful competition horse doesn't soley rely on finances. A large proportion I reckon is your natural riding ability. Shame really, I'm scuppered on that one

 

[cptrayes]

When you say 'successful' what do you mean by it, and in what discipline? Eventing is much more expensive to enter than dressage, and you need to train in three disciplines.

For example, I would consider anyone getting points at Novice and above eventing to be successful, but you might think it starts at being in the rosettes advanced. Also, in summer, it's perfectly possible to compete a horse which lives out, which radically reduces the costs.

 

[Daytona]

I spend around £1000 to £1500 when I'm going to a few competitions a month. That includes all horses normal bills and lessons plus entry fees. Not fuel though

 

[khalswitz]

I'm spending about £700 a month on my horse, including fuel, livery, feed, physio, dentist, vet and comps... I probably compete three weekends out of four, but all unaffiliated, and usually within hacking distance to save money. I also get three lessons a month. Am about to start affiliated dressage, which being more expensive means I'll be doing it less often...

I am pretty stingy with my money though - I buy all my rugs out of season in the sales, have my horse on DIY grass, and the hacking to comps... plus we're hardly what I'd call successful... and we haven't started eventing yet which will obviously bring the total right up due to transport and entry fees.

Personally, my salary isn't much less than that - I'm running my own business, still in it's first year, so my parents are helping me out by letting me live rent free (they are adding my rent up for me to repay later when Im earning) and whilst I have a car, it's a cheap little Clio so doesn't cost much to run.

 

[kc100]

Gosh you lot are all putting me to shame - I earn around £28k per year (not including bonuses) and dont think I could afford a horse, yet you lot are all doing it some on less than me! I cant even afford to pay off my student debts, never mind get a mortgage (parents live too far away for me to move home and save) and then buy a horse.

All I can afford is my rent and I dont even live anywhere that expensive, its the West Midlands not London! Thankfully have free horsey to ride and compete : )

**Scuttles off to look at budget and stop buying so much rubbish, must be able to afford horse somehow!**

 

[khalswitz]

Gosh you lot are all putting me to shame - I earn around £28k per year (not including bonuses) and dont think I could afford a horse, yet you lot are all doing it some on less than me! I cant even afford to pay off my student debts, never mind get a mortgage (parents live too far away for me to move home and save) and then buy a horse.

All I can afford is my rent and I dont even live anywhere that expensive, its the West Midlands not London! Thankfully have free horsey to ride and compete : )

**Scuttles off to look at budget and stop buying so much rubbish, must be able to afford horse somehow!**

I was earning 14k a year in my last job and afforded car, rent, etc and still had a horse - and competed him! Admittedly right now I'm getting to pay back my rent at a later date (with 'rents) as earning less than 10k incl my part time job as well as my business, but still got the horse and still competing.

On 28k I'd have a horse box and a groom as well!

 

[suegreenaway]

Definitely a how long is a piece of string question, im 25 and on 15k a year but manage to pay for 2 horses on DIY (one is a 5 year old about to start eventing luckily her owners help with shoeing and competition costs, and the other is a project ex racehorse to sell), a (very old) horsebox and am trying (unsucessfully) to be eventing. Its a struggle but depends on your priorities, I know its really what I want to do so work extra hours doing freelance work, never go out, don't buy clothes, don't have my hair done etc, everything goes into the horses, unfortunately cars, lorries, fuel and entry fees are sll so damn expensive, let alone lessons - probably why we're not exactly succesful! Just got to keep plugging on! But I work every minute of the day and most months I struggle to find the money to eat (just as well I dont have a family) but i think its a way of life and if I want to do something I will go out and do it! If I have to take on more work than so be it!

 

[TarrSteps]

There is, obviously, no definitive answer as simply too many factors in play. Best advice is, as discussed, work out what you need to live and what's left over.

The other thing you need to factor in when you're comparing with other people is what your capacity for debt is. I know a few horse owners who technically pay out more than they earn by incrementally increasing their credit limits or not really addressing the debt they already carry. Obviously this is personal preference but it's not something everyone is comfortable with at the same level

 

[kc100]

I was earning 14k a year in my last job and afforded car, rent, etc and still had a horse - and competed him! Admittedly right now I'm getting to pay back my rent at a later date (with 'rents) as earning less than 10k incl my part time job as well as my business, but still got the horse and still competing.

On 28k I'd have a horse box and a groom as well!

Wow that is amazing, I'd need to be on a lot more than £14k a year just to afford my rent and a car! I've worked out on my current salary after I've deducted bills, rent, food, car, insurance and fuel for car that I'd have £680 ish per month left over if I wasnt riding current horse (I dont pay anything for him but do have lessons, buy bits and bobs for him etc).

I'm sure I could manage a horse on £680 ish a month but I'd not even be able to buy any birthday presents for friends/family, never go out anywhere or even buy myself a new pair of pants. I think if I'm going to have a horse I want to do it properly, so probably best to wait until I've bought a house in a few years time and then I can think about finally getting a pony of my own!

