I have to say your budget should be more than enough. What you spend does depend on what you do with your horse. I trail ride and I know I do not spend near the amount that a person that shows a horse does in regards to fees. I live in West Texas and am fortunate to have my horse at home so I do not have to pay boarding fees. I feed round bales so I spend about $120per 5 weeks on hay, $100 every 6 weeks on shoes and the annual vaccines which are around $150 per year. I recommend you buy high quality tack that may be more expensive but will last many years if taken care of.