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 Scorpions R Us
Posts: 9586
   
Location: So. Cali. | I would rather not mention the amount my gelding racked up last year for 9 days in the hospital with colitis and salmonella, but I am forever grateful for great friends, family, and CareCredit.
CareCredit is great to have as you can even use it on yourself for dental & I believe medical bills. You have 6 months to pay it off Interest Free.
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 A Somebody to Everybody
Posts: 41354
 
Location: Under The Big Sky Of Texas | Thats just the chances that you take owning horses are any animals, just very unprediable from day to day.
Edited by Southtxponygirl 2016-04-15 2:42 PM
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Expert
Posts: 2531
Location: WI | Just like any other unpredictable cost. Home repairs, car repairs, etc. Build up an emergency fund. I try to keep at least $2k in available cash. If I have to use it, cut spending (entering races, all of it) until it is replenished.
In addition to the emergency fund, I know how much I spend per year on normal vet care (teeth, injections, etc), farrier, feed, etc. and set that aside separately. Makes it easier to catch up on the emergency fund when I have these costs set aside. |
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 Ms. Poutability
Posts: 2362
Location: In my own world | MS2011 - 2016-04-15 8:22 AM
I cry..........................and am grateful for incredible vets that allow us to make payments.
This is what I do too. Cry a lot. Thankfully I had the extra $ for my filly that cut her leg and spent 6 weeks at the university. But I still cried every time I paid a bill. Insurance is good. I have it on one horse. Should have had it on Ellie. Still kicking myself |
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 Expert
Posts: 3782
Location: Gainesville, TX | We use the pull and pray method. Pull your wallet and pray the horse gets better before thr wallet is empty. |
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 The Vaccinator
Posts: 3810
Location: Slipping down the slope of old age. Boo hoo. | I have a savings account that a certain amount goes to each pay check. I invest in an annual check up and vaccinations each year, keep feeding simple, each horse has their own stall, paddock and pasture (to avoid pasture incidents with one another) and both are insured for mortality and major medical. Rarely (knock on wood) do I have any cuts, rips or tear or lameness injuries -- which I attribute greatly to the fact my horses do not run together. And all of my pasture fencing is electro braid rope which keeps them off the fence. I know what my annual expenses are -- all of them for the horses - and set aside that amount with 20% extra "in case". Two horses are my limit as I do not want to spend any more than I do now for my hobby. So I am very pro-active to avoid unnecessary costs. |
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 Take a Picture
Posts: 12842
| Teachers get paid once a month. If you don't plan ahead you are going to be in serious trouble. I have been paid like this for 40 years. If you don't allow for emergencies then you have no way to cover those expenses. As I said before, you need to set some goals and work out a plan. |
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 Expert
Posts: 1591
Location: East Texas | A big thing for me is insurance. You would be surprised at what it will cover. My mare has a bad cut on her back leg and insurance paid that $2,000 vet bill. Last week my four year old futurity colt had emergency colic surgery, I picked him up today and his bill was $9,000. Also care credit for what insurance doesn't cover. I had to put his colic surgery on care credit until insurance pays me back. Even if you can't afford to insure your horse for full value, put $5,000 or $7,500 worth of major medical insurance. I think my rate is 3.08 percent of what you value your horse at. And if you think you won't need insurance, believe me one day it will come in handy. |
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Expert
Posts: 1314
Location: North Central Iowa Land of white frozen grass | I tell mine everyday. Don't get hurt today. You might not like the out come. My priorities are My wife, my children, my grandchildren my self and my pets |
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 Elite Veteran
Posts: 1062
Location: Probably On the Road to the Next Barrel Race! | Delta Cowgirl - 2016-04-16 2:23 PM I have a savings account that a certain amount goes to each pay check. I invest in an annual check up and vaccinations each year, keep feeding simple, each horse has their own stall, paddock and pasture (to avoid pasture incidents with one another) and both are insured for mortality and major medical. Rarely (knock on wood) do I have any cuts, rips or tear or lameness injuries -- which I attribute greatly to the fact my horses do not run together. And all of my pasture fencing is electro braid rope which keeps them off the fence. I know what my annual expenses are -- all of them for the horses - and set aside that amount with 20% extra "in case". Two horses are my limit as I do not want to spend any more than I do now for my hobby. So I am very pro-active to avoid unnecessary costs.
the keeping them apart thing...one smart cookie...'nuff said. |
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Duct Tape Bikini Girl
Posts: 2554
| Well, I'll just start from the beginning. The most important thing I did over 30 years ago was stay in school and get a degree. I was no rocket scientist, and struggled just to pass, but I made it. I am a planner, and I chose a career that would pay a consistent amount each month rather than a risky career that would have highs and lows.
Luckily, I also married a caring, unselfish man that understands the importance of horses in my life.
The next important factor is my decision not to have too many horses, and to own only horses that are usable. I buy 2 or 3 year olds that are well bred and properly started.
