Equestrian Finances & Budgeting 2024 - Vlog 216 - Beth Endurance
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- čas přidán 5. 09. 2024
- It still boggles my mind that money is such a taboo subject in our society, especially when it is integral to our survival, welfare and enjoyment. It's not everything, and £100 doesn't make you happier than £10 but we need to meet our basic needs and if possible have enough left over for fun.
I am naturally a stressy person and I struggle with mental health. In all aspects of life I can counteract this with good preparation and solid systems in place to help me out. My finances play a huge role in how secure and stable I feel so I have a system to make sure that all the horse 'needs' are met with minimal day to day brain power from me.
I break this down into fixed monthly bills, which is the easy part, so Livery costs and insurances for horses, trailer and tow vehicle are my only 'fixed bills'. Then I have fluctuating needs. These are feed, forage, farrier, professionals and fuel. Followed by adventure money, entry fees, lessons and clinics.
I have kept detailed accounts of what I spend in what area for the last 5 years so I have a good idea on what I spend in each category. So at the start of the year I work out how many farrier visits I'll need, how much feed and haylage, how many rides I plan to enter etc. for the whole year and then divide it by 12 to give me the amount I need to put into my 'pony fund' account each month to cover the costs.
I have a little review each month and every quarter to make sure what I've set aside is adequate. It just helps me know that what I have in that account is for the horses and what I have in my 'spend' account is free to be allocated rather than I need to keep it for a set of shoes or a trip to the feed store.
Thanks for watching,
Beth
Very realistic and clear. My main cost cut is keeping horses at my home. I have much less of a house in order to afford the land and barn. But it makes me very happy to have horses right outside the windows.
I would love to have my own yard! Very cool! X
Thank you, really informative! I’m trying to figure out how much it will be to have pony 😅
I really appreciate this! I've always been a shoestring horse owner... working off board at the barn on the weekend while working 2 jobs, and buying everything second hand- personal and horse related. Now that I own my own small boarding barn, I've tried to set up and run it in the most safe, cost effective way, so that the horses are happy and get what they need, but the owners can actually afford the board. (Livery?) The one thing I'm terrible at is the budgeting part for my personal horses, they sadly get whatever time and money that's left over. This has encouraged me to restart the savings plan. Can you recommend any particular financial channels you like?
I like Gabe Bult and Lara Joanna Jarvis but I also follow more simple minimalist people that also change my mindset like Malama life and Use Less.
Owning your own livery is such a dream! So nice your trying to get the best for everyone x
@@bethendurance I'll check them out, thanks! And yes, the farm has been my dream since I was 7. It's been a rough couple first years- I opened months before covid, and supply costs have sky rocketed, while I also lost my great paying part time job, but I can see the light at the end of the tunnel- just in time to start training my almost 3 year old!
This was interesting, I'm in the UK and my horse costs me about £230 for livery/hay/feed and front shoes, not competing at the moment but I'm on a lower salary so have to priorities essentials. Fuel is probably about £100 extra on what I would spend
Wow, that's great! Per horse they are about £650 a month for me!
Im lucky I've just gone on grass livery for £70 but general DIY in my area is 150-200 a month@@bethendurance
Thank you, this is exactly what I have been looking for as someone looking to buy my 1st horse
Nice insight into how you break everything down. Also interesting that owning horses in the UK (at least for you!) seems to be about the same as here in Australia! I've been steadily working on a budget as I work towards buying my own horse - main budget killers are feed (hay is bloody pricey these days) and agistment, but that's what living in a city does for you😅
Hay has gone up here too. You can definitely do it cheaper or way more expensive in the UK, I'd say I'm about average x
Which ‘budget / finances’ tutorial would you recommend? Thank you
I don't follow anyone in particular I just search for different videos on CZcams, I do like Gabe Bult though, I've seen a few of his. X