How to Budget Horse Expenses

Most barns offer a basic feed program, but your horse may need additional supplements. I buy two supplements for my horse, one that lasts three months, and one that lasts about six months. Take the annual supplements expense and divide it by 12 to get the monthly amount. Watch for sales and special prices on the products you buy regularly, and stock up.

Horse shows may be in your plans, and since show season is shorter than a full year, your horse show fund should be budgeted monthly. Costs of trailering, coaching, entry fees, and accommodation can add up quickly, and a horse show nest egg will help make those shows possible without breaking the bank. My current plan does not include horse shows, but again, I kept the line in there in case things change.

Even regular vet care expenses can sneak up on you. Budget for the usual costs such as annual exams, vaccinations, deworming, and dental care, and put the money aside each month to avoid the panic that a reminder from your vet can cause. Health care includes regular farrier visits, and if your horse is like mine and lucky enough to see a chiropractor, massage therapist, and any other type of alternative therapist, add a line for that as a monthly expense, too.

Insurance 

I have my horse insured and pay for it monthly. Fortunately, my insurance company offers several helpful payment options. Insuring your horse gives you peace of mind in the event of major medical/surgical expenditures, and also protects your significant investment.

If you will need a big-ticket item like a saddle in the future, plan ahead for larger expenses by amortizing the costs monthly over a longer period of time. For example, to save $5,000 for a new saddle, you’ll need to set aside $208.33 per month for 24 months. If you put that saddle on your credit card now at 12 percent interest, and plan to pay it off in two years, the payments will be $235 per month, and you’ll pay a total of $5,649 including interest of $649. Plan ahead to prevent a saddle-sized hole from suddenly appearing in your bank account or budget. 

Emergency Fund 

For the first time this year I started to set aside money for an emergency. I look forward to watching that account grow, and at the same time, hope I never have to use it. Calling the vet for an unexpected visit can be scary, so planning ahead to cover this expense means one less thing to worry about. A little advance planning goes a long way!