Who keeps horses on a tight budget?

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hoir14

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So i want to buy my first horse. Im 22, with plenty of experience and im just sick of loaning and i think it may be almost the right time to buy. My partner and i have recently bought our first house so we have a mortgage and all the costs that come with that, to keep up with. Neither of us have particularly well paying jobs, (both on about £9 and hour and we work full time, plus more. We aren't particularly strapped for cash but at the yard i would keep the horse at, i would need to budget 300-350 a month in total for a horse and that would leave us tighter than what i want to be. I could cut the cost down by not using services but the yard opens as 7am and i have to leave for work at 7.15. Factor in the extra travelling and it leaves me 5 minutes so no time to do anything with the horse in the morning. Obviously it would get cheaper in the summer when theres 24 hour turnout so limited hay to buy and basically no services to pay for, but how do you all manage working full time? Keeping a horse on not the best wage? Does it take over your entire life? I know people do it when theyre single or have kids or on minimum wage or all 3. It just seems slightly out of my reach at this point
 
If you were my daughter my advice would be try saving £350 a month...as if you were paying livery for 6 months or more. Can you afford not to have that money? You are still so young and nothing wrecks relationships faster than having no money...and no time together because you are at the yard. If you are a good loaner keep doing that until you have a good wedge of money to buy the horse and keep it. Don’t add extra financial pressure to your life just yet.
 
Midlifecrisis said:
If you were my daughter my advice would be try saving £350 a month...as if you were paying livery for 6 months or more. Can you afford not to have that money? You are still so young and nothing wrecks relationships faster than having no money...and no time together because you are at the yard. If you are a good loaner keep doing that until you have a good wedge of money to buy the horse and keep it. Don’t add extra financial pressure to your life just yet.
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Really great advice. Although I’d suggest nearer to £400 a month.
 
putting the money aside for a while is a good idea. It will give you a good idea how you will manage and also gives you a bit of a savings cushion should you need it.

hoir14 said:
Does it take over your entire life?
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yes.
I'm not badly paid now but I am overstretched partly because of years of keeping horses on a low wage (and accumulating said horses). Having to scrimp on things to pay for the horses gets tedious, for me it's worth it because I can't imagine life without them but I agree it can put a strain on a relationship if your OH doesn't have a similarly all consuming hobby.
 
Great advice so far. The other thing I would think about is how you'd cover the unexpected (like a vet bill or if the horse is injured and needs box rest rather than being out 24/7) if you're already tightly stretched? I adore my boys but rarely a month goes by without an unexpected bill appearing, whether that be a ripped rug, the physio or a vet bill.
 
Yes because I became addicted as a child with wealthy parents mind you they were always reluctant to spend on my horse as a few beers down the pub were much more important to them so I learned very young how to do things on a shoestring. Firstly I too would try and save as much money as possible to see if it is doable so all the above advice is very good. If at the end of the day you decide to do it buy a tough live out type with a great temperament and even better constitution. Limit your expectations of what you can want as competing, fancy breeding or rescues are a money pit. The purchase price of a horse or pony is only a tiny fraction of what it will cost you annually. I have paid more for a saddle than I paid for the horse on more than one ocassion. so yes it can be done but it is a sacrifice you cannot pretty much ever go for a drink, smoke, party or do much else that costs as every penny goes on the horse so your oh has to be on board with that too
 
I was in this exact position a couple of years ago - luckily my OH had grown up in a horsey world so knew exactly the consequences, so it didn't have a huge impact on our relationship but i did feel guilty and could tell he was getting tired of picking up the unexpected bills/slack. he is a high earner so luckily I had that backstop as much as I resented using it. It was sometimes required!! so savings are a must if you're doing this on your own.

I broke my leg and had to sell up, the financial strain was unbelievable and i didn't realise how anxious I had become, i used to go to bed dreaming of vet bills. it was awful.
I really really miss horses and if i think too much about it i get upset, but being able to sleep again, go out for meals or save up for a holiday. We have nice cars and we're just in the process of buying a bigger house. for me the Cons of horse ownership currently outweigh the Pros. I will have them again, but when i'm on a higher wage and can happily find them in the way i'd like to! Without having to scrimp and save everything!
 
I have done, I had horses before I had to move out of home and times were tight. I ended up living in my overdraft with a maxed out credit card. You need to have a contingency plan and also factor in costs of socialising, as has been said if you're spending all spare money on a horse, your relationship will suffer.
 
Has your budget included extras like shoes, hard feed, bedding? Have you considered horse insurance and keeping an excess to one side in case of vet bills? What if you need extra rugs or to replace any tack? It is the little things that stung with me at first although are pretty well set up now and Stock up/save for the following winter over summer
 
I bought my first pony straight out of uni on minimum wage. As others have said you can forget going out for dinner/drinks etc. It put a huge strain on my relationship at the time (but he was a arse and I’m very glad that’s over ?) . But for me it was all worth it, he was a childhood dream realised so all the sacrifices was worth it. Looking back now, (luckily with a well paid job and a forgiving OH) I don’t know how I did it, life is so much easier and more enjoyable without financial pressures. If I was you I would focus on getting a suitable loan to scratch the I need a horse itch!
 
