Cut high up on DOg's Tail

[chrissyred]

Hello. Yesterday, I noticed some blood on my couch and the edge of my dog's blanket. It was a decent amount so I checked him out. He has a cut on the high end of his tail near his bottom. He unfortunately can still reach it and lick it. I cleaned it and have been trying to keep it clean.

My ultimate question, If I keep it clean and maybe even put a bandage on it, is it bad enough to take him to the vet?

I have read and seen some dogs get infections and have to have their tails docked. I would hate that for Riley as he is such a sweet heart and such a happy wagger. He is my little furry child. I am a worried mother for sure.

What should I do? Thanks for any help. I don't want to be overly concerned, but I also can not spend thousands on his vet bill.

(Sorry for the graphic photos, if you are squeamish by blood.)
Oh and these photos are right after I cleaned it with some hydrogen peroxide so it looks very wet and fresh.