MONEY MOVES to Transform Your Horse Life

Learn six horse-related money moves to manage your horse life from a knowledgeable horse- and tax-industry professional.

- BY LINDA TRENT, CPA, WITH ALEXIS BENNETT

Horses and running businesses around them can get expensive. That's not new news. But there are ways to manage the cost of horse ownership. And not only by cutting corners or using tricks to stretch your dollar (hello, diluted shampoo!). While you can, and probably should be mindful of your spending, there are other ways you can make expenses work for you. It all comes down to what you do with your horses and your horse-related services. Do you compete? Do you give lessons? Do you provide therapy? Do you breed and sell them?

I've worked with horse people across disciplines and services for decades. Every horse person has a different financial situation, and while my accounting advice is tailored to those unique circumstances, there are a few tried-and-true horse money moves that nearly every horse owner can explore to better afford your passion. If you're new to horses or returning after a hiatus, go to Money Move Number One before progressing through the next steps. If you already have horses, compete, or provide services—even if only casually—start at Money Move Number Two.

Money Move Number One:

DO YOUR RESEARCH

Many hobbies are expensive. The equip-ment, gear, or travel required to craft, trek through the woods, or see the world all have a price tag associated with them. A horse lifestyle is no different. Horses are living, breathing animals and require the basics of shelter, food, and water. That doesn't even include the regular health maintenance, training, competition, or breeding-related expenses that occur.