Paying the purchase price was only the first step in a long-term commitment to owning a horse. Developing a working budget for Model was an ongoing process that lasted nearly three months. As members of the local 4-H Horse Club, Danny, Melissa and DaKari decided to start participating in horse shows. As a result we ended with a budget that entailed not only care of Model but also one that included cost for shows and rider outfits.

Motivation for purchasing a horse will determine what type of horse will be best. The next decision is on where you will keep your horse.
Each of these factors will impact your budget.


Motivation for Purchasing a Horse
Different people decide to buy a horse for different reasons. Some buy a horse for participation in horse shows or races. Others buy their horse for recreational riding. Still others buy horses for therapeutic riding. Once you have determined your objective in wanting to buy a horse, you can begin assessing different types and breed of horses to find the best match for you.

You want to consider a horse’s natural and physical ability, including its potential to be trained, as criteria for suitability; especially if children will be involved with its care and riding activities. Once you have identified an purchased your horse. The expense of caring for it becomes a financial reality.


Caring for Your Horse
There are a number of alternatives on how you will care for and hourse your horse. They tend to fall within one of the two categories: keeping your horse in a stable or keeping it at pasture.
Unless you own land with suitable pasture or barn facilities, boarding your horse at a commercial stable may be your best option. The following lists some of the ongoing costs of owning a horse. Expenses vary in different regions of the country, and with different suppliers within a given location. Shop around for the services and products that will fall within your budget.

Clink on the following link (the budget format) to view a format for a working budget. Costs and fees will vary by different regions of the country so it is important to obtain estimates from a number of sources in developing your budget.

Once a working budget has been developed, it should be monitor, on a monthly basis, to identify any variances in projected cost estimates. This will establish the true cost of caring for your horse and will establish any items that are over- or under-budgeted. Varianes will flag items that may need adjusting.

Labels: Budgeting

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