Horses....how much would you save?

Question

i have a half way good paying job, and i was wondering how much would be good to save up each month?

i dont really need to put alot of money into equipment, the most money i need is for replanting the field/fencing (we have half it bought already), and cleaning out the barn/tack room(need bars, beeding, ect).

so how much should i save for the cost of the horse, feed bill, the field/fence, and how much does it cost to pay someone to plow a field (our equipment isnt big enough for this field)?

i was thinking 400 a month for a year was a good start

Answer 1

Save as much as you can.  Make a list of all of your monthly expenses, from groceries to gas for your car to dining out to the electric bill.  Don't forget to figure in any money you currently put into a different savings account automatically - that is an expense, too.  Add all of those figures up, and subtract it from your net monthly salary (net meaning after all deductions).  That should give you an idea of how much you can stash away and still be able to meet all of your expenses.

In my area (NY) keeping a horse (boarding it, full board) costs about $5,000 a year.  Your area may differ, though.  $400 per month will save you $4,800 per year.  You need to figure out how much money you need, and then see if you can tweak your monthly savings amount.

Many banks have online-only savings accounts that have high interest percentages.  I have one and make about $10 per month on it.  I'd look into one of those - you can easily link it to your regular checking account.

Answer 2

What kind of fencing are you putting up?  That will have a lot to do with cost.  4-plank oak fencing is very expensive, so $400 a month won't give you much of that kind of fencing.  If you do high tensile coated wire, it is much less expensive and you can put it up yourself.  The only thing I will tell you is not to get the plastic pieces that hold the wire to the t-posts.  They break easily.  OR you could run a strand of electric at the top to keep the horses from leaning over the fence.  That diamond weave wire fencing isn't too expensive either if you are considering that.  I like it a lot.

For monthly horse upkeep, you'll have to determine how much feed you'll be using and if you plan to use any hay (if you're keeping horses up for part of the day).  Basic feed is about $8 per 50lb. bag.  The really good stuff is about $25 per 50lb. bag.

You will also want to keep in mind that you will need the farrier every 6-8 weeks.  Around here, they get $40 per horse for trimming and $60 per horse for shoeing.

You will also need your vaccinations once a year and if you plan to travel, health papers and coggins papers.  

You'll also be worming them basically every other month and you will need to use a different wormer each time.  They range in price from around $5 to $15 per horse.

Make sure to plan for emergency vet visits in case you have a horse get injured, colic or something.

If you save up $400 a month for a year before you buy any horses, you'll only have $4800.  If you are planning on buying a well-trained horse, you can plan on spending $1200 or more just for the horse (depending on what kind of horse you are looking for).  That isn't going to leave you a whole lot for fencing, which is probably the most expensive thing you've got to provide.  It is a good start.  Just plan on spending that much each month you own horses, that way, you should be well prepared for horse ownership.

I am sorry I don't know anything about the planting/plowing of your fields.  Call your local agricultural department for information.  There are programs where you can get their help to do stuff like that.

Good luck!

Answer 3

maybe think of it as paying board so however much you would pay for board at a local barn, thats how much u should save.

good luck!

Answer 4

I don't know how soon you intend to get up and running, but once your pastures are seeded it will take 2 years for the grasses to establish a sufficient root system to stand up to the abuse horse hooves inflict during grazing. In the meantime, the pasture has to be periodically mowed to about 4" to keep it healthy, and we also had to treat ours for toxic weeds that started to invade it.  You may want to set up a dry lot and plan to feed hay to replace pasture while your pastures are getting going.

Answer 5

If you have a small operation, the 400 is a reasonable price.

As to the plowing--contact your area high school FFA program and see if anyone would be interested in using the plowing (for what ever reason you have in mind-planting or dressage or hay) as a seasonal project.  

Dr. Tommy Skelton

Answer 6

$400 a month is a good estimate.   You might be able to feed him for much less, but there is always farrier, dentist, and vet expenses.   Plus there's eventually a major vet expense at some point in his life, and the expense of euthanizing him if needed.    There is also the expense of supplies, tack, and misc items.    It can't hurt to have a little extra in the bank.

Why do you need to plow the field?  What is growing in it now?    The cost depends on your area and how big the field it.  Ask your farmer neighbors for advice & pricing.

Answer 7

depending on where you live the basic required immunizations will cost a minimum of $200.00 a year plus worming, hoof trims from 35-55.00 every 6-8 weeks per horse, teeth floating ect it adds up. feed bills are the biggie right now with gas prices and all the flooding in mid west states.Always have available, in my thoughts, a thousand dollars & or credit for emergency care and have a great relationship with your equine vet so you can make payments if something dreadfull should happen. If your not prepared it'll happen=nice horses out there for sale inexpensive!! because it is so expensive to feed right now. so pay a little less on your dream horse and spend more on feed- Fencing is a huge deal-better the fencing -the less likely injury to your animals. ask around in your town about plowing and disking fields sometimes you can find someone looking for an extra buck and may be reasonable???? Horses are herd animals and are miserable alone, some can deal with a stall buddy most need at least one other horse. Good luck-lots of work in the prep for a horse -get a good match for you and it is fabulous!!!!!

Answer 8

save every last penny you have