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January 09, 2025

Budgeting Tips for Student Pilots: A Practical Guide to Managing Your Finances

For some student pilots, joining a flying academy will be their first time living away from home, so there’s much to learn and plan for. Most students find it best to work to a budget, you don’t want to run out of money! Here you’ll find a few tips on budgeting and a list of things to consider budgeting for. 

Stress-free Flying: Why Budgeting can be Important

Training to become a pilot is a significant investment, not only in terms of time and effort but also financially. Without proper budgeting, you could run out of funds midway through your training, potentially delaying your progress. A clear budget allows you to focus on flying rather than worrying about money.

Preparing for Flight Training: How to Create your Student Budget

Creating a budget doesn’t have to be difficult. Here is a simple guide as to how to create your own budget.

Set your Monthly Spending Limit

Calculate how much you have available to spend each month after accounting for your course fees. Fortunately, as part of our Integrated LEAP course, accommodation and bills are all included in the course fees, meaning that you won’t have to worry about council tax, rent or other utility bills each month. From this figure you can estimate how much you have available to spend each week.

Track Your Expenses

Look at how much you typically spend each month and what you spend your money on. Try and categorise these expenses, e,g food and essentials, leisure activities, clothing etc on a spreadsheet or budget specific app. Set yourself specific spending limits for each category.

Stick to your Budget

It can be difficult, but wherever possible, do your best to stick to your budget. Regularly review your spending and adjust if needed.

A Budget Case Study

The sample budget below is based on a monthly spending limit of £500 and doesn’t take into consideration other additional expenses that you may wish to consider e.g taking a car with you, specific phone plans etc.

It is important to calculate how much you will spend on essentials, before adding in your non-essentials. This will ensure that you don’t overspend on non-essentials so that you don’t run the risk of not being able to afford your necessities!

Our Top Tips for Successful Budgeting

Always plan for emergencies: You don’t have to budget every single penny of your monthly spending limit. Sometimes, things don’t go to plan so it can be useful to have some money left over just in case you get stuck after a night out or find that you have incurred additional phone costs!

Prioritise your needs over your wants: Focus on essentials first, then move onto non-essential costs. Yes that jacket does look super cool, but is it really worth not being able to eat for the rest of the month?

Look for cost saving opportunities: Look at areas where you may be able to cut costs, for example, are you taking taxi’s where you could be taking the bus? Are you eating meal deals every day when you could be making your own sandwiches? Every little counts as a student. We have been there!

Review and adjust: Your budget isn’t set in stone, reassess your spending habits every month and don’t be afraid to make changes if you need to.

Utilise student discounts and benefits: Some businesses offer special discounts for students. Sign up to these on websites like UniDays or Student Beans using your Leading Edge Aviation email address. Did we also mention that the onsite Aviation Station Café offers Leading Edge students a discount too just in case you fancy a quick treat!

So what have we learnt?

Budgeting as a student pilot may seem daunting at first, but with proper planning, it becomes manageable. By prioritising your essentials, tracking your spending, and allowing for occasional treats, you’ll stay financially secure throughout your training. Remember, the habits you develop now will serve you well throughout your career as a commercial pilot!

Happy flying and smart budgeting!

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