Horse showing is fun. Horse showing is exciting. And horse showing is…expensive.
Perhaps one of the most frequently mentioned deterrents from attending big shows is the financial burden of doing so. With major shows like The Congress and AQHA World Show fast-approaching, we spoke to amateur Meg Pye, a Multiple World Champion and the Regional Vice President for Trans America Capital, to get her tips for managing your horse show finances.
Pye is responsible for putting together financial plans for financial advisors to pitch to their clients. She hopes that her basic fiscal tips for showing will help reduce exhibitors’ financial stress and ultimately some of the pressure they may feel going into the fall season.
Establish Your Show Priorities in Advance
“This time of year is tough because all of the big shows happen consecutively,” Pye admits. “We just finished the NSBA World Show and we are heading into the Congress and World Show. July through September can be so difficult financially as entries are due and reservations have been made – it can be a bit daunting to look at a credit card statement around this time.”
In order to avoid the summer/fall panic that comes from entering these major shows, Pye suggests you establish your show plan as far in advance as possible.
“It is so important to try to establish your priorities early in the year because it is completely reasonable to forego some of these big shows due to the sheer expense of them,” Pye encourages.
“The best way to chase your dreams without draining your savings is to prioritize shows. If you rank shows as a first priority to last, it is easier to budget the expense of attending your highest priorities and then determine whether you have the finances to attend the other shows further down your list.”
Know Yourself and Your Horse
Now that you’ve identified your dream shows and ranked them in order, you also need to establish which classes you intend to participate in. This requires an honest personal assessment of yourself, your horse, and your abilities as a team.
“Entries are expensive at the major shows and it isn’t cost-effective to participate in every single class you’ve practiced at home,” Pye advises.
“Indeed, while it may be worth it to enter a new class and gain experience at more local or regional shows, it is often better to establish which classes you are most competitive in and only enter those at the bigger shows. This will allow you to save money on entries and save yourself and your horse from exhaustion and added stress.”
In addition to prioritizing which classes are worth entering, Pye also recommends that exhibitors consider whether including “add-ons” like NSBA classes or other incentive programs are worth it. If it is unlikely you will earn the benefits of the incentive, Pye suggests you skip paying the added entries in order to reduce your hard costs.
Understand the Hard Costs Before Committing to Attend
One of the easiest ways to avoid financial stress at a show is having a clear understanding of the hard costs associated with the show – these are the non-negotiable costs that you will have to pay to attend.
For example, ask yourself: What are the stall and shavings fees? What would your share of the tack room be? If you enter every class you are interested in showing in, what would your total class fees be? Are there any office or equipment fees you will need to pay? Will you be entering any incentives? Is there a sponsorship your barn will have to pay and what will your share of that be? What are your trainer’s day fees?
Once you are able to establish the hard costs of attending the show, you can add in the estimated costs like airfare, lodging, and hauling to get an idea of the approximate total cost of attending the show.
“If the hard cost plus the estimated costs is out of your range, it is best to pass on the show before paying anything toward it. This will help you avoid losing money on early entries and upsetting barn mates by pulling out after the fact and increasing their share of costs.”
Track Your Spending and Find Where You Can Save
Tracking your spending at shows allows you to set a baseline of costs that will help you budget for future shows, while also allowing you to see where you may be able to save more money.
“While you may not be able to change the hard costs of the show, you can make efforts to reduce the variable costs – like what you spend on food, lodging, travel, and shopping.”
Pye laughs, “The big shows have expensive hard costs, but one of the best things about them is that a lot of people attend and so you have more options for splitting up the incidental costs.”
“Personally, I like to save on costs by sharing an Air BnB or a camper with friends that are also attending the show. I also like to grocery shop to make sure I’m not constantly eating out. Sometimes I will split a rental car with barn mates,” Pye suggests. “Splitting costs can make a huge impact on limiting the financial burden of a show.”
Pye advises, if you are cutting it close to your budget with hard costs, you may have to forego shopping or steak dinners in order to stay within budget. If your plan is to shop (which can be unavoidable at shows like the Congress), then budget for your shopping or a plan for what items you need to shop for in advance.
Have a Buffer in Your Budget
Make sure when setting your budget, that you allow wiggle room for when things don’t go as planned.
“Horses ownership is full of ‘what ifs’ and worst-casescenarios,” Pye laments. “Therefore, it is so important to make sure to establish a buffer for vet bills, equipment issues, and other unexpected costs.”
“Ultimately, your hard line or ceiling for what you can reasonably spend on horses should always be above what you anticipate spending. If you’ve been in the industry for a while, you can use prior year expenses to anticipate future expenses. If you are new to this world, most people are willing to answer your questions about budgeting and preparing for those worst-case scenarios.”
Be Open with Your Trainer About Your Finances
“I think it is critical that amateurs sit down with their trainer at the beginning of every year to discuss goals and finances.”
Perhaps one of the biggest stresses of showing at a high level is the pressure to participate in everything, despite being incapable of affording all of those shows. Pye believes one of the best ways to avoid that pressure or “fear of missing out” is by having an open dialog with your trainer about what you want to get out of your show season and what you are financially able to do.
Pye warns, “If your trainer keeps pushing you out of your financial comfort zone, then you may need to find another trainer that is more willing to work within your budget.”
Be Open with Your Family About the Cost of Showing
“It is common knowledge in my industry that the number one cause for marital issues is money issues,” Pye explains.
“Many exhibitors have significant others that aren’t into horses or showing. Therefore, it’s super important to be up front with them about the costs of showing in order to set up a general budget that works for both partners. This will hopefully help you to avoid a situation where horses start to cause a breakdown in your relationship.”
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In conclusion, Pye says, “The day you stop having fun showing is the day something needs to change.”
She explains, “We spend so much money and time showing our horses. If you find that you no longer enjoy going out and showing or that you dread show season, you need to take a hard look at whether the cost is worth the reward. There are plenty of things you could do with your horse that don’t include expensive shows or vacations you could take with that money. If you are going to invest in your dreams, make sure you know what those dreams really involve.”