I have done.

Hardy welsh ponies. I shared a field with a friend who did not have the commitments of a young family like I did.
I had a pony fr my daughter and my welsh C stallion. I was a single mum and worked full time. My daughter went to after school clubs until I finished work, then we trundled off to the ponies.
We rode in the field and weekends were spent poo picking and playing with the ponies.
We bought hay off the field in summer and helped with the baling to get a reduced price. I had a little savings pot which I put money in every pay day for hay and extras.
Insurance was so much cheaper. I thing the 2 ponies cost me less than £20 a month with everything covered.
I fed basic feeds with no fancy expensive supplements and the ponies were no worse off for it.
I had a small credit card in case of unexpected injuries which were not costly enough to claim on insurance.

It depends what your priorities are though. I drove a clapped out old disco that leaked when it rained, but it meant I could tow a trailer and take my daughter for lessons and to the local shows.
We ate home cooked food and had a take away once in a while as a treat. We shopped at budget supermarkets (still do). But there was always plenty to eat, stuff daughter liked too. We didn't dress in rags, but didn't wear expensive clothes.
Expensive things my daughter wanted were saved for Christmas and birthdays.
Society is very different now though (god I sound old) and branded/designer clothes are the norm and expensive cars seem to be essential. Everything is much more expensive.

Also I have always had horses so I was second nature to me. And when I met my OH my horses were already a part of me he had to accept.
 
Mine are kept in a field, no facilities, sharers helping towards costs. Costs are minimised by having no shoes, minimal rugs, second hand tack and a willingness to fix whatever needs fixing myself, be it tack, fences or horsey manners.

This is cheap horsey-life, BUT there is still the risk, both financial (unexpected vet bill or damages claim), and personal. Not being on a yard means no on-site support. EVERYTHING is your responsibility, and not something I would want without the finances to deal with it if necessary.
 
It is possible to do horses cheaply - but it depends on a lot of factors.

Firstly, some horses are cheaper to keep than others, but as this isn't always obvious at first glance, you can't guarantee picking a cheap keeper. Natives are generally cheaper to feed than bigger blood horses, but if you have weight / laminitis issues, you'll incur huge management costs.

Secondly, some yards are cheaper than others - if you are willing and able to go without facilities and support, you can save money. If you can't hack your horse safely, a cheap yard is a false economy because you're paying out for no riding. If you can't manage grazing, fence safely, do all the work, you're going to need to bring in outside help which is more money. If you don't have the experience to plan a sensible horse management strategy, it's going to bite you in the arse sooner or later, and that'll cost too. If you get injured - even if it's not your fault, not horse-related or is just one of those things - you're screwed if you can't buy in the help you need to get through.

Thirdly, it's cheaper to do things by scale. It's arguably cheaper (per head) to keep multiple horses, than a single one - through shared kit, the use of grazing (no need to worry about horses being left alone, can rent private field), big bale hay/haylage economies. As a single horse owner, you're at the mercy of field mates and yard staff not to end up in the shit.

I'd say the only safe way to keep horses on a tight budget is to keep them on a tight budget, while having considerable personal wealth in the background to deal with things when it inevitably hits the fan. The running costs for a horse don't have to be huge, but the contingency fund should be.
 
I fully agree with Midlifecrisis, horse ownership is meant to be pleasurable & if you are skinning yourself you will not be enjoying your horse, you may well get grief from your partner regarding the expense which you may not really be able to afford & you may be putting pressure on the relationship you have with your partner. Do as Midlifecrisis suggests & see how things pan out. I'm three times your age, I've been in & out of horse ownership for many years & am now at a point when my house is paid for, car paid for & I have a choice of what to spend my money on & I decided horses & have had them now for 20 years. Don't heave pressure onto your relationship & also it's been mentioned that you have a mortgage & at the moment mortgages are cheap, very low interest & in reality the only direction they can go is up. If your mortgage increased by a couple of percent could you cover it & still pay for your horse? This is a real possibility. It's lovely to own your own horse but this may not be the right time for you.
 
The only way I can afford mine is to have him at home on our farm, Stable is 'free' along with hay & I have use of 1 small paddock. No additional facilities, I pay for shavings, feed vet etc, but have managed to sneak his insurance in along with the farm stuff! I have a small income from a Trust fund which I use to support my hobby but usually by the end of the year I am struggling to find extra pennies for lessons or entry fees.
 
The other factor I forgot to mention in my post is experience. It has taken me 30 years to acquire the skills and knowledge I need to keep them healthy and happy on grass. Whilst I do very little (as little as possible!), the decisions about when to move and/or feed what are the difference between stressed skinny horses knee deep in mud, trampling £££'s worth of hay into the floor and injuring each other, and a relaxed, healthy herd right through winter often without being fed at all.
 
I think back to my young days mine and my friends expectations were a lot lower. We kept our ponies in farmers fields, rode over to meet our friends and hack out together. Once a month we hacked to the local riding club show for a couple of classes. I cycled up to see my pony every day and paid for his keep by working Friday nights in the local chip shop.
 
