Saving to train as a Pilot....need advice on how to come up with 20K!!!!

Hello!

I am always reading these forums with such admiration at how well you're doing - so Well Done! Ive got a dilemna in which I need to solve and I would like to enlist the help of the authors if possible...

Im currently in a good job and getting paid a decent wage. However its not flying - which is my ultimate passion - since I can remember I have wanted to fly (now I know what youre all thinking, all little boys want to be a pilot. THis is different and a burning ambition!

I'm 22, which may not sound old but in terms of getting employment as a Pilot, the older you get the less chance of getting a job. Due to this and my passion for flying I want to do this as soon as possible.

The flying course costs £59000. HSBC will loan me the money once I enroll to the flying school. However the course lasts 15 months. I dont get paid during my training and I need to come up with £10000 living costs during this time. I also need to work out how Im going to get the money together to help my other half out when it comes to paying the mortgage and bills.

Anyway, here are my stats:

Income

Monthly Income(after Tax,NI,Pension etc) = £1800
No other income.

Outgoings

Egg loan - £279.73 per month (ends May 2015 Balance £4241)
Egg Credit Card (21.9%) £15 per month (Ends ????? Balance £580)
Virgin Credit Card (15.9%) £95 per month (Ends ????? Balance £2511)
Mortgage - £450 (1/2 of £900)
Water - £25
Gas - £10
Electric - £20
Contents Insurance - £14
Joint Account contribution - £300 (for bills etc...)
Uni Degree - £100 (ends in Mar 2008
Parent loan - £100 (ends in Feb 2008)

Total = £1408

Leaving £392 for general living (which usually goes on food)

My personal challenge is to pay off my debts and have accumulated around £10000 towards my costs by June 2009 - is this possible do you think?

Ive started on Quidco, Slice The Pie and signed up to loads of survey sites(havent got any through yet though). Im really trying to boost my income to pay off the debts and start saving....

Any ideas/advice would be really appreciated and when I become a Pilot you never know you might get a free flight!!!!

Thank you

Matt

Comments

  • tiram
    tiram Posts: 14 Forumite
    As a pilot myself don't expect the money to come rolling in to begin with. I take it you are wanting to go to oxford or jerez? Integrated is all well and good if you are top of your class and the market is still decent your first job will be on a jet. Personally I was modular was then an instructor and now fly a turbo prop, took me 3 and a half years to get from ab-initio to flying a TP. Modular training would allow you to continue with your job whilst studying/training in the mean time. I started when i was 23, i'm 27 now and whilst I hear of integrated students with 250h totally jumpin over me and gettin onto jets my experiences so far have made me a much better pilot. If I had, had the money at the time I would have gone integrated and probably if i had the chance to do it all over again i would go integrated, but i have heard some horror stories. Cost modular with instructors course for me was 45-50k. Sorry it doesn't really answer your question but hope some of it helps. Just to let you know my monthly income is less than yours
    Slice the pie:- 3 stars £15.48
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