Owning a horse can be one of the most rewarding experiences our creative equine marketing team knows of, but as all horse owners will tell you, our beloved equine friends can also come with significant financial responsibilities. From hay and feed to veterinary care and maintenance, costs can add up quickly. We’ve compiled a list of budgeting tips for horse owners. Designed to help first-time equestrians keep track of personal finances and help reduce your monthly budgets with suggested ways you can enjoy more affordable horse ownership.
Understand the True Cost of Horse Ownership
What is the most expensive part of owning a horse? owning the horse!
Before diving into the world of horse ownership, it’s crucial to understand the comprehensive costs involved. Buying the horse is the cheapest part, aside from the initial purchase price and vetting costs. The expensive part is keeping your new horse. Here’s a breakdown:
- Initial Costs: Purchase price, equestrian items such as tack, horse rugs, stable setup, and transportation.
- Ongoing Expenses: Feed, veterinary bills, emergency veterinary bills, regular hoof care, riding lessons, competition entries, travel costs, dental care, boarding, insurance, and equipment maintenance.
By estimating these aspects of horse care, you are elevating anxiety about horse expenses. You gain a clearer picture of what you’re committing to financially and whether owning a horse from a financial aspect is an option for you.
Once you understand the costs involved, creating a realistic budget to include fixed expenses (like horse insurance and livery yard costs) and variable expenses (such as feed costs and vet bills) can help you budget horse and pony care more effectively.
What is a good budget for a horse?
There is no set amount for ‘what is a good budget for a horse’ because each horse is an individual, and costs can vary dramatically, depending on where you live in the country. In the UK, horse owners near London can pay anything from £700pcm upwards for part-livery.
Boarding costs vary from region to region and will depend on the facilities offered and the demand for livery in the area. Do your research in your area to determine costs.
Here are our top tips;
- List All Expenses: Write down every expected expense and categorise them in order of importance. Keeping your horse healthy is your number one priority but training and lessons also need to be considered.
- Fixed Expenses: These might include monthly boarding fees, equine insurance, feed bills, farrier costs, regular saddle fitter visits and even any loan payments for your horse or equipment.
- Variable Expenses: Feed, veterinary care, hoof care, tack repair, supplements, and emergency funds should all be included here. Variable expenses can fluctuate, so consider historical averages or consult other horse owners for greater insight.
- Conduct Regular Reviews: Your budgeting needs may change over time due to seasonal variations in feed costs, unexpected veterinary needs, or changes in boarding arrangements. Keep a detailed record and review your budget at least quarterly to ensure it remains reflective of your current situation.
- Utilise Tools and Apps: Leverage budgeting tools or apps that cater to pet and animal care. These digital tools can help you track your expenses, set reminders for upcoming bills, and help you visualise your spending patterns.
- Prioritise Essential Costs: Distinguish between costs you have to pay and those non-essential costs. Costs such as buying quality tack and essential equestrian gear are important. Buying cheap is a false economy and won’t be as cost-effective in the long run. Do you need to have that big dressage trainer name in terms of lessons? Would someone cheaper be just as good for the level you and your horse are at?
- Track Your Spending: Set a budget and stick to it. There will always be unexpected vet care costs in your horse ownership journey, so setting aside some money for those incidents or injuries that are too low to claim on your horse insurance but still add up is worth considering.
How to save money as a horse owner?
Choose a vet practice that allows your insurance company to pay them. A lot of vets now expect you to settle the bill, then for you to chase your insurance company for a refund. This can be a worry if you are on a tight budget.
Buy in bulk. If you can group together with friends at your yard to reduce some horse-related expenses, such as buying feed, bedding and hay in bulk, you can significantly reduce bedding costs and save some money for unexpected costs.
Reduce the costs of horse ownership and save on transport costs by buddying up with a friend at the stables to split the travel costs for a fun or competitive outing.
Get a sharer for your horse. Your beloved horse costs a fortune to keep, and you can’t be with them every hour, every day, so why not get a sharer a couple of days a week to help you reduce your horse care costs? This will help pay towards boarding fees and help keep their activity levels up to avoid health issues.
If your stable doesn’t have rubber matting, invest in some. It will be more comfortable for your horse than a concrete floor and you won’t require as much bedding, saving you money in the long run and peace of mind that your horse is more comfortable!
How to keep horses on a budget?
Still can’t make the maths work on livery yard costs? Perhaps you could consider DIY livery instead to reduce the bills? If you find a friendly DIY livery, you’ll find that most horse owners try and help each other. While this option is more suitable for experienced horse owners and not amateur horse riders due to the responsibility and knowledge required. DIY livery also takes up more of your time but it does allow you to manage many aspects of horse ownership more individually.
Could your horse go barefoot or do well with only a pair of shoes on the front feet? Speak to the current horse owner to enquire if they have ever gone barefoot or just front shoes. You could also ask your farrier for their honest opinion. Keeping a horse barefoot requires management. It has to be right for your horse, but it could be a cost-saving shoeing option for you!
Love competing but struggling to see how you can compete? Share transport with a like-minded friend at the yard or look to buy a second-hand horse trailer. Join a local riding club that regularly holds events nearby so you can enjoy building friendships and the thrill of competing.
Look for special offers from supplement brands you feed and take advantage of January Sales or Black Friday Deals.
Ask other horse owners. Join forums such as Horse & Hound to ask other horse owners the best tips for saving money.
