$$$ Money Talk $$$

[Rohello]

Great thread!

1. How much do you spend on your horse(s) each month? around $550 (don’t want to think to hard about it, ahem) for one ‘pasture-ornament’ OTTB and 1/2 of a project OTTB I share with a friend.

2. How does your significant other feel about your expenditures? N/A

3. How do you save for big ticket items (ex: saddles, trailer, new horse, etc.)? Don’t have a trailer - I try to hitch a ride to show/clinics with friends, share the gas costs and bribe them with baked goods. Still ride in the jumping saddle my parents got me for my 14th birthday and got my dressage saddle used. My truck is old (really old) and I generally don’t buy anything unless I’ve saved for it.

4. How much do you spend on events/competitions/schoolings each year? How do you save for them? $1000 - budgeted in my ‘pony account’. I mostly ride young horses, so I mostly go to schooling shows anyways to keep the costs down while giving them more experience.
   Don’t really ever go to recognized shows: don’t see the point of spending all that money to show under Prelim/Prix St George/1.40 jumpers if there is a cheaper alternative to get out and still have fun with the ponies. And since I need to sell the “projects” before they get to that level, schooling shows for green beans it is.

5. What is the most you would spend on a new horse? How would you come up with that amount of money (ex: saving, selling something, second job, etc.)? Current horses were both under $1000 (including pre-purchase vet exam) - yay for CANTER listings!

6. How much do you spend on training each month? Do you feel like the $ is well spent? Not as much as I’d like - I work off dressage lessons by exercising my coach’s horses and there is not jumper trainer within “reasonable” driving distance so I clinic for jumping/cross country about 2 to 3 times a year.

7. How do you budget for emergency medical expenses? What is the most you’ve ever spent on a vet bill? Do you have a dollar limit? I pull from savings if necessary.

8. How do you balance an expensive hobby with other financial priorities, such as investing, paying off student loans, buying a house, and saving for retirement? I don’t have student loans but I pay my mortgage on my house on my own. My job pays for a small retirement (keeps telling myself I should contribute to that more - hopefully when I am done paying for my house)

9. Are you willing to go into debt to purchase something horse related?
   No - except perhaps financing a truck when my current one “dies”. There is no public transportation where I live so I’d still need a vehicle to go to work. Might as well choose something that does “double duty”.

10. Have you ever taken a break from horses or downgraded your competition schedule, training, schooling frequency, etc. due to finances? How did you feel about it? Yes, in grad school and when I started my current job and made around $25 000 at the time (teaching like the OP). When I lived in a urban areas, I tried swimming/running insteand (didn’t really “work”). When I moved to a more rural area, I started POAs for a local breeding family and exercized other people’s horses to keep riding a little.

11. Have you ever found yourself upgrading (ex: horses, tack, trainers, shows, etc.) to keep up with wealthier clients at your barn? No, there are only 3 of us at the barn and we do different disciplines (dressage/western pleasure and jumping-eventing for me) - and everyone else in the area does Western pleasure/rodeo/trail-riding

12. Have you ever experienced buyer’s remorse for something horse related? How did you address the issue? Did you learn something from the experience? No - did I wish my first OTTB would have stayed sound for more than a year after I got him? Of course. But thanks to him I met nice people who let me ride their own horses, etc. So no regrets.

13. What are practical ways you keep costs down? Lay on the frugal tips!
    Pasture board when possible. Schooling shows. Spend more money on clinics/lessons than shows. Only go to a show when you are 100% sure that you and your horse are ready.
    Save on other items (stopped coloring my hair - actually my natural color wasn’t so bad and I spend so much time with a helmet on anyway…), buy second-hand/used as much as you can.

14. Do you have a separate income/job/side business to fund your eventing obsession? Not really - I ride friends’ horses and currently have the project horse but 99% of my income comes from my regular teaching job.

15. Have you ever seen someone make a horse related financial decision that you thought was just crazy? I guess - but it’s their life not mine.

[INoMrEd]

1. How much do you spend on your horse(s) each month?
   Board is $540.00
   Extra Feed is $200
   Farrier is $175.00 (every five weeks)
   Monthly lessons and turnout fees are $250.00
   so the total is about $1150.

2. How does your significant other feel about your expenditures?
   He is very supportive.

3. How do you save for big ticket items (ex: saddles, trailer, new horse, etc.)? I have a good job that pays me well and we live within our means.

4. How much do you spend on events/competitions/schoolings each year? How do you save for them? I don’t compete much anymore as my horse is older. When I was showing it was about $1,000 per show which inluded everything.

5. What is the most you would spend on a new horse? How would you come up with that amount of money (ex: saving, selling something, second job, etc.)? Less than $10K I just can’t see spending that much on a horse. Luckily I have a good job to help pay for it.

6. How much do you spend on training each month? Do you feel like the $ is well spent? I take weekly lessons and since I don’t need someone to warm me up as my coach said, “You know what you are doing.” - I just pay $30 for a weekly jump coaching (for eyes on the ground) session.

7. How do you budget for emergency medical expenses? What is the most you’ve ever spent on a vet bill? Do you have a dollar limit? I have spent a small fortune (over $20K in vet bills on one horse) and I used to have my horse(s) insured but the one who owns me now is older at age 24 and is not eligible for insurance.

8. How do you balance an expensive hobby with other financial priorities, such as investing, paying off student loans, buying a house, and saving for retirement? My husband and I both have good jobs. This allows us to contribute to our retirement accounts, own two houses (one is a small farm in KY that is currently rented) a newer car and still get to enjoy my horse.

9. Are you willing to go into debt to purchase something horse related? (ex: I have a friend who recently “raided” her 401k to buy a new prospect and another who took out a loan to buy a horse. I’ve recently seen horse ads where credit cards are accepted.) Not for us we have to live credit card debt free.

10. Have you ever taken a break from horses or downgraded your competition schedule, training, schooling frequency, etc. due to finances? How did you feel about it? I have taken a forced break from riding due to my injured eventer but in 40 years of owning horses I have never really been without a horse. I just can’t imagine not having one.

11. Have you ever found yourself upgrading (ex: horses, tack, trainers, shows, etc.) to keep up with wealthier clients at your barn? Do you feel pressured by your trainer or barn friends to spend more money? What is your approach for dealing with that pressure? No - like Reed I like buying horses on the cheap, I enjoy working with them myself and beating the pants off my friends who spend a bloody fortune on their horses, trainers and such.

12. Have you ever experienced buyer’s remorse for something horse related? How did you address the issue? Did you learn something from the experience? Yes many years ago I was sold a horse as an eventer and it turned out although he was beautiful and could jump the moon - he was a chicken and he’d rather do dressage. So I did a ton of dressage with him until I sold him on to a good home.

13. What are practical ways you keep costs down? Lay on the frugal tips! I cook at home a lot. I bring my lunch to work rather than eat out, I buy nice classic clothes that can be worn for many years. I have saddles re-fit rather than buying another. I take good care of my tack so I don’t have to buy new. I don’t buy things I don’t need. We barter - my husband has no problem building jumps in exchange for lessons and board.

