Day-to-day challenges can make it difficult to sit down and plan for the cost of life’s uncertainties. Though unexpected expenses such as medical bills or truck repairs don’t have to be financially devastating if properly anticipated. And with the holidays closing in, planning in advance for large expenses pays off in the new year when farriers have more money in their pockets. Setting aside small chunks of cash — $50 here, $100 there, even just $15 per week — can keep the expenses of Christmas more manageable. For example, if planning to go the International Hoof-Care Summit, saving $8 each week in 2025 would have covered the entire Super Early Bird rate for the Feb. 3-6, 2026, event.

Pennsylvania farrier and certified master financial coach Joshua Sanders offered sound financial advice at the 2025 International Hoof-Care Summit, including emphasizing the importance of keeping an emergency fund.

“When you first start your business, you must have $3,000 to $5,000 in savings for emergency expenses,” Sanders says. “That will cover multiple tool failures. If your trailer door breaks or your forge dies on you, you have savings for emergency business expenses at all times in a separate business account that you don’t touch.”

For personal finances, which should be separate from business, Sanders recommends saving 6 months’ worth of expenses in an emergency fund. It’s the amount of time a farrier could be out of work after a surgery, he says, and it’s also roughly the amount of time it takes until long-term disability insurance payments begin. These cover around 60% of take-home pay. Especially if a farrier is the main breadwinner for their family, Sanders recommends purchasing disability insurance for its security.

These nest eggs can help farriers avoid going into debt because of an emergency, something Sanders strongly advises against. Though the initial costs of starting a business can feel immense, he cites a budget of $10,000, a figure he recommends having in liquid assets.

“For me, there is not a single reason I will say yes to debt other than a mortgage,” he says.

Daily and monthly expenses eat into a savings account quickly, especially with loans to pay off, one of the most common being a car loan. Across the country, the average new car payment is about $750 per month. For people who abuse their cars, Sanders says, the risk of accumulating negative equity — the car being worth less than the remainder of the loan — is not worth it.

He cites Proverbs 22:7 when discussing debt: “The rich rule over the poor, and the borrower is a slave to the lender.”

“I view debt as a prison,” he says. “Your best wealth-building tool is your income. So, if you’re spending it on an auto loan, you’re not using your income to its full potential. Debt limits your ability to build wealth. If we’re running our business correctly, we can make a fantastic living, but there are too many farriers who have to work at 70 or 80 years old.”

It’s also important to consider tax write-offs when determining whether a new business purchase is worth the money. Write-offs are not a dollar for dollar exchange, Sanders says, and should not be thought of as a 100% reimbursed expense at the end of the year.

“If I spend an extra $100 at the end of the year, I’m not going to get $100 in tax credit for that. Depending on the expense, you get around $0.30 on the dollar in tax credit. Big purchases at the end of the year do not always make sense unless you’re trying to go down a tax bracket, which would allow you to pay a smaller percentage in taxes,” he says.

When it’s necessary, as with a mortgage, he says the monthly payment should not be more than 25% of your take-home pay before health insurance. Using debt to maintain a lifestyle is unsustainable, he warns, and should be taken on only in rare or unavoidable circumstances.

Read more from Joshua Sanders in "Good Financial Planning Can Safeguard Farriers' Future" in the November 2025 issue of American Farriers Journal.