Need some urgent financing help!
I was in a bad, bad, bad car accident Wednesday. I hit someone at 50 mph, with no breaks at all , so my momentum was full force. I had to go to the hospital, all of that. It was not my fault in any way, shape, or form. I am fine, just a little back damage and a little shaken up.
Anyways, the insurance company is giving us 3000 more than what my car is worth, and my dad said I could use it to buy a horse now, instead of waiting for christmas to by it on my own. My question is:
Total, I will have around 4,000 dollars to spend. How much should I pull from that to save as a cushion to take care of it for a while? How much would you save for buying the horse, and save for board, feed, etc.?
The horse market is a buyer's market right now - I would look to find the least expensive horse that meets your requirements. Me, personally, I would not spend more than 50% of the total on the actual horse so that I had the remaining 50% for anything (horse related or not) that might come up (as your accident shows, things happen when we least expect it).
You mention using the cushion to pay board, etc. I would do some price checking and see what the boarding costs in your area are running. Are you going to be able to sustain those expenses once the cushion is exhausted? (only asking because you mention using it to cover those expenses rather than saving it outright)
FULL board here, where your horse is a king/queen is 300/month. Half board is 250ish/month and pasture board can get down to 50/month. Memphis is very horsey, there are plenty of barns around here and property value is pretty low so I can only assume that is why board is so cheap compared to other areas like New York, MA, NC, etc. where land is a lot more expensive.
Yes, we can afford board without the cushion. What I'm hoping to do, is save this cushion to last until July, when we get out of a house lease gone wrong, which is costing us 350/month and I don't live there. Making it to July on the cushion would be great, but if it doesn't, no big deal.
So around 2k for the horse? I was thinking along these lines as well.
I try to keep about $600 in my barn account. My emergency vet bills for easy stuff like stitches or a mild colic are usually around $250. I had a major medical that was $300 to the local vet and $2500 to get onto the operating table...It's up to you for how much you want to keep available... the more the better.
W/ that much money I would look at more then just the one horse you are riding though. Horses are cheap right now and you could get something pretty nice for $2500.....
I got my boy Reno for $600 and hes broke and double registered. Id spend as little as possible to get the horse you want and save the rest.
What do you want to do with the horse? Your preferences will not only affect how much you need to spend to get a horse that is trained to do what you want it to do, it will also affect how/where you keep it (trail riding vs. dressage vs. western pleasure at breed shows vs. jumping-- all could require different accomodations and the cost could vary alot.) Also consider if you want or need lessons or the services of a coach or trainer for any period of time. Also, do you have a horse trailer or access to one/someone who is willing to do any necessary hauling for you, or would you need to rent/lease/buy a trailer?
I recently looked at a 10 year old Arab that neck reins. You should be able to find a very good horse for less than $1000.
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