14. Do you have a separate income/job/side business to fund your eventing obsession? If so, what do you do and how do you find the time? When I was younger and worked at B of A, I used to braid horses (like a maniac) for the H/J shows so I could afford to ride and compete.

15. Have you ever seen someone make a horse related financial decision that you thought was just crazy? Yes - someone I used to be very close to fell on hard times and due to job loss, lost their house but refused to sell the horse.

[tldickinson]

This thread is great thank you so much for posting! As someone graduating in May 2014 from grad school (with no student loans thank you dearest father) the prospect of adjusting to completely supporting myself is a very daunting one. The prospect of also supporting my horse addiction and recently re-found passion for eventing is even more daunting. You guys are giving me some hope for my very stressed out mind!

[BRM04]

I’m in my late 20’s and have had my horse since I was in college and she was a weanling (She’s 9yrs old now).

1) How much do you spend on your horse(s) each month?
around $700 for one horse at a nice barn and paying for extra turnout time…though during college I pasture boarded my mare and gradually moved her closer to home (more expensive barns) as my pay has increased over the years, which also saved in gas money.

2) How does your significant other feel about your expenditures?
He is supportive…not interested in getting into it himself but he knows it’s my one true passion and I’m the ‘bread winner’ so it’s my money anyways

3) How do you save for big ticket items (ex: saddles, trailer, new horse, etc.)?
Depends, usually save big ticket items for tax return time. Otherwise might put it on a CC and aggressively pay it off

4) How much do you spend on events/competitions/schoolings each year? How do you save for them?
Not much. I don’t have a trailer so finding rides to places is hard. I try to stay within $200 a month when I can get out to places. I budget my funds, pay for my designated bills per paycheck as soon as I get paid and whatever is left over is fair game.

5) What is the most you would spend on a new horse? How would you come up with that amount of money (ex: saving, selling something, second job, etc.)?
I have never spent more than $2k on a horse and I probably wouldn’t now either. My current horse I bought for a few hundred as a baby and if I got another it would be a cheapy OTTB.

6) How much do you spend on training each month? Do you feel like the $ is well spent?
Nothing right now (moved barns in Dec then was saving money to get married this summer and now new barn trainer is booked solid until students go away to college). When I am taking lessons I do about 2 a month so a little over a $100/month. It is money well spent and it helps me move forward with my riding.

7) How do you budget for emergency medical expenses? What is the most you’ve ever spent on a vet bill? Do you have a dollar limit?
CC for this most likely (I have CC for emergencies only) or work a payment plan with the vet if possible.

8) How do you balance an expensive hobby with other financial priorities, such as investing, paying off student loans, buying a house, and saving for retirement?
I bought my house 2 years ago (actually not much more than renting so better investment)…I contribute to a 401k and pay a bit over the min on my student loans every month (almost paid off!)…along with other debt. I don’t “invest” right now beyond that.

9) Are you willing to go into debt to purchase something horse related? (ex: I have a friend who recently “raided” her 401k to buy a new prospect and another who took out a loan to buy a horse. I’ve recently seen horse ads where credit cards are accepted.)
Definitely not. I live within my means and feel I’m competent enough to train my own horse so I’m ok on that front. As much as I’d love to buy a fancy warmblood, I can’t justify the price and debt that it would incur.

10) Have you ever taken a break from horses or downgraded your competition schedule, training, schooling frequency, etc. due to finances? How did you feel about it?
Yes. Many times. I haven’t shown seriously since high school. I showed IHSA in college and have done some schooling shows when I can get a ride out to the show. I’m fine with it. I do this for fun and I will go as far as I can but I don’t beat myself up over not getting to a certain level, etc. If I have to choose between shows and lessons, I choose lessons. I hope to start showing again soon but horse shows will always be there but if I’m still progressing my riding otherwise, I’m good!

11) Have you ever found yourself upgrading (ex: horses, tack, trainers, shows, etc.) to keep up with wealthier clients at your barn? Do you feel pressured by your trainer or barn friends to spend more money? What is your approach for dealing with that pressure?
I have never bent to that pressure. I buy what is needed and within my means. I have had trainers in my past want me to spend X amount of $$ on stuff but once I stood my ground and they knew where I stood it was fine.

12) Have you ever experienced buyer’s remorse for something horse related? How did you address the issue? Did you learn something from the experience?
Nope. I always made room for horse expenses. I have my job to support my happiness and my horse I skimp on other expenses so I don’t feel guilty about the equine sort.

13) What are practical ways you keep costs down? Lay on the frugal tips!
Budget, budget, budget. Don’t spend more than you have. I have pasture boarded my horse to save money when necessary. Kept my horse further away in the past b/c it was cheaper & more turnout time. Nothing too crazy. I have mostly the same stuff I’ve had for years so I don’t buy new stuff too often.

14) Do you have a separate income/job/side business to fund your eventing obsession? If so, what do you do and how do you find the time?
Not really. I do some freelance work occasionally but nothing crazy as I am usually too busy anyways.

15) Have you ever seen someone make a horse related financial decision that you thought was just crazy?
A lot…but that’s their business!

[JanWeber]

I don’t know where you are, but I know a number of young professionals who are making with without the afore-mentioned financial support. I appreciate their efforts and support them as much as possible; it’s different when you’re mucking your own stalls than when Mom & Dad buy you the WEG horse…not that those young riders are necessarily dilettantes, but it put them in a much different league.

[olim2005]

I would never go into debt to buy a horse. As much as I want an amazing, trained horse, I think the price tags are ridiculous. The most I have spent is $3500.

Recently, I did splurge and bought a new Voltaire. I sold my current saddle for $2500 and saved the rest. Cash flow. I am a hard fit for saddles, so it was worth it.

I only do about 2-4 events (clinics or local shows) a year. I enjoy being home and do not like placing my horses in stressful situations so I have no interest in traveling. Maybe $1000/year.

I would love to talk to more adults about riding lessons. I place a lot of pressure on myself to ride well, serious rider, but I have not wanted to take lessons recently. Trailering out for lessons takes a lot of time, half a day. After working all week, I have little interest. Also, my horse is only sound because I ride him a certain way (exercises, duration, frequency) and I find riding instructors not willing to adjust. Many lessons have ended badly because they wanted me to jump “just one more jump” when I’ve reached my horse’s limit.

[charreit]

Great Thread! It’s nice to see everyone else’s expenses, makes me feel better! =)

1. How much do you spend on your horse(s) each month?
   $525 Board, $190-250 on shoes/5-6 weeks, Supplements as need - $100/month maybe - with Adequan included 2x a year for maintenance. $200 on chiro & acupunture every other month. I don’t like thinking of these numbers hahaha

2. How does your significant other feel about your expenditures? N/A

3. How do you save for big ticket items (ex: saddles, trailer, new horse, etc.)?
   Tax Returns, Year End Bonus

4. How much do you spend on events/competitions/schoolings each year? How do you save for them?
   I save over the winter for showing, try to stash what I can & make my show calendar from that. Usually 4 USEA Events & local events/jumper/dressage sprinkled in. Maybe $4000

5. What is the most you would spend on a new horse? How would you come up with that amount of money (ex: saving, selling something, second job, etc.)? $2500 ish? Saving up

6. How much do you spend on training each month? Do you feel like the $ is well spent?
   Try to do weekly lessons at least, with extra jump lessons & clinics in there. I’ve gotten it down to lessons with my trainer and clinics with 2 other really great coaches. Best bang for my buck! at least $160-280 a month with reg lessons, clinics are between $250-300 for 2 days of lessons every couple of months.

