The Budget
Before you even think of buying your first horse, you need to have a proper budget plan in place to make sure that you can afford to keep one. There's not just the initial outlay for the horse or pony itself. There's the ongoing cost of feeding him or her, along with bedding and stable rent. Then you have to factor in vet's bills, farrier bills, replacing anything that gets broken or worn, such as tack, and insurance for you and your horse.
So, how do you know how much all of this is going to set you back?
The best place to start is to find a livery yard where you want your new addition to live. The yard manager or owner will be able to give you a breakdown of costs related to stabling and feeding, such as your weekly stable rent, bedding that you may be able to buy through them and any feed that you may be able to buy through them, such as hay or haylage.
Many livery yards offer you the option of buying your bedding through them. Usually they will buy the bedding in bulk and then sell on to the people on their yard because this is a good way of keeping costs down. This may be the same for hay and haylage, or the yard may have the facilities to grow and bale their own hay. Either way, the owner will be able to tell you how much that part of your bill will set you back.
The average rent for a 12x12 stable is between £20 and £30 per week, dependant on the area you are in and the level of facilities included in your rent. The price of a bale of hay can vary quite widely depending on where you are buying it from. Somewhere around the £4 to £5 mark probably won't be far wrong. You will need to factor in a bit of a margin in your budget for feed, as until you buy your horse, you won't know exactly how much or little he or she will eat. If you are buying an average 14.2hh native pony, you're probably looking at 3 to 4 bales of hay a week if they are in full time. But if you're buying a 10hh shetland then you can take that down to 2 to 3 depending on their appetite!
Once you have the day-to-day feeding and bedding, you need to look at the next most regular cost, which will be your monthly insurance payment. The cost for this will be completely dependant on the horse you buy, but if you have a breed, height and age in mind you can get some quotes from different insurance companies to give you a good idea of cost for your budget.
Next there's the slightly less regular costs of the farrier. If your horse is going to be shod, you can look at paying anywhere between £45 and £100 for a set of shoes and this will be every 6 to 8 weeks depending on the rate the horse's feet grow. If your horse will not have shoes, they will still need to have their feet trimmed at the same intervals, which can cost £20 to £30 dependent on the farrier.
Another thing to take into consideration is vets' fees. Your horse will need vaccinations once a year. This will be a relatively small cost, around £50 for the visit and injection, possible more depending on your vet and how their fees work. Other than this, hopefully you won't be seeing your vet very often, but you do definitely need to bear in mind the fact that if your horse does get injured or develop an illness you may need to pay some quite big vets' bills. If you have insurance which includes vets' fees, then you more often than not will be able to claim through that. However you need to keep in mind that there is always the possibility for extra costs in this area.
Those are the main things that are a must in your budget plan. There are of course a multitude of other things you can be spending your money on, such as new rugs, new bridles, brushes, tack boxes, tools, buckets, head collars.... The list is endless!
The main point I'm trying to make is that buying a horse is not something to take lightly, especially in times where money can be tight. Please carefully consider how much your new addition is going to cost you before you take the plunge. It is heart-breaking having to part with your horse, no matter what the circumstances, so please take your budget seriously. The last thing you want is to have fallen in love with your new horse only to have to sell him or her a few months down the line because you didn't realise the costs involved. That would not be fair on you or the horse.
If anyone has any questions or comments about budgets, whether you are looking to buy your first horse, or you have one already, please leave a comment below and I will read and respond to each one.
As always, thank you for reading!
Sarah