The most important factor in keeping my barrel racing affordable is my farrier. Does this mean he's cheap? NO! The farrier is the most important factor in keeping my horses sound and preventing serious lameness issues. If you can't afford a good farrier, then you have too many horses.
During the first ten years of my adulthood, I owned one horse. During the second ten years, I owned two. At 52 years with a masters degree, I own 3.
When it comes to money, there are several strategies. About 10% of my income pays my farrier each month. I have a separate checking account for horse expenses where I deposit winnings. This is also a savings account for unexpected vet bills. I pay my entry fees from this account. If this account gets low, I rethink the way I'm doing things and make some changes. I cut down on the number of races I'm going to or maybe just enter one horse.
Guess I need to reveal my career to give you more hope. I am a special education teacher. I am married to a retired teacher. So yes, anyone can do it. Be a planner, and make reasonable choices.  |
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Meanest Teacher!!!
Posts: 8555
Location: sunny california | luckyjo - 2016-04-17 7:13 AM Well, I'll just start from the beginning. The most important thing I did over 30 years ago was stay in school and get a degree. I was no rocket scientist, and struggled just to pass, but I made it. I am a planner, and I chose a career that would pay a consistent amount each month rather than a risky career that would have highs and lows. Luckily, I also married a caring, unselfish man that understands the importance of horses in my life. The next important factor is my decision not to have too many horses, and to own only horses that are usable. I buy 2 or 3 year olds that are well bred and properly started. The most important factor in keeping my barrel racing affordable is my farrier. Does this mean he's cheap? NO! The farrier is the most important factor in keeping my horses sound and preventing serious lameness issues. If you can't afford a good farrier, then you have too many horses. During the first ten years of my adulthood, I owned one horse. During the second ten years, I owned two. At 52 years with a masters degree, I own 3. When it comes to money, there are several strategies. About 10% of my income pays my farrier each month. I have a separate checking account for horse expenses where I deposit winnings. This is also a savings account for unexpected vet bills. I pay my entry fees from this account. If this account gets low, I rethink the way I'm doing things and make some changes. I cut down on the number of races I'm going to or maybe just enter one horse. Guess I need to reveal my career to give you more hope. I am a special education teacher. I am married to a retired teacher. So yes, anyone can do it. Be a planner, and make reasonable choices.
I agree with a lot said here. Knowing what you can truely afford is the key. I still have one hurdle though that keeps my numbers too high. I have a bleeding heart and so I keep nonusable horses for too long. Over the years i have had to compromise on my principles. i only have complete loyalty to horses that i brought into this world or horses that I myself have crippled. Or horses that have earned a retirement. i am now only stuck with two that are useless. i don't have pasture so I have to pay board on one and stable the other with california prices.
years ago hubby and I were looking to trade up on our house and we had realtors trying to get us into houses that were very high priced and just didn't get it when we decided to build and did it conservatively. i drive two old vehicles and they can have the big bill every once in a while but still cheaper than a payment 12 months a year ( I spend no more than two payments a year on repairs per vehicle). I also did not buy the big time LQ even though I could afford it. i bought used and very cheap and it was a fixer upper.
I use credit cards for unexpected vet bills only when i am a little short ( like right after I have bought a truck of hay). I set limits to what i will spend on each horse though. the retired ones have the lowest limit and I feel mean for that. luckily they never seem to get hurt. i have mentally preparred myself to put them down at any time if the need arises.
As far as credit cards I have a policy. If I can not add a zero on the end of the payment then that is too much credit. I have gotten myself in a bind a few times where it would take 4-5 months to pay it off and I hate it when that happens. I usually cut back on all luxuries (eating out, starbucks etc..) during that time so racing goes on the sideline for a while, or at least no big races. i am skipping Vegas this year.
If the cost of owning horses stresses you out, you might want to really look at your overall financial picture. Evaluate how many horses you think you can afford then only own half that number
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  Fact Checker
Posts: 16575
Location: Displaced Iowegian | kwanatha - 2016-04-17 10:20 AM
If the cost of owning horses stresses you out, you might want to really look at your overall financial picture. Evaluate how many horses you think you can afford then only own half that number
^^^^^ THIS is the best advice......... |
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 Expert
Posts: 1718
Location: Southeast Louisiana | outrundaizy - 2016-04-15 1:15 AM I love these animals so much and want to be able to afford it all on my own one day, but I am so scared that financially I won't be able to do it. In november my horse cut his leg and racked up a good $1500 vet bill. Made his first run back the last weekend of march(just a cruise through to see how he was feeling) entered him the first weekend of April and then last week 3 days after the show the horse came down with strangle and is now looking at a nearly $2000 if not more vet bill. After this he's gonna have to get his hocks done and teeth done before I can run him again because I know those are both due as well. That's almost $4000 in 6 months that wasn't planned on being spent.
