Working toward that license, Part II

After reading the previous post it occurred to me that I never discussed how to finance. While I earn quite a bit more than I did in the military, your expenses tend to grow into what you are earning. Once I decided it was finally time to learn I did a few things, which so far, have resulted in lack of dollars not being a hindrance when I can fit in the flight time.

First thing I did was setup a separate checking account.
Second, I started an allotments to that checking account. After looking at the budget my wife and I decided $100 every pay period, i.e. $200 a month. Was within the existing budget.

Now it is very easy to go through $200 when taking flight lessons, books and flight bag alone will run you $100 to $150 depending on the program. And even if you have a lower rental rate on the airplane you need to fly with your instructor and that adds another $35 to $50 depending on the instructor. And then there is ground school time. Another way to help cut that bill is to join AOPA and get their credit card. Most schools and FBO's are in their 5% rebate program. Also, check if your school offers discounts if you buy your hours in bulk, usually about 10 hours. Get 10 or 15% off from your FBO or school for buying bulk hours, you need at least 40 anyway, and charge it to the credit card and get another 5% rebate.

Once the allotments was setup, in January by the way, I let it sit there until June when I took my first lesson. With cancellations due to schedules, weather, TFRs, etc. I have never been in a position where I wanted to fly but didn't have the money.

Now with the last pay raise, I've increased that amount. This is in anticipation of having that pilot license and taking longer trips.

One warning: Whatever you do don't use that money for something else. It is your flying money and if you get in the habit of using it as a personal fun account, you will quickly deplete it. Now I'm not saying it is totally sacrosanct. We had significant emergency house repairs and my wife and I both dislike being in debt. It also happened to be winter time and I wasn't doing much flying so we took a chunk of the money from the flying account and used it.

What I hope to do with my license is exactly what Phil and Nancy Verghese do. Check out their web site and look at their Trip Journals. By the time I have the license and I'm proficient enough for extended trips I hope HomeAndHangarExchange has more than its current five listings! And one of those doesn't count since it is my own listing.