7. How do you budget for emergency medical expenses? What is the most you’ve ever spent on a vet bill? Do you have a dollar limit?
   I don’t budget for this really. I’ve spent $600 at the most and it was 1x. I have a fab mare that keeps herself safe “knock on wood” so I’m blessed. Dollar limit would depend on the issue.

8. How do you balance an expensive hobby with other financial priorities, such as investing, paying off student loans, buying a house, and saving for retirement? I worry about $$ but have no student loans, have a 401K and Roth IRA, Home bought when 20, so I plan to stay there for the long haul & it’s a small reasonable home. I spend more on my horse than all my other bills, so sad haha

9. Are you willing to go into debt to purchase something horse related? (ex: I have a friend who recently “raided” her 401k to buy a new prospect and another who took out a loan to buy a horse. I’ve recently seen horse ads where credit cards are accepted.) No, not at all. Maybe for a saddle? But never for a horse,

10. Have you ever taken a break from horses or downgraded your competition schedule, training, schooling frequency, etc. due to finances? How did you feel about it? Yes, you have to do what you have to do. Life happens, so sometimes having to skip a show is what needs to happen to make things balance out.

11. Have you ever found yourself upgrading (ex: horses, tack, trainers, shows, etc.) to keep up with wealthier clients at your barn? Do you feel pressured by your trainer or barn friends to spend more money? What is your approach for dealing with that pressure? No not really. Someone will always have a better horse, more money, etc.

12. Have you ever experienced buyer’s remorse for something horse related? How did you address the issue? Did you learn something from the experience? Not really. Happy with my purchases!

13. What are practical ways you keep costs down? Lay on the frugal tips!
    Buying clothes/tack on clearance or used - so many online options & Riding Warehouse/Adams, etc usually have great deals on holidays throughout the year. Buying blankets in the spring on discount for the following winter.

14. Do you have a separate income/job/side business to fund your eventing obsession? If so, what do you do and how do you find the time? YES!!! I work my day job full time. But bartend 3 nights a week for my horse $ & additional savings. I am still able to ride 4-5 times a week, plus have the $ cushion to be comfortable

15. Have you ever seen someone make a horse related financial decision that you thought was just crazy?
    Sure! Lots of craziness!

[findeight]

The expenses listed, except for the last one here, are from 2013 and might not be the same as they are today. Know my board went up at least twice in the last 5 years.

[L00kAtMeN0w]

1. How much do you spend on your horse(s) each month?

I tell myself its $1,000 a month, but I did the math and it is a bit less than that. I have two line items for the horse: non negotiable expenses (vet, farrier, board, etc) and then costs that I let go when money is tight (lessons, shows, tack, etc)

2. How does your significant other feel about your expenditures?

I make a good living myself, and it makes me happy. He has no problem with it and is supportive.

3. How do you save for big ticket items (ex: saddles, trailer, new horse, etc.)?

With saddles, I used a year end bonus, otherwise it would’ve been savings. I buy used saddles from brands that hold their value. Honestly, the last couple of times I have had to sell saddles, I made money on them.

4. How much do you spend on events/competitions/schoolings each year? How do you save for them?

This is super variable. 2016? THOUSANDS on schooling and rated events. 2017? $0. 2018? maybe $300 on schooling events.

5. What is the most you would spend on a new horse? How would you come up with that amount of money (ex: saving, selling something, second job, etc.)?

$5K. I don’t know why, but this is a mental roadblock for me. The first horse was a gift. The second I paid for with money I had saved. (no time for a side hustle when you work 80+ hours a week)

6. How much do you spend on training each month? Do you feel like the $ is well spent?

This is super variable. I have spent $0 most months, and I spent up to $500 in one month. When i need the help, a great professional is always money well spent.

7. How do you budget for emergency medical expenses? What is the most you’ve ever spent on a vet bill? Do you have a dollar limit?

I have insurance for my horse. It’s tough to set a dollar limit because sometimes… things just cost money. If a horse has mild colic episodes, it can take a lot of money and time to determine that ulcers are the issue. Then, you have to buy the ulcer meds. I will say that I won’t do major surgery on my horse.

8. How do you balance an expensive hobby with other financial priorities, such as investing, paying off student loans, buying a house, and saving for retirement?

Everything else comes first… “extras” in my riding life are paid for through my bonuses at work. When I don’t have those bonuses, things don’t happen. My spouse and I have been VERY fortunate to have good paying jobs.

9. Are you willing to go into debt to purchase something horse related? (ex: I have a friend who recently “raided” her 401k to buy a new prospect and another who took out a loan to buy a horse. I’ve recently seen horse ads where credit cards are accepted.)

No. I know someone who spent $80K on a horse that had a severe neurological attack the week after she bought it.

10. Have you ever taken a break from horses or downgraded your competition schedule, training, schooling frequency, etc. due to finances? How did you feel about it?

Definitely downgraded once we moved across the country and bought a house. It sucks hahaha. But I am still happy to be involved in the sport however I can.

11. Have you ever found yourself upgrading (ex: horses, tack, trainers, shows, etc.) to keep up with wealthier clients at your barn? Do you feel pressured by your trainer or barn friends to spend more money? What is your approach for dealing with that pressure?

Nope. I am happy to plod around on my corgi horse in our used tack and dirty, but functional boots.

12. Have you ever experienced buyer’s remorse for something horse related? How did you address the issue? Did you learn something from the experience?

yes. Spent way too much money on XC boots. I just make a mental note to never buy anything like that again.

13. What are practical ways you keep costs down? Lay on the frugal tips!

I try to invest in good quality items. ROMFH breeches last a lot longer than Pipers. However, keep items that will get a lot of use or abuse on the more affordable end. (boots are ariat Heritage boots, helmet is a OneK, etc). Show clothes are kept separate from regular riding clothes to preserve those splurgey items.

14. Do you have a separate income/job/side business to fund your eventing obsession? If so, what do you do and how do you find the time?

Nope. No time. But am looking into options come winter, when I have a bit more time.

15. Have you ever seen someone make a horse related financial decision that you thought was just crazy?

Yes. People that buy 6 figure animals make me nauseous. haha just too frugal for that!

[HeyJealousy]

1. How much do you spend on your horse(s) each month?

About $1200 a month. I have one retiree and one green horse that I’m hoping to event.

2. How does your significant other feel about your expenditures?

Incredibly supportive. I am very lucky to have him.

