How much a month do you think I should save?

[stressy]

I finally have a job so I am now seriously thinking about buying my own horse. However id like to be secure in the knowledge that I can afford the monthly costs on my wages so plan to save for a couple of months to see if its feasible by asking the bank to set aside a certain amount for me. How much do you think i should put aside every month? I was thinking about £300, is this a sensible amount?

[Snowyboy]

depends on what sort of livery you want!

£300 would cover our pony fully, inc competititon entries and riding lessons but he is on diy livery!

[posie]

you can set up a direct debit from your account into a saving account - dead easy if you have online banking ;)
£300 sounds good - depending on your livery bills though... i save £200 a month for keeping honey - ie food etc... then save another £200 per month for extras (currently saving for a trailer :D)

[stressy]

I would want DIY livery too, like to do things myself! will ring round some livery yards for prices but it seems to be about £20 a week round my way.

[posie]

i pay £16/w in summer and £21/w in winter - DIY 24hrs turn out and a stable :) so £300 a month sound about right for you :)

[*Sez*]

I would suggest that you have a ring around the sorts of livery yards you would be interested in for an idea of prices and what it includes (stable, grazing, hay, straw, school on site, services, etc), to give you a starting point. From prices I've heard around this area, livery can range from £10 to £100 + per week, depending on whether you have grass livery to full livery including all services.
You then need to consider farriery costs; feed, hay, bedding; worming/worm counting; riding instructor; all the regular check ups, like vaccinating, saddle fitting, dental appointments, physio. There's been loads of threads recently about the costs of keeping a horse if you have time to have a look.

To be honest, £300 per month would probably just about cover both my horses (one ridden and one yearling), although I like to also put a bit extra aside for emergency vet bills/buying tack for my yearling when she comes of age. So a lot of it will come down to what the costs in your local area are like :)

[sadiesparkle]

I've just worked out a complete budget - taken me a couple of weeks, but I wanted to be really really thorough!! I worked out that on a tight month it would cost about £250, and up to £300 on not so tight months lol.

It's a good idea to put it somewhere you can't touch it!!!

xxx

[thelwellpony]

Just to add quickly - I put put aside the money I may save on Summer kept horses, ready for the hefty Winter bills(feed, bedding,hay). That way you can also save up to buy rugs ready for Winter. P.S, dont forget that horse insurance is costly, but can also be spread smaller into monthly installments. Good Luck, Bingo, how very exciting for you

[flinglebunt]

Average 220 a month over the year on DIY plus the cost of travelling to stables and vet fees.
If you are able to put 300 aside each month then use a savings account but do not use the excess to buy rugs and tack etc. The surplus will biuld up quickly but, trust me, the day will come when you will need it and you will be very glad it is there.

[Joyscarer]

It really depends on where you live and how long you've had the horse for as to how much it will cost.

My first year was horrific as I bought lots of little bits that I discovered I needed - boy does it add up :eek:

Now I have 2 on the budget I had for 1!

If you think, having done your homework for local costs, that it will be £300 a month (making sure you have a contingency amount factored in) then saving this amount for a year.

This will tell you if you can afford it longer term as anyone can save money in the short trem and it will also give you your buying budget upfront.

[POPPY1]

This is how I have estimated my costs:

Livery £30 pw/£130 per month (but I have a private 3/4 acre paddock and new four sided shelter, with horsey neighbours) - this includes all hay.

Insurance about £35 per month

Shoes approx £50/£60 per month

Carrots/happy hoof £10.00 per month

Vacs/worming/grooming products/rug cleaning/other £40 per month

About £275.....