How to Determine the Monthly Cost of a Horse

Many people have the misconception that the most expensive part of getting a horse is the actual cost of a horse. In most cases this is incorrect. Horses can cost anywhere from $1,000 to $3,000 a month easily without too much special care. With gas prices going up, these prices will probably elevate as well. Understanding the financial responsibility of a horse is the best type of research one can do before purchasing these animals.

Instructions

Difficulty: Easy

Things You’ll Need:

• Paper
• Pen
• Resources for prices

1. Write down on a sheet of paper in a list form the following: board/housing, feed, hay, shoes, training, veterinarian, equipment and miscellaneous.
2. Find out the cost of each item on the list. Understand that if you decide to house the horse at your own house there will maintenance of fence, pasture and shelter. By boarding your horse you may incur extra charges for hay, supplements or maintenance.
3. Research all of your options. If you decide to board your horse, make sure that it is in a convenient location with all of the amenities you and your horse will need.
4. Make sure that you put enough money into your budget for emergencies. Insurance might be another expense to look into if you feel like you are spending a significant amount of money on any horse.
5. Remember to budget for the fun stuff, too, such as shows, fox hunting and trail rides.
6. Calculate your numbers to come to a final monthly total.
7. Decide whether you can afford a horse or not.