3. How do you save for big ticket items (ex: saddles, trailer, new horse, etc.)?

I farm sit, and save as much as I can.

4. How much do you spend on events/competitions/schoolings each year? How do you save for them?

This year, about $200. I usually don’t save for them, just pay for them out of our regular budget, but then I’m not doing a lot of showing either.

5. What is the most you would spend on a new horse? How would you come up with that amount of money (ex: saving, selling something, second job, etc.)?

Probably $5k. I would probably borrow it from my savings if I didn’t have the cash up front.

6. How much do you spend on training each month? Do you feel like the $ is well spent?

Currently, $0. I do all of the work myself for now, but am hoping to get into more of a program in 2019 once my horse is past the beginning stages.

7. How do you budget for emergency medical expenses? What is the most you’ve ever spent on a vet bill? Do you have a dollar limit?

Most I’ve spent was $4k on colic surgery and I lost the horse on the table. I will never do colic surgery again. I would use savings or Care Credit for future emergencies but my dollar limit is probably $2k right now.

8. How do you balance an expensive hobby with other financial priorities, such as investing, paying off student loans, buying a house, and saving for retirement?

The house payment, saving for retirement and student loans all come first. I can have my horses because we are lucky to have enough disposable income after all of that is paid to comfortably afford them.

9. Are you willing to go into debt to purchase something horse related? (ex: I have a friend who recently “raided” her 401k to buy a new prospect and another who took out a loan to buy a horse. I’ve recently seen horse ads where credit cards are accepted.)

I might go into debt for a saddle, but never for a horse. Too much risk involved.

10. Have you ever taken a break from horses or downgraded your competition schedule, training, schooling frequency, etc. due to finances? How did you feel about it?

Yes and it was hard. Sometimes that’s just life, though.

11. Have you ever found yourself upgrading (ex: horses, tack, trainers, shows, etc.) to keep up with wealthier clients at your barn? Do you feel pressured by your trainer or barn friends to spend more money? What is your approach for dealing with that pressure?

Not really. I definitely wouldn’t mind having the fancier tack and stuff but no one makes me feel pressured to have it.

12. Have you ever experienced buyer’s remorse for something horse related? How did you address the issue? Did you learn something from the experience?

I’m sure I have but I can’t think of a specific instance.

13. What are practical ways you keep costs down? Lay on the frugal tips!

Shop sales, only buy what you NEED, sell things you don’t need anymore, pasture board if you can.

14. Do you have a separate income/job/side business to fund your eventing obsession? If so, what do you do and how do you find the time?

Yes. I farm sit and braid and groom at horse shows. I work a standard 40 hour week so that leaves me time before and after work and weekends for my side gigs.

15. Have you ever seen someone make a horse related financial decision that you thought was just crazy?
    Taking out a loan to buy a horse that ended up having severe physical issues.

[dani0303]

I show in the jumpers but hope to compete in my first BN event in 2019!

1) How much do you spend on your horse(s) each month?
I have 2 retirees at home and my show horse boarded at my trainers. Between all 3 it averages out to about $600 a month

2) How does your significant other feel about your expenditures?
He’s super supportive as long as the bills get paid and I’m not dipping too deeply into our savings

3) How do you save for big ticket items (ex: saddles, trailer, new horse, etc.)?
At the moment I don’t. Saddle is 10 years old, truck and trailer are 15, and my show horse is 19. I should probably start saving up for the next few years though…

4) How much do you spend on events/competitions/schoolings each year? How do you save for them?
I only show locally and spend about $1500 on 6 shows. I don’t save up for them since they’re only about $200-300 per show.

5) What is the most you would spend on a new horse? How would you come up with that amount of money (ex: saving, selling something, second job, etc.)?
I’ll probably be looking to buy something in the $10k range in the next 5 years. We’ll be saving up for it. I’d love to spend more but I don’t think it’ll be financially responsible

6) How much do you spend on training each month? Do you feel like the $ is well spent?
About $200 in lessons. I’m super experienced and riding a very well trained horse so I feel like my once a week lessons work well for me personally

7) How do you budget for emergency medical expenses? What is the most you’ve ever spent on a vet bill? Do you have a dollar limit?
We’ll just pay for it out of checking for a bill $1000 or less. For anything over that we’ll either dip into savings or use our Care Credit account. I don’t have a specific dollar limit but I’d struggle with anything in the upper 4 figures and up. For example, none of my horses are colic surgery candidates.

8) How do you balance an expensive hobby with other financial priorities, such as investing, paying off student loans, buying a house, and saving for retirement?
Horses are the lowest financial priority for us. Mortgage, car payment, savings, etc come first.

9) Are you willing to go into debt to purchase something horse related? (ex: I have a friend who recently “raided” her 401k to buy a new prospect and another who took out a loan to buy a horse. I’ve recently seen horse ads where credit cards are accepted.)
I’d take out a loan for a truck/trailer or go into a small amount of credit card debt for a vet bill. Otherwise absolutely not.

10) Have you ever taken a break from horses or downgraded your competition schedule, training, schooling frequency, etc. due to finances? How did you feel about it?
After college my parents stopped paying for it. I wasn’t making enough to really support a horse habit. I still had my junior horse so I put him on pasture board for $200 a month, pulled his shoes, and just trail rode for a few years. He loved it and it allowed me to build up my career.

11) Have you ever found yourself upgrading (ex: horses, tack, trainers, shows, etc.) to keep up with wealthier clients at your barn? Do you feel pressured by your trainer or barn friends to spend more money? What is your approach for dealing with that pressure?
Of course I’d love to have the newest and nicest things but it’s not feasible. I felt a lot more pressure to keep up with appearances when I was younger. That that I’m rapidly approaching middle age it’s pretty easy to ignore.

12) Have you ever experienced buyer’s remorse for something horse related? How did you address the issue? Did you learn something from the experience?
No, but I’ve always been a pretty frugal and financially responsible person.

13) What are practical ways you keep costs down? Lay on the frugal tips!
Keeping my 2 at home is HUGE. They live on pasture with a round bale (and slow feeder net). They get minimal grain and are both barefoot. I do most of my vaccines myself which helps with farm calls. I try to combine everything into 1 yearly vet visit (coggins, rabies shots, dentals, etc). I’ve also half leased out my show horse for the past year to help with expenses. That was enough to cover her board so I just paid vet and farrier.

14) Do you have a separate income/job/side business to fund your eventing obsession? If so, what do you do and how do you find the time?
My husband has a small oilfield trucking company and I own/run a liquor store. My husband’s business pays our main bills and my job supports our “fun money”.

15) Have you ever seen someone make a horse related financial decision that you thought was just crazy?
I saw someone take out a high interest personal loan to import a horse from Europe. Last I knew the horse had torn a suspensory a few months after getting here. I could never wrap my head around that decision.

