I apologize as I'm sure these kind of threads come up a lot! But very recently I've been given the opportunity to be owning my own horse and I just need some second opinions on whether you think I'm ready for it. Or better yet, if anyone has any experiences with how they afforded their first horse they want to share I'd love to hear!
I am 19 years old, working 5 days a week and will be starting college again in September. Currently I am making about $800/month, more or less. I am also living at my mom's but paying for all of my own expenses (car, phone, college, etc.) The horse I am looking at is priced around 5-10k so it would definitely be a huge, huge investment for me initially. However, I do have some money saved up that will help me out a little with the starting costs.
My problem comes in the monthly costs. I spend about $450 a month for bills and everything, which would only leave $350 towards the horse. I do have experience with riding and horses so I'm not so much worried lessons right now (maybe once I finish school?) The barn I'm looking to board at is $290/month which includes the basics: turn out, feed 2x/day, use of riding rings; basically pasture board during summer, stable board in winter. But obviously that means I'm only left $60 at the end of the month.
Is this cutting it too close? I do have some money in the bank that will save my ass if any emergencies come up, however that is also my college fund . And I have basic tack/gear/groom supplies from previous years of riding. I just feel like I'm missing something huge haha. Farrier and yearly shots shouldn't be a problem either as I can easily cover those if I skip going out for dinner a couple times
Right now I feel as though I am making a huge gamble, but I'm not sure if that's logic talking or my nerves. What do you guys think? Go for it or hold off? Is there anything I'm completely missing? And like I said, if anyone has any similar success stories, please share!
Thanks so much :)