Realistic Budget for Horse Ownership

[fivestrideline]

I know you’ve found your answer but I wanted to chime in as well with some budget lines to add to your spreadsheet when you are thinking about this!

Here’s how I lay my months out:

• Board
• Farrier (I budget for 4 shoes even if I have one barefoot. Extra $ rolls over into sinking savings)
• Supplements (mine get E, Cu/Zn, salt. These have SKYROCKETED in cost)
• Wormer/fly spray/bell boot fund (this is like $50/mo and a sinking fund)
• Routine vet fund (another ~$50)
• Lessons
• Clinics/shows
• Sinking fund for gear

In addition to this, you’ll need savings/funding for emergency vet care, routine maintenance like chiro/injections/massage, and the initial investment in STUFF. If you’ve been leasing, I’m assuming you haven’t got a tack shop in your basement like I do .

For every new horse, I make sure I have about $2000 to spend on blankets/bridle/girth/tack (because nothing ever fits the new one), and $5000 somewhere for a new saddle (if you’re lucky, you will need half that. But you can get into trouble trying to make a $900 saddle budget work). Brushes, tack boxes, lunge lines, standing wraps, coolers, quarter sheets, all the little ‘things’ you borrow on a lease really add up - often there’s communal stuff you can borrow but you’ll end up with your own gear eventually. And for some reason, very little seems to come out of long term storage in a useable way .

Add in a hearty budget for PPEs on top of your purchase price, as well as commission for your coach (I would NOT go shopping alone for this one). You’re in a price point where you’re going to see a lot of really green things and maybe something NICE… that has that little NQR bit in the back of your mind that you shouldn’t ignore.

Lastly, don’t max out your discretionary spending on the horse. That’s a great way to burn out entirely. I’d add everything up and double it - if that doesn’t leave you with a good cushion for other fun things (or you start cutting into other budget lines to make it work), you probably can’t afford to purchase right now. Moving to a cheaper barn might help, but half the fun of horses is the community for a lot of people. If ownership depends on moving to somewhere cheaper and you LIKE your barn now… I wouldn’t do it.

[skip99]

I’d probably keep half leasing for a bit longer in your shoes. But my younger self would say pick up some side gigs and make it work

I find everyone’s budget preferences to vary wildly. Horse expenses used to be like 70%+ of my net income and I worked a bunch of random barn jobs to make it work, and savings - forget about it. Now my horse expenses, including some lessons and showing, for 1 horse in work and a retired horse on our own property are <15% of our net income (if it was just me not with my SO this would be <30%). Younger me never went on nice vacations and stressed over spending a little too much at lunch. Older me gets to go on very nice vacations and no longer worries about how much lunch is, but I am a little salty that prices have gone up so much. Ironically younger me would see buying a horse for 20-30k as very reasonable although not achievable for me while older me finds that absolutely unreasonable but totally achievable.

My friends seem to fall somewhere in the middle of younger me and older me so there is no exact number that works for everyone and you should reflect on where you want to spend your money

[McGurk]

You’ve already gotten great info and great advice on this thread. You don’t mention what part of the country you’re in, but based on your board cost, I’d say medium to high COL? So I’m going to assume some things about your budgeted purchase price.

The biggest flaw I see in your plan is that an OTTB that can be purchased in the 4s to low 5s is going to be a recently restarted project, not something with changes that will pack a kid or an ammy around at 2’ 6" OR an older horse than can but needs maintenance to do it.

In the first scenario, green OTTB recently restarted, you may be a year away from the horse being suitable for a lessor, and that’s if training goes exactly to plan (it rarely does) and doesn’t come with extra expenses (more training rides, chiro, saddle fitting, etc.) In the second scenario, well, maintenance to keep a solid older horse happy doing their job is also expensive - Adequan, Previcoxx, special shoeing, etc.

Add me to the chorus of saying that continuing your current half lease is the best plan for now.

[Zevida]

When I look at my salary + horse expenses today I cannot fathom how I managed to afford a horse in my mid twenties.

But I did! So can you. You may have to compromise - fewer amenities at the barn (shop around for more affordable - you might not be able to stay at your current barn), fewer lessons, no shows, not buying new stuff. If your budget can afford the basics (board, vet, farrier) and you have a plan for emergency vet expenses (insurance and/or emergency fund) then go for it! Lots and lots of people do horses on a budget that is similar to yours. On the other hand, if you don’t want to compromise on things like the barn then you might be better off sticking with the half lease.