I'm sure some of you have been through worse. Do vets offer payment plans? Are you constantly worried about the what ifs? I'm afraid if I keep horses in my life I may never have money in my savings account.
That made me laugh out loud.
I'm afraid if I keep horses in my life I may never have money in my savings account.
There. I fixed it.
In all seriousness, you have gotten some good advice.
I don't do too bad with my job. But, I did put horses aside for a few years and was surprised at how much money I actually had! They're expensive!
After I had a baby (human) I used to laugh every time a pediatrician said "but, it's expensive." Whenever I heard that before, with horses, it was going to be thousands. I just laugh whenever they say it now. |
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 Expert
Posts: 2013
Location: Piedmont, OK | Pray
Pray
And pray some more |
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 IMA No Hair Style Gal
Posts: 2594
| Coming from someone who was on their own at 16, bought their first house at 20.....and had a horse through all of that....I will tell you where there is a will there is a way. 
What did I do to make it happen? I bought my first horse in payments as a sophmore in high school. At the time I was living with my mom....so I saved all the money I made working at Deb and paid the horse off in four months. I did 3 payments of $400, and 1 payment of $300. During that time I boarded the horse at a lady I had met's place...and I was her child slave.
Things ended up getting bad at home....so I moved in with the lady where I kept my horse at. I do owe a lot to her as if it was not for her, I would not have really been able to pull off owning the horse. However, this lady abused my work ethic...for example my senior year she left me for two months to take care of 30 horses with no way of getting in contact with her. She decided she wanted to go on a road trip with her boyfriend. I learned all about fixing fence, how to call the vet, and cooking for myself.....I will never forget the first dinner I ever actually made....deer steak and mac n cheese and spinach. Not to mention I was still going to school and had a job...but I survived.
Anyways, after that I always made it a point to have a savings account. In moments where I was in a bind, I felt like God always put someone there to have my back. People took payments, I worked three jobs, and I always managed.
However, I did not get into showing horses until I graduated from college and got my job as a teacher. That was ALWAYS my end goal....my dream....and what I worked so hard to achieve. I am now finishing up my 6th year as a teacher. Since then I have been able to haul, and I have never had an issue with making sure my horses needs are met.
So here it is:
Work hard
Save your money
Establish a good relationship with your vet
Be proactive, don't be afraid to contact your vet at the first sign of a problem. In every serious situation I have found it to be less expensive to treat my horse because we had the vet out the first moment we noticed there was an issue instead of waiting. This is why establishing a good relationship with your vet is important.
Never let anyone tell you it isn't possible, anything is, just be prepared to put in the hours to make it happen; whether it be working an extra job, or going to school so you can secure a job in the future that will support your horse habit.
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Meanest Teacher!!!
Posts: 8555
Location: sunny california | agree with magic. I sacrificed for many years to put my ducks in a row. the sad thing is there are quite a few young people that want the sucess, income and horses that come with that--right now, and do not know how to put in the years of sacrifice. Some even resent others for not dropping the ball and passing them right on by.
I had a gal that cleaned stalls for me and she took days off when ever she felt like it, then did not understand why her pay was so low at the end of the month. Like it was my fault or something. she did this little job to pay for extras for her horses and resented other people for being able to afford nice things. that lady had never worked a day in her life and just did not understand what it takes to be successful at something and resenting others will only close opportunities for you. Having a job does not mean you have a true work ethic. People throw the phase "I work hard" around so much and most people that have truely worked hard (long term) just chuckle to themselves...working 8-10 hours a day is normal, working 12-16 hours a day for 35 years is hard work. OP I did not mean to imply you are like this. I have just seen quite a few young people not have their emotions under control and lacking a true work ethic.
There is nothing wrong with putting horses aside for while so you can get your finances in order. Perhaps cutting your numbers and put the others out to pasture and pull their shoes; just enjoy them for a little while. I would also look into finding something to earn extra money. i am a seasoned highly educated teacher and i am not above babysitting, pet sitting, cleaning or doing chores for extra cash. In fact thinking of doing some summer work this year. might even work my prep next year and not ride another year.
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 Schnoodle Lover
Posts: 2987
Location: **Cactus Country down in South Texas*** | Some way some how they all end up hurting themselves, its just what's the magic number at the end of the visit !!!! I have two savings accounts, one is specifically for my horses. I always try and put a little here and their away. I have some farmland I rent out every year, What I have left after paying taxes goes to my horse emergency fund lol. I feel Like I need a Xnax everytime I leave. |
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 Veteran
Posts: 242
| One thing I tell myself is, It could always be worse ! I'd hate to mention how much I've spent over the years in vet bills but one thing I know for sure is, they didn't get to choose their owner or what happens to them. |
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Veteran
Posts: 264
| I didn't think I'd ever use care credit until last weekend. I always have an "emergency" fund but this was multiple thousands over. Care Credit was so fast and easy to get approved. I definitely suggest keeping that as an option. Although it did hit my credit score pretty hard. |
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