[Chouteau]

I know most of this thread is over 5 years old but it’s still interesting. All my answers closely align with everyone else’s - except #4 - How much do you spend on events/competitions/schoolings each year? I spent $8,097.49 this year (I’m a little OCD & track everything, I can tell you the exact annual amounts since I started eventing in 2010) - this includes 7 regular rated (no big events - all less than 6 hours away, no championships or FEI) events (which includes entries, shavings, training, hotel & diesel), 1 lost entry fee (canceled event), 3 out of town 2-3 day lessons/xc schoolings/mini event, one 5-day training camp (clinic) (it does not include 2 local indoor schooling jumper shows I did last winter at about $300 each or association fees - another $375). Clearly my expenses are higher because I live in St. Louis - only one of the things included in that amount took place in town, my event trainer is 5-hours away… but if you don’t write it all down I think people have a tendency to under-estimate - you forget all the peripheral expenses involved. I am so very lucky that I have amazing friends that allow me to stay with them, so I only paid for a hotel twice this year, saving me tons. I also bring all my own food (both less expensive and healthier). I use my annual bonus as my horseshow fund. As the long winter (that is starting way too early) is in front of me & I am wishing I could do some sort of trip to Aiken or Ocala - which is just not in the cards at this point, it helps me to look at this as a reminder of how lucky I am!

[Finn_Dixie]

I’m glad someone brought up this topic! It’s been interesting and encouraging to see everyone’s responses. I’m mid twenties and 110% independent on a small salary. It’s not always easy and certainly comes with a cost, but I’m happy to put my head down and work towards my goals.

1. How much do you spend on your horse(s) each month?

Roughly $700 per month. That includes board, feed, supps, farrier, etc.

2. How does your significant other feel about your expenditures?

My former fiance gave me an ultimatum and told me to sell my horse (that he had no financial involvement in), so I told him to kick rocks and moved on with my life. I have now started seeing someone new who supports the time and energy I put into the sport, and that’s more than enough.

3. How do you save for big ticket items (ex: saddles, trailer, new horse, etc.)?

I work. A lot. I’ve tried to develop better spending habits so that I can maximize my savings.

4. How much do you spend on events/competitions/schoolings each year? How do you save for them?

I’m budgeting $3.5k next year, but realistically it will be less. My horse is a fruit cake and we may never make is down centerline, but i love him.

5. What is the most you would spend on a new horse? How would you come up with that amount of money (ex: saving, selling something, second job, etc.)?

I don’t know if I could ever spend more than $5k, and it would need to be near perfect. To date, the most I’ve ever spent is $2k. I genuinely enjoy “project” horses.

6. How much do you spend on training each month? Do you feel like the $ is well spent?

Right now, $0. I moved Twinkletoes to a smaller barn with a quieter atmosphere that unfortunately meant abandoning the comfort of having a team of some of the most phenomenal instructors. He’s much happier and healthier, and that’s whats most important. Come Spring I’ll probably start hauling out to take one or two lessons a month.

7. How do you budget for emergency medical expenses? What is the most you’ve ever spent on a vet bill? Do you have a dollar limit?

I’m realistic. I’m a huge proponent of insurance when warranted. Unfortunately my guy fell into a series of unfortunate events and I’ve not been able to get him to a point of value. When I first pulled him off the track, he was diagnosed with a torn suspensory. It was treated mindfully, but without any over the top procedures. He did not take to stall rest well, so he was turned out to heal himself. Post suspensory, which has fully healed, I had his hocks injected which i budgeted for. He’s had a few minor injuries, mostly pasture related accidents, that have been tended to. If it were anything major, I would either tap into my savings or put it on a CC, but I would need to be sensible and considerate of what his quality of life would be.

8. How do you balance an expensive hobby with other financial priorities, such as investing, paying off student loans, buying a house, and saving for retirement?

I did not finish college (not recommended) and was able to pay off my student loans a few years ago. I bought a house with my former fiance - he paid the mortgage, i paid all the utilities. Considering he made double my salary, it was a fair split. I have since removed myself from the mortgage/deed and moved back in with my parents. I’m not ever home so I can’t justify renting or buying right now. I contribute as much to my 401k as my company will match (3% - but it’s a start)

9. Are you willing to go into debt to purchase something horse related? (ex: I have a friend who recently “raided” her 401k to buy a new prospect and another who took out a loan to buy a horse. I’ve recently seen horse ads where credit cards are accepted.)

Absolutely not.

10. Have you ever taken a break from horses or downgraded your competition schedule, training, schooling frequency, etc. due to finances? How did you feel about it?

11. Have you ever found yourself upgrading (ex: horses, tack, trainers, shows, etc.) to keep up with wealthier clients at your barn? Do you feel pressured by your trainer or barn friends to spend more money? What is your approach for dealing with that pressure?

No - I think I have a pretty strong personality and I’m not easily persuaded. my horse is always well taken care of, and I oftentimes and praised for it, that’s whats most important to me.

12. Have you ever experienced buyer’s remorse for something horse related? How did you address the issue? Did you learn something from the experience?

Yeah - after my horse started feeling his oats while he was on stall rest! Lol

13. What are practical ways you keep costs down? Lay on the frugal tips!

Take a moment to reflect on your expenses. Cut back anything that’s unnecessary. For big ticket items, focus on quality, it will last you longer! Set strict budgets/allowances for yourself. Ditch you debit card for a year (seriously! you’d be surprised how much you will save!)

14. Do you have a separate income/job/side business to fund your eventing obsession? If so, what do you do and how do you find the time?

I work full time, typically 42-45 hours a week and then I bartend 2-3 shifts throughout the week. It’s a lot of hard work and my social life in basically no existent. I’ve become a master of maximizing my time and prioritizing.

15. Have you ever seen someone make a horse related financial decision that you thought was just crazy? Sure, but I try to mind my own business and focus on my own finances, not theirs.

[FrittSkritt]

Old thread… would be interesting to see the price differences now.

[woodhillsmanhattan]

1. How much do you spend on your horse(s) each month?
   average $600/month ($400 board and then factor in non-monthly expenses such as shoes, seasonal vaccinations, supplements, etc.)

2. How does your significant other feel about your expenditures?
   He likes that I have my own thing. If he had to contribute to the expenses I am sure it would be a different story…but he has his hobbies he spends his extra $$ on (he builds cars, etc.).

3. How do you save for big ticket items (ex: saddles, trailer, new horse, etc.)?
   I am also mid 20s, so a lot of my big ticket items are from when I was a teenager and I have tried my best to maintain them so I do not have to replace them myself. My saddle is ~5 years old, I don’t own a truck/trailer, the horse I paid half for and parents paid other half when I was 18, etc. I would like to work towards a truck/trailer but it just isn’t a possibility right now with my income level so I barter with friends (I braid, clip, etc. and pitch in for gas to get free rides places…or just pay a commercial shipper).

4. How much do you spend on events/competitions/schoolings each year? How do you save for them?
   I compete ~3-5x/year…so maybe $2,000?. Typically I will braid at the show to earn extra $$ and rely on that to pay part of my show bill. Other than that, I try to spend ~$200 less than my monthly income each month…which works out to having enough extra $$ to horse show every 2-3 months.

