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Need some help/second opinions with horsey ownership finances!

This is a discussion on Need some help/second opinions with horsey ownership finances! within the Horse Talk forums, part of the Keeping and Caring for Horses category

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        06-07-2012, 09:25 AM
      #11
    Foal
    I agree, it's cutting it too close.

    Other things to consider -- would you be able to continue working the hours you're working now, once your classes start?
    College takes up a lot of your time, you won't have much time to enjoy the horse you'd be working so hard to be able to afford.

    Feed might be included in board, but you may find that the feed/hay the barn is feeding isn't adequate for your horse and then you'd be paying additional to get your own feed.


    My advice would be to look for a situation where you could half-lease. If that goes well your first year in school and you're doing fine with managing your time and keeping up with costs, then look into a full lease. I think you likely won't even have enough time for a full lease, if you're in school full time and working 5 days a week.
    Even better, if you have some patience, hold off on getting a horse for a few years (perhaps as a graduation gift to yourself, after you graduate college?) and save up. With a horse, you should probably have $5,000, at minimum, set aside for emergencies, at all times.
    Keep in mind, when you graduate school, unless you're going into a field like nursing, where you can find a job almost anywhere, you're going to have to be ready and willing to up and move, if you get a job offer elsewhere. In this economy, college graduates can't usually afford to be picky about where they take a job. Any time you own an animal, it complicates the moving process. Especially a horse. So it would likely be wiser to wait until you're settled somewhere, before you take a horse on.

    If you set aside, say $250 a month, as 'pony funds', you'd save $3,000 a year. If you're in school for 4 years, you could have $12k, saved up, specifically to be put towards a horse and its expenses. That, in addition to your current savings would put you in a much more comfortable place :)


    Good for you, for taking the time to consider all of this before just jumping into horse ownership. Many people aren't nearly as smart as you :)
         
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        06-07-2012, 09:46 AM
      #12
    Weanling
    I totally agree thet $60 is not enough to live on & the comment someone else made about looking for a different horse..in today's market there are a lot of horses out there that are fabulous & waay less than several thousand. I also agree that leasing is a great idea. However, 2 things came to mind immediately when I read your post; 1st there is nothing in the world like the amzing feeling of owning a horse, especially since you already have some experience/equipment. 2nd you mentioned paying for vacs by skipping eating out a couple times...if you eat out alot..eating at home instead would save a whole lot of money...... if that is possible, it would give you more room to breath at the end of the month.
         
        06-11-2012, 11:53 PM
      #13
    Foal
    Wow thanks for all the replies!

    After much thought and taking everyone's opinions into consideration I've decided I must've lost my mind LOL. Since I am making enough of my own money and having almost enough to own a horse, I got lost in the excitement and wasn't thinking logically.

    SO, thank you everyone for setting me straight I've decided leasing is the much better option for right now. I've gone to a couple barns to see whats available and I think I may have found a possible lease! :) I'll be going back to the barn early Wednesday morning for a second trial ride and make a final decision. And I have a feeling it'll be a yes
    Skyseternalangel and enh817 like this.
         
        06-12-2012, 12:01 AM
      #14
    Trained
    Good decision ;) It's definitely exciting, the prospect of having your own horse, but it does cost a lot of money. You can budget all you want, but there will always be a surprise expense with horse ownership. Between 3 horses (only one ridden, one is only a rising 2 year old and another is retired and costs me virtually nothing), paying only $35/week/horse for board (the retiree is on my property, so not boarding cost there)... I end up spending at least $800/month, usually closer to $1000 when I'm competing. Then try running a car, groceries, etc etc etc as well. $800 per month is just no where near enough. I earn that in a week and still have to be extremely careful in what I spend day to day.
         

    Tags
    finances, first horse - help advice, money

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