 

[montanna]

Watching this thread with interest.

I currently live at home and am lucky enough not to pay any rent... However I have just bought a £200k flat with my boyfriend, which will be mortgaged so I am seriously worrying I am going to struggle with rent, bills, and my horse! As at the moment all I have to pay for is my horse, my phone, car and horsebox. I was lucky enough to be bought a new car last year by my parents - with super cheap tax/insurance and it's diesel so cheap to run. My dad built my 3.5t horsebox again as a present which is fab, again it's really cheap to tax and insure. I do spend quite a bit on eating out and going out (which will cut down when we have our own place so a saving there) clothes and getting my hair/nails done etc which will have to be sacrificed.

My horse is kept at a 5* livery yard, I wouldn't move her for the world. I would live on beans on toast to keep her there, so will do a lot of sacrificing my end. She is 4yrs old now so will start going out competing a bit more... however this will only be unaffiliated this year to keep costs down.

I earn 23k a year, plus have a pub job on a Friday night so take home a further £60 a week there. I could always up my hours at the pub to help out if I do start to struggle, but obviously this would eat into my time I spend with my horse! I have got good career progression within my role so hopefully will be earning more soon.

I really do think you live to your means though.. when I was earning 15k a few years ago I still managed to have 2 horses on DIY, compete one of them, run a horsebox and a car, and go out and buy clothes and not struggle... I think I just shopped in Primark rather than Reiss!!

 

[HufflyPuffly]

I really do think you live to your means though..

I think this is the most sensible bit of advice here.
The only debt I have is my student loan, which is paid out of wage every month and to be honest I don't notice it, I calculate what I have to spend with the wage as it appears in my bank (minus tax etc), and also my mortgage.
I have a spreadsheet which everything is put into so I know to the pound what my outgoings are and how much money I have. For my monthly outgoings which are essential/ don't change (house bills, car fuel and horse rent) it cost's me roughly £800, £200 then goes in savings and I'm left with £500 to buy the extra stuff for the horse (feed, bedding, farrier, dentist etc) as then after that I have money which can be spent on luxuries (competing, bdays etc).
I know I'm quite fortunate that I could buy a house and have a mortgage that only costs me £330 per month (wayyy less than renting round here ), I had to buy a wreck in not the best area, but it's all mine , and after doing it up it looks good.

As for how successful I am with the horses, well we do ok but held back by my rubbishness rather than anything else .

x x

 

[Billy the kid]

christ some of you spend more on your horse a month than what i earn!!

 

[stacey_lou]

I think it all depends on where you live for starters, for example I pay £110 a week on livery (full), we pay a mortgage, plus my loan for my new saddle, running a car, fuel for my 42 mile round trip to and from work each day, food, dogs, bills at home and I am on £19K as I have had to take a step back in my career and its a struggle.

For me to be able to compete this season (which I am trying so hard to do) I need to either hope I get one of the higher salary paid jobs I have applied for (looking around the 24K mark) and hopefully that will allow me to compete this year or like I have posted before get a share or put it on credit card and pay it off little by little as i go.

As of the last few weeks I have doubted getting a sharer unless they are just right. she is going so well and strong (in a good way) i worry that someone else not quite as strong and educated would ruin her thus pointless having a sharer because shell not be a good enough competition level.

So its tricky.

You can only do what you can do if you have to put it off for another year till you can afford it without staving your self or cutting where you cant then use that time wisely to school and school so when you do compete your really ready, thats what I have been doing for the last 2 years! lol hopefully this year will be our year!

Good Luck

 

[kc100]

I think this is the most sensible bit of advice here.
The only debt I have is my student loan, which is paid out of wage every month and to be honest I don't notice it, I calculate what I have to spend with the wage as it appears in my bank (minus tax etc), and also my mortgage.
I have a spreadsheet which everything is put into so I know to the pound what my outgoings are and how much money I have. For my monthly outgoings which are essential/ don't change (house bills, car fuel and horse rent) it cost's me roughly £800, £200 then goes in savings and I'm left with £500 to buy the extra stuff for the horse (feed, bedding, farrier, dentist etc) as then after that I have money which can be spent on luxuries (competing, bdays etc).
I know I'm quite fortunate that I could buy a house and have a mortgage that only costs me £330 per month (wayyy less than renting round here ), I had to buy a wreck in not the best area, but it's all mine , and after doing it up it looks good.

As for how successful I am with the horses, well we do ok but held back by my rubbishness rather than anything else .

x x

Think I need to move to a cheaper area, my rent alone is £650 per month and a mortgage for a house that is half liveable would be at least £800-£900 per month! I dont think realistically I will be able to keep a horse properly until I'm on £32k+, I dont buy clothes or go out much as it is yet still only have a maximum of £680 left over a month and currently have a wedding to pay for and house deposit to save for.