The save up the cost per month first idea is an excellent one, but it is doable! When I got my first horse I used to earn 17.5k, lived a house share, ran a cheap car and still managed to go for cheap drinks and food with friends fairly regularly :-) this was 10yrs ago. I used to do ad hoc waitressing shifts for weddings for extra cash, I had a sharer too. I didn’t pay for any services I used to double up with friends if I couldn't make it down. Pay decent insurance and buy everything second hand. Don't buy a WB or a TB as they generally need more food, shoes etc (obviously there are exceptions!).

If you want it enough you will be fine, but not everyone does and that's OK too, for a lot of people the right loan is good. A lot of my friends have horses too, so having a cheap but still fun social life was easy for me.

The boyfriend bit is a bit trickier, I'm very independent and I've always dated people who are similar, so don't mind me spending a lot of time at the farm. If he's needy of your time or wants to enjoy fancy holidays, restaurants etc and you to pay half you will probably fall out!
 
Midlifecrisis said:
If you were my daughter my advice would be try saving £350 a month...as if you were paying livery for 6 months or more. Can you afford not to have that money? You are still so young and nothing wrecks relationships faster than having no money...and no time together because you are at the yard. If you are a good loaner keep doing that until you have a good wedge of money to buy the horse and keep it. Don’t add extra financial pressure to your life just yet.
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Absolutely this. Great advice. Old saying "When money goes out of the door, love goes out of the window."
 
I typed out a big post and have deleted it.
Basically, if it leaves things tight don't do it!
I kept my old boy very cheaply - shared jobs with a friend on the yard, he was semi retired so I didn't need transport or lessons or shoes.

My next one was supposed to be cheap to run (live out, not need shoes etc) but costs me a bleeding fortune as she is actually metabolic so can't really live out, then DIY rather than grass brings extra livery costs, bedding, assistance etc.

You can plan all you like with horses but they like to throw curveballs at us!

When you do your budget build in a level of tolerance - for example what if they need an expensive supplement each month or what if you had to box rest and had extra bedding or hay bills, or they hurt themselves and you have to pay insurance excess, extra physio, bits insurance don't cover (presuming you insure of course)

What about if you have unexpected non-horsey costs - your boiler breaks down at home, your car needs some repairs etc, could you still afford to deal with that if you have a horse?

I'm very impressed you've bought a house so young, it's a great achievement. (As a result of always having a horse I still don't own a horse at age 30) but personally I'd give yourself a bit of time to build up some savings, maybe a chance to advance your career and go from there.

Hmm, that still ended up being long, sorry.
 
Seriously, I wouldn’t do it. I literally had to go bankrupt when my marriage broke down and I was left with the residue debt from that plus a horse to maintain - it was crap. I gave up horses for good a couple of years ago and the financial relief has been indescribable, even though I miss having my own horse like hell..... but believe me, the daily nagging worry is just not worth it. Sorry to be a doom and gloom merchant, but it’s genuinely how I feel.
 
Midlifecrisis said:
If you were my daughter my advice would be try saving £350 a month...as if you were paying livery for 6 months or more. Can you afford not to have that money? You are still so young and nothing wrecks relationships faster than having no money...and no time together because you are at the yard. If you are a good loaner keep doing that until you have a good wedge of money to buy the horse and keep it. Don’t add extra financial pressure to your life just yet.
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This! This is great advice. I have a daughter who has a fairly good job and has decided to get a horse. I’ve told her to
Work out her costs carefully- even breaking down shoes etc to a weekly cost and that she has to give me the money for a few months first to see how do-able it is. I will of course give the cash back but it will then help out towards tack or rugs. All of which cost a fortune with a new horse.
Don’t let your heart rule your head!
 
I think it's really about keeping a human on a tight budget.

I sacrifice a lot to have a horse. A vet bill followed by a huge car bill (unexpected breakdown) has left me compromising a lot on stuff for me. Many of my clothes are too big and I can't afford to replace. I don't remember my last foreign holiday and my house needs work. That can be a huge compromise for an OH who doesn't love your hobby as much as you do.
 
After buying your first house (exciting!) I'd try and wait/save for a year. I can understand why loaning can get frustrating but set yourself up to succeed.
I had horses for 15 years and then had a break to get married and buy our first house. The break seemed forever but it was definitely the best decision. Horses come with stresses even when money isn't tight. Can you be sure the £350 will cover everything? Insurance and an unexpected vets bill? I know I couldn't guarantee it for one of mine.
I think people with horses need very understanding OHs because of the cost, time and smell without the worry about money. I had a surprise when I got my mare after getting married...my OH took a long time to get on board!
I'd also say when you do buy, don't buy cheap...they often cost twice as much to keep!
 
the price of keeping a horse varies so much, I often wonder how the single parents with 3 kids keep 3 horses but they manage some how! Where there’s a will there’s a way xxx
 
Dwyran_gold said:
the price of keeping a horse varies so much, I often wonder how the single parents with 3 kids keep 3 horses but they manage some how! Where there’s a will there’s a way xxx
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with no disrespect, quite often that ‘way’ is borrowing beyond your means, payday loans and the like - not a healthy lifestyle for anyone ☹️
 
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