United States Eventing Association

Tips for Owning Horses in an Uncertain Economy

Listen to the news, go on-line, open a magazine … everywhere you look there are increasingly pessimistic evaluations of today’s economy, with even worse predictions for the future. Don’t despair though. First, economies are by nature cyclical and historically have a way of turning themselves around (fingers crossed!). Second, there are lots of ways to cut corners during this currency crunch. Here are a few…

Fueling Up

Oil prices, and therefore the cost of fuel, are tied to a majority of the price increases that the average person sees , from putting diesel in your tow vehicle, to the cost of grain, hay, and bedding, and even the shipping charges when you purchase a new piece of equipment or clothing.

Buy Local

When it comes to the bedding, grain, and hay, just like when it comes to putting groceries on your table, do your best to purchase locally—saving money and supporting local businesses.

Price Check

To lessen the pain at the pump, check web sites like www.gasbuddy.com or www.fuelmeup.com to compare prices at gas stations in your area, or on the route to your next event. Also, consider getting a gas card. Almost all major gas stations offer them, and they will save you a percentage on all your gas purchases—just make sure to pay off your balance each month otherwise you will likely pay more in interest than you saved in discounts.

Vehicle Maintenance

Once you’ve purchased the least expensive fuel possible, do your best to stretch each gallon as far as possible. If you’re in the market for a new (or “new to you”) vehicle, put fuel efficiency at the top of your list of necessary features. Regardless of what you’re driving, make sure to keep up with maintenance—get regular tune ups, make sure your fuel filter is clean, and that your tires are rotated, and properly inflated (on your tow vehicle and trailer). Not only will all of this keep you safer on the road, it will also allow your vehicle to operate as efficiently as possible.

Drive Sensibly

Excessive speed and erratic driving not only make you more likely to have an accident, that sort of driving behavior also decreases your gas mileage (and probably frightens your passengers!). Accelerate smoothly and to a sensible speed, use your cruise control when possible, and anticipate turns and stops so that you can perform them as smoothly as possible.

Car Pool

Use on-line chat rooms and bulletin boards to get to know other eventers in your area and consider sharing rides to competitions and clinics. Not only will this save you some money, if you usually travel by yourself it also makes for a safer trip, and who knows, you may make a lifelong friend. For those going to the Wellpride AEC, check out the USEA website this summer for a list of competitors looking to catch a ride, or share a ride, to the USEA’s national championships, September 10-14 at Lamplight Equestrian Center in Wayne, Illinois.

Prioritize

Wants Versus Needs

You may have to take a look at your budget and re-prioritize a bit. Some decisions are easy, such as separating “wants” versus “needs.” While a brand new Stackhouse or Amerigo saddle would be a wonderful addition to your tack room, they probably fit into the “want” category, and could be put on your shopping list for 2009, or you could look for a used version instead. Or, better yet, compete at the Wellpride USEA American Eventing Championships or the Spalding Labs USEA Young Event Horse Series, and win one!

There are many items that should always remain at the top of your list—all those related to your horse’s health and wellbeing. Do not compromise on quality veterinary care, timely vaccinations, and necessary medications and quality supplements. In that same vein, oftentimes one of the first items to drop off the list, or possibly not make it on in the first place, is insurance, which leads us to …

Be Pro-Active

Insurance

You’ve had your horse insured for the last two years, and your renewal notification shows up in the mail. Cash is tight, and considering you’ve never had to file a claim in the last two years, you’re wondering, what’s the point? Your horse has always been healthy, and to be honest, the possibility of him going under the knife at the local vet hospital, or even worse not surviving the surgery, is something you’d like to avoid even thinking about, so why not just drop that renewal letter in the garbage, let the policy lapse, and hope for the best?

Or, maybe you’ve never insured your horse at all, playing the odds that your horse will continue to stay sound and healthy.

If you’ve got the resources to self-insure without tapping into credit cards, retirement accounts, etc., then doing so isn’t necessarily a bad idea. But if you don’t have $7,500 -$10,000 (the approximate cost for the average colic surgery these days) easily available, plus enough cash to replace your horse in the event of his death, then you might want to reconsider. The last place you want to be in an emergency situation is making a decision between your bank account and your horse’s life, or worse yet, not being in a position to make the decision at all because you absolutely do not have the necessary financial resources.

