It sounds like you have a great plan actually. If you save enough you can certainly meet your goal. The trick is to estimate all of your costs as you have (rent, food, utilities, phone, internet, transportation, groceries, etc.) and then subtract these costs from your expected income from working. Whatever is leftover is how much you have to save for your goal. Divide the total cost of 46,520 by the amount of money you will have leftover every year and you can figure out how long it will take to reach your goal. Since the goal is short term (only 5 years or so) you will probably want to stick to basic bank savings accounts instead of risking the money in the stock market.

Another option, I'm not sure how it is in the UK, but in the US, if you join the air force you can get paid quite a bit of money to learn how to fly. And you get a lot of experience which can really help you land a job later. Plus they pay for your housing, food, etc. I actually have a friend from the UK who moved to the US and joined the air force for that reason. Of course the military certainly has its drawbacks.

Anyway good luck with your goal.

I agree with M. It does sounds like you already ave a good budget lined up and its good that you are planning out your expenses and trying to think ahead. Im not to familiar with what the UK has to ofer in terms of savings accounts. So i dont know if you would be better opening one of those or if there is another option you may have to get a higher interest rate....the only reason i say that is because i know in the US the interest rates on savings accounts is terrible.

Also, as M mentioned, look ino the military. My brother was in the same position as you, and he too had te passion to fly. You are completly right, that it is one very expensive hobby! plus there are so many different licenses ou get prior to your commercial license (private, multi-engine, instruments, etc) and the money racks up quick when logging flight time. Soo if you have yet, at least look into what your military/air force offers. see if they would help with pay and getting your license, and what type of commitment youd have to make.

Set up an online savings accounts which is taken directly from your wages

and see how you get on

uk

I am 18 with an ambition to become a Pilot, but obviously I need the license. So the Private Pilot License, Ground school, Hour Building, Commercial Pilot License and Instrument Rating all together costs ￡46,520. I am currently still living with my mum, handing in dig money(￡100) for her each month, buying my food and clothes and toiletries etc... this can vary from month to month on how much I buy, I kind of have a set price and try not to go over ￡300 per month, I have started a job that pays ￡23,493 and after 31 weeks it will go up to ￡26,223, I hope to have my own wee place by the age of 20, so at this point I will be getting ￡27,747, at this point I will obviously need to pay rent for my house and obviously I don't know what that would be until I get the house, so I will need to wait until then before I continue to plan for saving for the Pilot Licenses.

So, I need help for the 2 year saving plan. In these 2 years I will be ￡2400(yearly) out of pocket from dig money and ￡3600(Yearly) out of pocket from clothes, food and toiletries. My income will be 0-31 weeks so from my ￡23,493 my take home weekly would be ￡361.42. 31 weeks - 2 years my monthly take home income would be ￡1,720.85. Could you help me devise a financial plan to reach the ￡46,520, I hope to reach ￡46,520 by 5 years but I am willing to prolong the limit of 5 years if I fail to reach the target by then. Thanks. Sorry for any confusing parts.