[LCDR]

I both leased and half leased for several years as an adult beginner. There is something special, though, about finally having a horse of your own. And ownership really makes you learn more about horsemanship. I mean the total package, not just riding and showing.

After I bought my first horse, so long ago that a good horse could be had for under $10K, the door was opened to trying new things - like eventing and foxhunting and trail riding and not just riding in arenas. So then I wanted/needed a truck and trailer among other things.

I think you should make ownership happen.

[rulex]

@McGurk

The biggest flaw I see in your plan is that an OTTB that can be purchased in the 4s to low 5s is going to be a recently restarted project, not something with changes that will pack a kid or an ammy around at 2’ 6" OR an older horse than can but needs maintenance to do it.

I was thinking the same. And budget in a healthy amount for a PPE and expect to have to pay for a few…

[EventingMaff]

Also take inflation / general economic environment of costs rising. 3 years ago I could lesson almost weekly, clinic a couple times a year, and keep my monthly horse budget to ~$1850. Now (without changing barns or any service providers), I no longer lesson at all, don’t attend any clinics or shows, and my monthly horse budget rarely comes in below $2k. Biggest changes:

• Board: Was $1050 is now $1400
• Supplements: Was $40 monthly, is now $80 (and I dropped one to save $$!)
• Shoes: Was $235 per shoeing, is now $300 (and higher for winter shoes)
• Vet: I don’t even know standard prices anymore, I just cry for even routine visits. Farm call alone is like $80

Now let’s hope the price increases don’t continue at the same rate, but the last several years have HURT because my salary has definitely not gone up at the same rate.

[fivestrideline]

@EventingMaff

Now let’s hope the price increases don’t continue at the same rate, but the last several years have HURT because my salary has definitely not gone up at the same rate.

Felt that. We were informed that our standard inflation raise (usually a measly 3% which hasn’t kept up with inflation in years) is going to be “on the lower end” this year… maybe 1% or 2%. Mind you, I work for a massive corporation that is raking in the profits. Corporate greed knows no bounds.

Meanwhile, my feed and fuel costs have jumped sky high. And that’s just in the last few years! I’m buckling down, pulling overtime, and spending as little as possible right now (minus a surgery which is likely to double my budget whoops)… and wistfully browsing sale ads because that’s all my socials feed me these days.

(And I know this has been established but) OPs budget is tight for a schoolmaster and tight for something with a few rides off the track, unless they’re ready to take on something with a quirk or really green. I know a few in my area sold in that budget that sound like a fit for OP… but I also know the reality of those horses. I would not be depending on half leasing this horse out to make the numbers work.

[Angela_Freda]

Keep leasing
Expand your days, or different horses but keep leasing.

When the horsey breaks, and they do, it can cost you everything and more if you own them*
Keep leasing

• Unless you’re ok with just throwing them in an auction or putting them down when they break.

[SharonA1]

OP, it will always, always make more sense to lease than to own. However, as others have said, there is nothing like owning your own horse. (Nothing like paying for him or her, either, as you see. ) It may not be the right time now, but there will be a time when it is more right, in the future. Don’t get discouraged.

I would offer that even if trying to be fiscally responsible, not to skimp on boarding barns when you get a new horse. You may want/benefit from the structure and support of a full-service (high quality) barn. Knowledgeable, experienced instructors and feeling like you’re in a supportive community are so helpful with a new horse. And, for those days when you have to work late or are too tired to drive out to the barn, being cared for by quality staff will make a big difference to your horse.

The barn can make such a difference in how you feel about the whole horse thing being worth it and a total blast, or being too much work/not enough fun, etc.

You are going to have the best time with your own horse, when the time is right! In the meantime, go ahead and love your present situation.

[rulex]

Ugg, feeling this as I just went to reorder one of my horse supplements and see it’s jumped up 30% in 6 months! Wild.

[steelerino]

@Angela_Freda

Unless you’re ok with just throwing them in an auction or putting them down when they break.

Um that was pretty rude. I had to learn the hard way when mine “broke” at 15 that I could never afford to have 2 so I gave up riding to pay for my horses retirement.

[Angela_Freda]

Not rude at all.
I did the same. But not everyone does, and if you don’t think about it ahead of time, you don’t think about it.

@steelerino

Um that was pretty rude. I had to learn the hard way when mine “broke” at 15 that I could never afford to have 2 so I gave up riding to pay for my horses retirement.

It’s actually kind to warn rather than let them learn the hard way.

[Angela_Freda]

Wrong thread