Pilot but dont think that = Money, I need your help.

Pilot_in_Debt

Hi,

This is my first post so please feel free to get stuck in with constructive criticism.

I took out a postgraduate professional studies loan with HSBC to the tune of £45000 in order to live and carry out my flight training in order to become a commercial pilot. I have also studied at university and have a number of student loans together with a few further associated debts toward the end of my flight training.

I have a good flying job now but as it’s my first for a small company the money is not great, I take home about £1400 a month plus approx £300 in expenses, £1700

My total debts are

Flight training loan £49000 increasing and will total £74000 if I pay I off over the full term. (11 years)
Credit card £2800
PS loan £4300
Student debt £7000
Other 0% loan £12000


Outgoings are then,

Flight loan £536/month
Credit card £86
PS loan £115
Student debt Deferred at this time
Other 0% loan £210
Food at work £200

I used the calculator on the site including all my food, I work away and have to eat out during the week, car, gym etc. and it concluded I have about £120 spare a month!

I am looking at a promotion at work or moving on within six months that would increase my incomie by £600 a month and at the moment I have just taken a driving job during my time off, so now I am away from home for three weeks out of four and when I am home I am working as a driver when I would really liek some time tomyself. It hurts that I wasted four years at university getting a good degree then fly as a commercial pilot and can barely make it through the month, perhaps its my fault for getting into the aviation industry! Does a forum for rantign exist? :rotfl:

I appreciate this may not be as bad a situation as many and that I might earn a decent salary in some eyes but I had to invest £50000 just to earn £23000, I knew it would be a tough few years but not having any semblance of a life outside work is soul destroying together with having a new girlfriend who is the complete opposite of me, organized, financially independent and would like to go on a nice holiday, so would I!

What am I looking for? not sympathy, I know this is the wrong place but perhaps some ideas about how to really stick to a budget, ways of dealing with it. I don’t know, but I am very glad I have found this site. Any other pilots out there in similar circumstances?

I look forward to your advice with baited breath, thank you kindly for your time in reading this and in advance for any responses, good, bad or ugly!

Pilot in Debt

floss2

:hello:

Welcome to MSE!
First of all read Southern Scouser's post for First Timers, then post your SOA (statement of affairs) and we can go from there....grab a cuppa while you're away - you may need it!

:wave:

rayday2

Hell costly job being a pilot but you see the world from the clouds I guess!

Anyway not sure I can help at the mo as you have your basics in your monthly budget but nothing like living costs etc, is it possible to do a bigger one see if anythign stands out at us?

Snaggles

Pilot eh? Do you have any photos of yourself in uniform??

Try not to get disheartened about your current wage - don't forget that as you said, it's your first flying job, and you have excellent prospects for increasing your earnings over the next few years.

Don't apologise that it's not 'as bad a situation as many ' - that's a good thing!! You have seen the slippery slope, and instead of flinging yourself down it yelling 'weeeeeeeeee, here we goooooooooooo....', you've said 'actually I think I'm going to take the stairs'.

Good luck with it and I will be back to have a good look at your soa once I've finished with feeding and nappy changing....lol!

shell_girl

Welcome to the boards! You're in the right place- some of the people on here have amazing knowledge and will definitely be along in a bit to pick at your earnings/outgoings. I'll ask before anyone else does (because they all will!) have you loked at Southern Scouser's sticky for new posters? If you can post your full SOA (including everything- i.e. mobile phone, car insurance, rent/mortgage etc) then we'll be able to see where you can save some cash and the best way for you to pay off your debts and maximise your income. Also, if you've got them to hand the APR's on your debts would be great.

Welcome again!

Pilot_in_Debt

Wow,

Thanks for your replies already. Ok, I will go and make a cup of tea, then read that post, and give you more details.

Thank you very much.

Regards,

ps the clouds are fantastic and while im flying I forget about all this debt, its a great excape, sadly though what goes up must come down!

snails's_pace

not got any advice on your financies im afraid but am dam excited about our first mse PILOT :D
photos if you please!!!

welcome btw

lunar

Hi pilot, thats one expensive training course! i guess it will pay off over the years while you are working as im sure your income will greatly increase from this point on. follow the advice given and post a SOA. there will be loads of people around to help and advise you. just wanted to say welcome and good luck

jo1972

Just popping into your thread to say hi :wave:

I'm sure a few months ago there was another pilot on one of the boards, think it might have been this one as I remember reading his SOA, he was in a slightly different situation as he had been flying for many years, had a very well paying job but had just lived to his means.

I'm sure once you stick up your SOA including everything, even down to a daily paper or chocolate bar you will have all the MSE'ers helping you out and showing you where to cut back. All is not lost, you've had your lightbulb moment before things have got too bad

Look forward to seeing your progress.

Jo.x

calamity

Just wanted to remind you that you are not alone.
My wonderful nephew has just finished his pilot training and is in at least the same amount of debt as yourself.
Not sure that will be much comfort to you but sometimes it helps to know you are not the only one.
Hang in there --you have the right attitude and in a few years time this will be better and it will all have been worth it.

immoral_angeluk

Snaggles wrote: »

Pilot eh? Do you have any photos of yourself in uniform??

Try not to get disheartened about your current wage - don't forget that as you said, it's your first flying job, and you have excellent prospects for increasing your earnings over the next few years.

Don't apologise that it's not 'as bad a situation as many ' - that's a good thing!! You have seen the slippery slope, and instead of flinging yourself down it yelling 'weeeeeeeeee, here we goooooooooooo....', you've said 'actually I think I'm going to take the stairs'.

Good luck with it and I will be back to have a good look at your soa once I've finished with feeding and nappy changing....lol!

lol you been on the happy pills this morning???