5. What is the most you would spend on a new horse? How would you come up with that amount of money (ex: saving, selling something, second job, etc.)?
   No new horse for me in the near future. If I were to purchase another horse in ~5 years, I would probably lease out my current horse for 6 months - 1 year and use that income to purchase a green prospect.

6. How much do you spend on training each month? Do you feel like the $ is well spent?
   I don’t take regular lessons but will go cross country schooling or trailer out for a lesson. So maybe $50/month. I have owned my current horse for 10 years, so we have each other pretty figured out :). I did jumpers mainly but am new to eventing. So we do BN/N and I mainly only take cross country lessons. If I were to get a new horse I think I would be sufficient at the lower levels with limited help (I have a friend at the barn that has competed through Prelim that could be eyes on the ground), so I probably wouldn’t increase this budget much.

7. How do you budget for emergency medical expenses? What is the most you’ve ever spent on a vet bill? Do you have a dollar limit?
   I pay for insurance monthly. I do have a few $1,000 stashed in savings, but that is suppose to be for future home expenses, backup for if I become unemployed, etc. If it was an emergency my equine insurance didn’t cover I think I would probably pay for half from my savings and put the other half on the credit card.

8. How do you balance an expensive hobby with other financial priorities, such as investing, paying off student loans, buying a house, and saving for retirement?
   I am lucky to not have student loans. My significant other owns the house so I just contribute a few hundred a month towards utilities and part of the mortgage. I don’t invest (although the SO does). I have not started saving for retirement…I know, I know, not the best idea…but I might make that part of my 2019 goals. Right now $100/month goes into my savings account.

9. Are you willing to go into debt to purchase something horse related? (ex: I have a friend who recently “raided” her 401k to buy a new prospect and another who took out a loan to buy a horse. I’ve recently seen horse ads where credit cards are accepted.)
   I would not go into debt (well…further debt) to buy a horse. I would potentially take out a loan for a horse trailer. Other things (saddles, competitions, tack, etc.) I am willing to put on a credit card, but with the expectation that I would be able to pay it off in full in 1-3 months.

10. Have you ever taken a break from horses or downgraded your competition schedule, training, schooling frequency, etc. due to finances? How did you feel about it?
    Yesssss
    Since becoming fully responsible for horse expenses I have moved to a smaller, private barn with no trainer, no longer take weekly lessons, only horse show a few times a year, etc.

I only just made this transition to complete financial responsibility in the last 2 years (for horses…other expenses I have obviously been responsible for since I was 18). My mom and I worked out a deal where I acquired a new expense each year. Basically I started paying shoes one year, the next year I then took on all vet expenses (except emergencies or sometimes injections), the next year I took on all competition expenses (I used braiding money to pay for half the years prior), then I started paying the insurance, and just 2 years ago I started also paying board. I made the decision to full lease my horse last year and saved all of that income to go towards horse expenses.

11. Have you ever found yourself upgrading (ex: horses, tack, trainers, shows, etc.) to keep up with wealthier clients at your barn? Do you feel pressured by your trainer or barn friends to spend more money? What is your approach for dealing with that pressure?
    Definitely not! Coming from H/J land, the eventing community is much better about not pressuring you to have the latest trends.

12. Have you ever experienced buyer’s remorse for something horse related? How did you address the issue? Did you learn something from the experience?
    Hmmmm…I don’t think so.

13. What are practical ways you keep costs down? Lay on the frugal tips!
    Cut my own hair. Don’t eat out (and buy store brand food!). Drive an older, reliable, fuel efficient car.

14. Do you have a separate income/job/side business to fund your eventing obsession? If so, what do you do and how do you find the time?
    Outside of my day job, I clip, braid, etc. I used to sell my used horse stuff on Ebay…but I have now downgraded enough that I don’t really have much left to sell, haha!

15. Have you ever seen someone make a horse related financial decision that you thought was just crazy?
    Of course. Horse people are crazy!

ETA: realized this is a way old thread…dang it. Oh well…it’s cool to see the variation over the years!

[CindyCRNA]

@blame_the_champagne

I am one of the few young (mid-twenties) professionals (teacher) I know actively involved in eventing who aren’t being supported by their parents, a trust fund, or a wealthy partner. I’m always curious how other average income everyday people make it work. Feel free to answer any or all of the questions below, but please number your responses so we know which question you’re answering.

1. How much do you spend on your horse(s) each month?

2. How does your significant other feel about your expenditures?

3. How do you save for big ticket items (ex: saddles, trailer, new horse, etc.)?

4. How much do you spend on events/competitions/schoolings each year? How do you save for them?

5. What is the most you would spend on a new horse? How would you come up with that amount of money (ex: saving, selling something, second job, etc.)?

6. How much do you spend on training each month? Do you feel like the $ is well spent?

7. How do you budget for emergency medical expenses? What is the most you’ve ever spent on a vet bill? Do you have a dollar limit?

8. How do you balance an expensive hobby with other financial priorities, such as investing, paying off student loans, buying a house, and saving for retirement?

9. Are you willing to go into debt to purchase something horse related? (ex: I have a friend who recently “raided” her 401k to buy a new prospect and another who took out a loan to buy a horse. I’ve recently seen horse ads where credit cards are accepted.)

10. Have you ever taken a break from horses or downgraded your competition schedule, training, schooling frequency, etc. due to finances? How did you feel about it?

11. Have you ever found yourself upgrading (ex: horses, tack, trainers, shows, etc.) to keep up with wealthier clients at your barn? Do you feel pressured by your trainer or barn friends to spend more money? What is your approach for dealing with that pressure?

12. Have you ever experienced buyer’s remorse for something horse related? How did you address the issue? Did you learn something from the experience?

13. What are practical ways you keep costs down? Lay on the frugal tips!

14. Do you have a separate income/job/side business to fund your eventing obsession? If so, what do you do and how do you find the time?

15. Have you ever seen someone make a horse related financial decision that you thought was just crazy?

1. Roughly $2K in board, training, farrier and vet fees…if I’m lucky. I have one active eventer and my 18 year old in full board who does low level dressage. It would be less if we owned property.

2. He’s awesome but I don’t think he realizes it’s this much

3. I am fortunate financially.

4. Maybe $2K

5. When I was shopping, my budget was $25K

6. About $500. I have a fabulous trainer. yes.

7. About $8200. There is a limit, I just don’t know what it is.

8. We are older and everything is paid off.

9. I would not dip into my 401.

10. I started eventing late in life at age 52 so no.

11. No I am with a lovely group, there is no trying to keep up.

12. Yes, all the time but it comes with the territory

13. It would be great if I didn’t have to board. Board is a big expense. One of the local eventers here is a fabulous braider. When I started counting how many she braids at a show, that pretty much pays for her show . She keeps her horse at her parents house. I love her to death and she is a fabulous rider and a great individual. She is married with a family.

