Photo courtesy of @ka_cactus_cat on Instagram.……

“The cheapest thing you’ll ever do is buy the horse.”

This piece of advice is normally followed with a hearty chuckle and a trusty wink. It’s one of the most common phrases you’ll hear in the horse industry- because… well… it’s true.

Horses are expensive, especially because once you have the horse, the list of expenses continues. Tack, vet bills, farrier visits, feed bills… it goes on and on.

So how do you afford a horse?

Learning how to be financially savvy!

Budgeting and managing your money is key to being able to afford and provide your horse with the best you can give them!

Learning to be smart with finances starts with a few good tips.

1. Use a template to plan your $$$

Writing out where you can spend your money holds you accountable. You will be more likely to stay within your budget. It is similar to how writing down goals makes you more likely to achieve them. Google Sheets, Microsoft Excel, Canva, and other online forms have available budget templates that you can use.

See this guide on how to create your own!

2. Save money where you can

Planning where to spend and save also opens your eyes to what you can do to save more money. You could be spending money where you don’t even realize it!

Maybe it’s time to start saving pennies, making coffee from home, hauling with partners, and packing your own snacks and lunches to rodeos. It adds up fast when you save in the little places.

This also includes what every horse owner dreads: going through and selling old tack. It’s a great way to save space and bring in some cash!

Check out a few of these money-saving tips!

3. Meet with a financial advisor

Financial advisors are here to help. They have experience and training to help you learn how to make the most of your money. With that, they will teach you how to financially prepare for horses!

4. Scholarships for horse-owning college students

Yes, you read that right! There are scholarships and grants out there for those who own horses while going to school! Start by looking at any organizations you show through, then look at the organization your horse is registered to, and lastly, do some Googling! It’s worth checking out!

5. Look at alternatives to owning

If owning a horse isn’t in your financial plan at the moment, there are plenty of other ways to get your horse fix!

  • Volunteer at a local horse rescue
  • Work as a loper for a trainer
  • Lease a horse
  • Offer your help to friends with their horses

It’s no joke horses are expensive, but it is possible to own them without breaking the bank!