It’s surprisingly simple, and cost effective, to avoid that type of situation. Many horse owners are surprised at how

inexpensive the average equine insurance policy is. For example, with Broadstone Equine Insurance Agency, the USEA’s Official Equine Insurance Provider, a mortality (life insurance) policy for the average $10,000 event horse costs between $360-$410 per year—and includes up to $3,000 in free Excess Colic Surgery coverage, depending on the horse’s insured value. To add $5,000 in Major Medical/Surgical coverage, the additional annual premium is $190-$200. Another $50 will upgrade to a $7,500 Major Medical/Surgical limit. To make the process even more convenient, veterinary certificates are rarely necessary, so a completed application by fax can usually get coverage in place immediately, and payment can be made through an installment plan, and major credit cards are accepted.

Of course, a $10,000 value is just an example. If your horse is worth more, you can certainly choose to insure for more (and pay a correspondingly higher premium). But if finances are tight and you’re trying to cut costs, you can consider insuring the horse for less than its worth, enough to get you started with a less experienced mount, while still protecting you in the event of a major veterinary emergency--a definite win-win situation. You can get a quote online at www.BroadstoneEquine.com or call for more information at 888-687-8555.

Preventative Maintenance

Planning on having your current mount for long into the future? Hoping to avoid costly vet bills now and into the future? If so, do your best to provide your horse with the best quality preventative maintenance possible, including all necessary vaccinations, teeth and hoof care, and appropriate supplements. Products such as Wellpride, Adequan, and UlcerGard, to name just a few, can help ensure your horse stays sound and healthy for years to come, which makes for a happy horse and in the long run will save you dollars in vet care and lost entry fees.

Share Your Horse

Is keeping up with your everyday horse bills becoming a struggle? Ever consider sharing your horse? A full or half lease could be the answer to your problems, especially if you’ve having trouble keeping up with work, family, and all your other responsibilities. For many busy professionals, a half lease can be the perfect solution. Each person has two or three days a week to ride, and in turn they split a pre-determined number of monthly bills. This way the horse gets regular work and attention, while keeping down costs.

There are two keys to this arrangement. First, you need to find the right person, someone you can trust with keeping your horse safe, and whose level and style of riding are on par with yours and will work with your horse. If you do find a person that meshes well with both of you, then make sure to write up a legal agreement that spells out each party’s benefits and responsibilities (days a week to ride, horse care specifics, opportunities to participate in clinics and/or competitions, financial obligations including possible insurance provisions, etc.). Sample contracts can be found at www.equinegalsolutions.com, www.USLegalForms.com, www.stablewise.com, and www.americanequestrian.com.

Now, if your horse is a true superstar, you might be able to arrange for a lease where not only does the lessee pay all the horse’s expenses, but they also pay you a monthly fee for the privilege of working with and competing the horse. These types of leases are seen more in the hunter/jumper world.

Earn Some Extra Cash

How often have you rummaged through your tack trunk shoving aside pieces of perfectly good equipment, clothing, or tack that for whatever reason you no longer use? Do a thorough inventory of all your stuff, be brutal in deciding what you still really need (and realistically still use), and then clean up all the rest and if you don’t already have one, create an eBay account and start selling! Who knows, maybe you’ll make enough to put a down payment on that new Stackhouse saddle. Or maybe you’ll decide to shop a little more frugally…

Discount websites

Let’s be realistic, no matter how carefully you try to protect your check book, inevitably there will be lots of purchases to be made, from the odd pair of galloping boots to a new helmet or pair of reins. Sites like eBay are one place to try, but if you’re looking for guaranteed new, quality products, try a site like www.Tackoftheday.com, where each day a different item is so ridiculously on sale that you might want to buy it just because (tempting, but would sort of defeat the purpose). There’s also www.horsefroogle.com. And of course don’t forget longtime USEA supporter Bit of Britain, where USEA members receive a five percent discount on on-line orders at www.BitofBritain.com.

Free Coaching

Speaking of Bit of Britain, owner John Nunn offers a wonderful service through another one of his companies, Nunn Finer, called “Through the Eyes of a Nunn Finer Rider.” Nunn Finer-sponsored riders, including Will Faudree, Boyd Martin, Gina Miles, Bonnie Mosser, Kim Severson, and Amy Tryon are available to walk courses at events around the country. Click here to find the calendar and get free coaching from some of the top riders in the world!