14. No

15. No

[Ajierene]

Answers Below:

For reference, older adult amateur, perpetually single, lower income

1. How much do you spend on your horse(s) each month?
   abour $250 cash, work off the rest and depending on the month work off some or all of the $250 in board and farrier

2. How does your significant other feel about your expenditures?
   N/A but in previous relationships it has been an issue in one form or another (mostly the time spent, not the money) and the older I get, the less I want to deal with it…also less I want to take time away from horses to go on first dates.

3. How do you save for big ticket items (ex: saddles, trailer, new horse, etc.)?
   I don’t…after I broke up with my ex, used some of the saved wedding money to pay to breed my mare - no regrets!
   about a year ago, used paypal (3 years of payments, no interest) to buy a new saddle - no regrets, ride MUCH better in it and we are both happier (both being me and the filly who is the product of the aforementioned breeding).

4. How much do you spend on events/competitions/schoolings each year? How do you save for them?
   Usually about $100/month and it’s just in the monthly budget - sometimes I bit more in the summer.

5. What is the most you would spend on a new horse? How would you come up with that amount of money (ex: saving, selling something, second job, etc.)?
   Well…mty most expensive horse is my filly, which cost about $6K to breed (not counting board on mare while she was pregnant as I would have had her anyway).

My next horse will likely be off the track and free from my trainer as I enjoy the process as much as the competition so I’m not necessarily looking for the best of the best or already made.

6. How much do you spend on training each month? Do you feel like the $ is well spent?
   Nothing…board at my trainer/friend and we do ‘spot’ lessons. Sometimes she just takes a break from work and watches me ride, sometimes we schedule 15-20 min times to work on something specific. Rarely anymore do we schedule a lesson. I started and train my filly myself.

7. How do you budget for emergency medical expenses? What is the most you’ve ever spent on a vet bill? Do you have a dollar limit?
   I don’t as much - as in I don’t have a separate savings specifically for horse emergencies…I’m not the most fiscally responsible person but one of the vet’s from the practice boards with my trainer, which means I get ‘free looks’ if she’s around. My trainer is also an enabler so since the vets are used to billing the barn and the barn bills the owners (race horse practice), my trainer is willing to work out “payment plans” with me.

8. How do you balance an expensive hobby with other financial priorities, such as investing, paying off student loans, buying a house, and saving for retirement?
   Student loans are not paid off, Indexed Universal Life is the only retirement type plan, other than the pensions I will get when I retire. I don’t invest. I don’t go out much (did save for an awesome trip to New Orleans last Spring), and I don’t buy new things much.

9. Are you willing to go into debt to purchase something horse related? (ex: I have a friend who recently “raided” her 401k to buy a new prospect and another who took out a loan to buy a horse. I’ve recently seen horse ads where credit cards are accepted.)
   As noted before, I bought the saddle - but it isn’t my usual practice. That being said, it was a great decision since riding in my old saddle was bad for both of us. I’m not willing to go into much more debt than the $2500 I put on the payment plan.

10. Have you ever taken a break from horses or downgraded your competition schedule, training, schooling frequency, etc. due to finances? How did you feel about it?
    I definitely do less competitions depending on my finances and am really just getting to a point now where I can afford competitions on a regular basis - the was poor college student days, then a few years of a well paying retail job that didn’t give me time, then a good job, then laid off and working my way back.

11. Have you ever found yourself upgrading (ex: horses, tack, trainers, shows, etc.) to keep up with wealthier clients at your barn? Do you feel pressured by your trainer or barn friends to spend more money? What is your approach for dealing with that pressure?
    Never! Sometimes my trainer convinces me to buy something new when what I have is being held together with duct tape, baling twine and hope, but no upgrades just to upgrade. If anyone did, they would get an earful of snark.

12. Have you ever experienced buyer’s remorse for something horse related? How did you address the issue? Did you learn something from the experience?
    Never.

13. What are practical ways you keep costs down? Lay on the frugal tips!
    Field board, schooling breeches have a max spending limit of $40/pair and the cheaper the better. I was sporting a collection of white breeches at one point and someone commented on how I could use white for schooling - I bought them for $5/pair at a consignment store in VA fox hunting country where the slightest blemish and they buy a new pair.

14. Do you have a separate income/job/side business to fund your eventing obsession? If so, what do you do and how do you find the time?
    Not exactly…I have two ‘regular’ jobs but also work where I ride so I’m there about 3 hours per day. Today, with the winter weather, all we did was feed but usually I feed the ‘outside’ horses (mine, the assistant trainer’s, the trainer’s - all retired/pasture puffs except mine), and ride one horse my trainer wants me to ride. Sometimes she has me put a few resales on my ‘list’ (trade off, ride each one 3 days a week), sometimes one of the racehorses needs a little exercise, sometimes I’m hopping on one as a crash test dummy.

15. Have you ever seen someone make a horse related financial decision that you thought was just crazy?
    There is a REALLY wealthy family that has a lot of horses with my trainer - they have 3 pasture puffs right now. One raced until 12 or something and has some injuries, was sent to a home, ended up in a rescue that was advertising he could do more than he really physically could so they bought him and retired him with my trainer. That I get. The other two…both retired at 3 or so. One never finished even being started, colicked really bad and has permanent wind issues. Came to my trainer to live out her days. The other wasn’t making it in training and came to rehome but did something to her already compromised hock so went from a rehome project to a retiree…they have the money but it still just floors me that they are going to keep these for the next 25+ years.

The only other thing is watching people get more horses than they can really afford…but who hasn’t see that?

[OverandOnward]

5 years between updates, posts #25 and #26 … wonder if there will be any significant statistical difference in the replies between the two timeframes …

[AKCH]

Very neat thread. I have wondered how the rest of the world also does it as well just to see how people manage finances. It’s a really interesting thread.

@blame_the_champagne

I am one of the few young (mid-twenties) professionals (teacher) I know actively involved in eventing who aren’t being supported by their parents, a trust fund, or a wealthy partner. I’m always curious how other average income everyday people make it work. Feel free to answer any or all of the questions below, but please number your responses so we know which question you’re answering.

1) How much do you spend on your horse(s) each month?
We spend about $1500/month.

2) How does your significant other feel about your expenditures?
My husband is absolutely amazing and is into horses as well. He helps me train, show and ride. He is the worst of the 2 of us to purchase tack/what is needed for the horses. Incredibly fortunate to be in this scenario because more often than not you rarely see a couple doing this together.

3) How do you save for big ticket items (ex: saddles, trailer, new horse, etc.)?
Pick up overtime at work.

4) How much do you spend on events/competitions/schoolings each year? How do you save for them?
We spend about $2500/year on showing and clinics for our horses.

5) What is the most you would spend on a new horse? How would you come up with that amount of money (ex: saving, selling something, second job, etc.)? We breed our own horses, if we purchase then it’s a youngster that is not trained or broke to ride, and we do the training ourselves.

6) How much do you spend on training each month? Do you feel like the $ is well spent?
I train the horses myself, but I do have a weekly riding lesson. I do feel it is money well spent because there is always something you can improve on in your riding, or something new you can correct or improve on with your horse.

