Question: Emergency fund, emergency credit card or?
Hey I thought it would be interesting to hear how people prepare for the possibility of a large horse bill.
Personally I have a separate credit card (3000 limit, knock on wood I never have to use it) but I keep it empty in case of any emergencies but I know some people keep a bank account/fund etc for the wonderful ponies they care for.
Also do you use it for yearly costs (regular vet visit, vaccines, teeth floating?) or strictly emergencies?
Would love to hear what others do?
I sock away a few hundred every month in my horsey fund. I have horse insurance for the really big ticket items, so I just try to keep about $2,000 liquid.
Oh horse insurance is another good point, personally I have limited insurance to cover me and my mare from accidents but not something directly for my mare.
Good job having the control not to spend the cash! I have trouble not going out and buying something new for my girl when I have cash "in hand" :-)
i keep a separate bank account for horse expenses..including the day to day stuff to the big emergency stuff. i put away 25%to 35% of my paycheck every month.
i dont have horse insurance..but i guess i probably should look into it
I have a seperate account in which I put away a few hundred each month, and try to maintain it at $3000. My horse is also insured for death and a Hi-Excess vet cover, in which I pay the first $1000 of the bill and my insurance covers the rest.
The insurance I have is the coverage that you have to have to go to almost all shows here in Alberta, so if you want to show you don't have a option, but it is affordable and protects you if your horse hurts somone or damages property well off site :-)
I have heard to many horror stories regarding horse insurance that I can't bring myself to spend that money... Now if I owned $80,000 + horse I would probably think different :-p
Thanks for the replies :-)
I certainly wouldn't bother with insurance on a fairly cheap horse. But when your horse cost 1/4 of your yearly wage as a weanling... you want some kind of safe guard! I only pay $40/month to insure my boy - heck of a lot cheaper than my car insurance, on a car worth less than half of my horse's worth!!!
I got insurance more to cover the cost of something like colic which would wipe me out financially if I didn't have it. Unfortunately, if the horse needs that radical a surgery, I figure the prognosis probably wouldn't be good anyway. Guess it's more for my piece of mind than anything.
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