Why couldnt I have been blessed with horsey or useful mechanically-minded parents, or at least ones that live close by so I can live with them for a while!

Absolutely agree though you live within your means, and whatever is most important to you, you will find a way to pay for it. Think my fiance would cancel the wedding if I bought a horse

 

[HufflyPuffly]

Think I need to move to a cheaper area, my rent alone is £650 per month and a mortgage for a house that is half liveable would be at least £800-£900 per month! I dont think realistically I will be able to keep a horse properly until I'm on £32k+, I dont buy clothes or go out much as it is yet still only have a maximum of £680 left over a month and currently have a wedding to pay for and house deposit to save for.

Why couldnt I have been blessed with horsey or useful mechanically-minded parents, or at least ones that live close by so I can live with them for a while!

Absolutely agree though you live within your means, and whatever is most important to you, you will find a way to pay for it. Think my fiance would cancel the wedding if I bought a horse

Yeah rent around here for a similar or smaller house, is generally at least £500 per month (I'm north Manchester), so it made sense to me to frantically save all I could and get on the housing market as quickly as I could. Luckily I live very close to my parents, so could live there rent free until I moved out (so whilst saving and renovating my house). Also I don't have an other half, so don't have expensive things like children and weddings to worry about currently .

If he *really* loved you he would want you to have a horse , only joking! You seem sensible and are looking ahead instead of sticking your head in the ground, so I'm sure you will get there!

x x

 

[stacey_lou]

Id love to have spare money each month, although last month I treated myself to a new CD, yey me! lol

think we all need a better paid job or a rich man or lottery win! x

 

[wench]

I've been doing my sums recently, and to compete and have a horse and be able to live without scrimping, I reckon I need a salary of £35k plus

 

[khalswitz]

Wow that is amazing, I'd need to be on a lot more than £14k a year just to afford my rent and a car! I've worked out on my current salary after I've deducted bills, rent, food, car, insurance and fuel for car that I'd have £680 ish per month left over if I wasnt riding current horse (I dont pay anything for him but do have lessons, buy bits and bobs for him etc).

I'm sure I could manage a horse on £680 ish a month but I'd not even be able to buy any birthday presents for friends/family, never go out anywhere or even buy myself a new pair of pants. I think if I'm going to have a horse I want to do it properly, so probably best to wait until I've bought a house in a few years time and then I can think about finally getting a pony of my own!

To be fair, I don't really go out except on very special occasions, and I never buy clothes for myself really, or if I do it's because I have no jeans left without holes and I buy them for £10 from George!!! But I'm happy to make those sacrifices for a horse - a lot of people arent.

And Tarrsteps - other than my student loan and my business loan, I have no official credit/loans at all (currently borrowing from my parents for the business though). I would never get into official debt over horses. I'm just very good at making my money stretch!!

 

[Leo Walker]

In the North East I could run a small 2 bed house inc rent and bills for £600 a month, and keep my horse on good full livery for £320 a month. In the South a tiny 1 bed cottage costs me £1100, the horse in a similar set up would be £500+. It all depends where you live and what sacrifices you make! I dont compete mine as hes a baby, but I dont have a car, I have a 125cc scooter. The difference between running a car and the little bike makes up the difference in livery,

I earnt 20k in the North East, ran my house and at one point had 5 horses! But they all lived out and I didnt compete them. Now I live with my partner in the South, so bills are split and my one horse is kept on a big livery yard with 3 schools, a walker and is on part livery. Theres money in the budget to compete, and next year I'll probably buy either a 3.5ton lorry or an older 4x4 and trailer, and still use the bike to get around. The fact I live in a city now and commuting even my 3 miles a day would be hideous in a car, but is almost fun on the bike is just a bonus

 

[milo'n'molly]

It's all about what other outgoings you have. 10 years ago I was probably on 9K (part time job) managed to have a horse, weekly lessons and regularly out competing at dressage and doing ok but this was because I lived at home and parents paid for the horse box and fuel
A bad run of horses going lame/ not working out and buying a house means that at the moment I am currently without a riding horse and will not be able to afford to be out competing when I get a new one even though I now earn £32K
I am hoping to get my finances settled this year and get back into it next year

 

[Starbucks]

I don't compete that much but hunt which I think is equally expensive! Badger probably costs about £600 a month in the winter, he's on part livery but at an expensive yard, I muck out but get him hacked out a few times a week. Lorry probably costs about a grand a year to run (not including diesel!!) but I've started sharing with my friend now, she pays me a bit every now and then, which really helps.

I think it totally depends on what you do outside horses and how much your living costs are, where you keep your horse, how many lessons you want and how often you want to compete. I'm sure you will be able to make it work.

For me, I'm now about comfortable on being able to do what I want with horse and I'm on £45k, but my husband pays all the bills! I do spend a lot on wine though!