7) How do you budget for emergency medical expenses? What is the most you’ve ever spent on a vet bill? Do you have a dollar limit? Insurance[B].

8. How do you balance an expensive hobby with other financial priorities, such as investing, paying off student loans, buying a house, and saving for retirement? [/B]We don’t have debt other than a morgage, so we pay those first(and groceries gas etc) first. Horses feed and those mandatories so that gets paid first every month. With money left over it goes into savings or on the equipment/gear that is needed.

9) Are you willing to go into debt to purchase something horse related? (ex: I have a friend who recently “raided” her 401k to buy a new prospect and another who took out a loan to buy a horse. I’ve recently seen horse ads where credit cards are accepted.)NO. If you don’t have the money for it, we just don’t get it.

10) Have you ever taken a break from horses or downgraded your competition schedule, training, schooling frequency, etc. due to finances? How did you feel about it?No but I also don’t put myself in a position that would require that either. I do do clinics and shows but I do it in a frequency that makes sure it doesn’t burn out the horses or myself or even burn through our finances.

11) Have you ever found yourself upgrading (ex: horses, tack, trainers, shows, etc.) to keep up with wealthier clients at your barn? Do you feel pressured by your trainer or barn friends to spend more money? What is your approach for dealing with that pressure? HELL NO. Once in the beginnings of my riding career I made a saddle purchase that I think I made to follow barn peer pressure, but I have never been into it. I have always beat my own drum and never fallen under the pressure of what cycles through the barn. I am a strong believer that how successful you are with your horses under saddle reflects far more on you than the brand of tack you have on their back. I will always believe that.

12) Have you ever experienced buyer’s remorse for something horse related? How did you address the issue? Did you learn something from the experience? Yes. When I was in my 20’s and was able to afford a custom saddle I felt quite pathetic to have fallen for the brand. The saddle did nothing for me or my horse and nothing really “improved” by spending that kind of cash for “looks”. The only time in my life I did fall under peer pressure to follow the “herd”. I eventually sold that saddle and have always bought and replaced my saddles and equipment with the focus on fit for myself and my horses over brand or looks.

13) What are practical ways you keep costs down? Lay on the frugal tips!
-I only buy when I need something. When I do need a piece of equipment, I will buy something of quality so it will last me a long time, and i don’t have to keep re-purchasing it.
-I only own enough sets of equipment for each horse I own(each horse has 1 bridle etc).
-Don’t buy something simply because it’s a great deal. Shop around and compare prices.
-Online shopping is almost always cheaper even with shipping.[B]

14. Do you have a separate income/job/side business to fund your eventing obsession? If so, what do you do and how do you find the time? [/B]Sit down and learn how to manage time. I schedule everything ahead of time and have goals and when I need them achieved by(house tasks, cleaning). If you can master how to manage time(schedulers, apps even!), you will be less stressed and well organized.

15) Have you ever seen someone make a horse related financial decision that you thought was just crazy?

I think we all have. Growing up I boarded and I always wondered why people who could not afford the things they bought, put themselves in such financial stress to fit the mold.

[reignthealarm]

The older responses are probably different since its a few years later but I’ll add my current two cents!

1. How much do you spend on your horse(s) each month?
   I rent a barn and 4 acre pasture: $300 (100 per horse)
   Hay and Feed: ~$400
   Farrier: $135
   Miscellaneous items ~$100

2. How does your significant other feel about your expenditures?
   He is very supportive, being a farm boy himself and understands that animals are expensive. He has little experience with horses (grew up on dairy farm) but has taken over some of my chores around the barn and does repairs to save costs. He encourages me to spend responsibly on farm needs! :lol:

3. How do you save for big ticket items (ex: saddles, trailer, new horse, etc.)?
   Very slowly. Put aside money each paycheck, sell a few items, pick up side jobs. Small amounts each paycheck (or money from side jobs) get put aside into my “horse fund” and anything horse related comes out of that account.

4. How much do you spend on events/competitions/schoolings each year? How do you save for them?
   I don’t currently take lessons or compete. When I was actively riding, I paid about $250/month for lessons and only went to local shows, one every few months. Money came from my “horse fund” mentioned above

5. What is the most you would spend on a new horse? How would you come up with that amount of money (ex: saving, selling something, second job, etc.)?
   All 3 of my horses were less that $2,500 because I like to buy them green and train them myself. However, when I buy a pony for my step-son, I’ll spend more to make sure he gets a unicorn.

6. How much do you spend on training each month? Do you feel like the $ is well spent?
   Time is the only thing spent on training. I buy ottbs straight from the track and bring them up as personal horses. I will eventually start doing this as training/sales

7. How do you budget for emergency medical expenses? What is the most you’ve ever spent on a vet bill? Do you have a dollar limit?
   My older gelding had a $1000 bill last month. However, I will not pay for anything that requires surgery or anything that will not have positive recovery after treatment. My 2 older guys are in their late teens, I will not go through extremes if they colic or have high maintenance injuries. My young guy is 8 and I have colic insurance on him.

8. How do you balance an expensive hobby with other financial priorities, such as investing, paying off student loans, buying a house, and saving for retirement?
   Sometimes the horses get put on the back burner if I have other things to pay for. I currently have a lot of debt to pay off so I am not taking lessons or going to shows, buying any new tack, etc. When it is back to a manageable level, I will go back to taking lessons.

9. Are you willing to go into debt to purchase something horse related? (ex: I have a friend who recently “raided” her 401k to buy a new prospect and another who took out a loan to buy a horse. I’ve recently seen horse ads where credit cards are accepted.)
   I have used credit cards to buy necessary items such as feed or vet bills, however I try not to do it regularly. I will finance a new truck when I am ready. I would not use credit to buy the actual horse. I will not buy a horse until I can pay for it in cash.

10. Have you ever taken a break from horses or downgraded your competition schedule, training, schooling frequency, etc. due to finances? How did you feel about it?
    Yes. I stopped competing when I got tight on cash. I just bought a farmette a few months ago and most of my time and money goes towards renovations and materials to build my barn and fencing. I have not ridden in a couple months because of this. I will also likely not ride much over the winter due to this. It sucks! I miss being in the saddle. I work hard to make sure my horses live a cushy life, but if things got tough, I would sell to someone who had more time to ride.

11. Have you ever found yourself upgrading (ex: horses, tack, trainers, shows, etc.) to keep up with wealthier clients at your barn? Do you feel pressured by your trainer or barn friends to spend more money? What is your approach for dealing with that pressure?
    No. I have always trained under laid back people, who understand that sometimes there is a budget to keep, and they work with me to stay within my means.

12. Have you ever experienced buyer’s remorse for something horse related? How did you address the issue? Did you learn something from the experience?
    I don’t buy a lot of horse things. if I do, it is practical items.

13. What are practical ways you keep costs down? Lay on the frugal tips!
    Buy from thrift stores and consignment shops!! Learn to build/repair things so you don’t have to pay someone else to do it!

14. Do you have a separate income/job/side business to fund your eventing obsession? If so, what do you do and how do you find the time?
    No