How much does it REALLY cost?
 

Hi chaps and chapesses,

I'm trying to work out exactly how much I need to complete my training. I already have a ppl with 180ish hours and a night rating.

I've worked out that my choice of schools leaves me a £22,200 bill. Obviously this only covers minimum training. By what factor should I times this amount by to cover me incase the sh1t hits the fan? (exam retakes and extra hours etc)

I was thinking of about 1.2 meaning I'd need to borrow about £26,600.

What do you reckon? Is this too much for a contingency? (I'm trying to borrow as little as I can).

Your opions would be greatly welcomed.

You can never have too much contingency built in. Depending on the season, I'd allow a minimum of 20%-%30 cost over run with a 50% over run on time.
Weather is something you can't control, trying to do a CPL nav in the middle of winter can be fun or flying IFR with the freezing level at ground height can be frought with traps. CPL nav in summer with a few fires burning tends to knock the vis on the head too.
A/C serviceability.
Instructor illness/availability
Your health/availability.
Exams...
Drop one or two of them and your time plan goes out the window unless you've got some time spare as such.

Good luck.

Realistically an CPL/ME/IR would cost in the region of £19,000 with everthing (VAT, Approach, Test, etc) included. Add about £3000 for the exams (accomodation, test fees, school fees, etc). Then add whatever hour building you need to do.

Dont forget living costs, (paying the mortgage, running your car, digs whilst away from home) and the unforseen additional costs that you never think about but suddenly appear and bite you on the bum it could be anythig from car insurance renewal to speeding fine to needing a new boiler in your house (if you have one that is...)

Generally a contingency of 20% is the minimum you should consider. If you don't use it, all well and good give it back to the bank and reduce your payments. If you run out of money half way through your IR it could be kind of stressful.

Dont forget an MCC as well.

£3000 for exams doesn't cover the cost of sitting the exams either.

It was about £2000 for the school fees, £400 accomodation and about £750 for the CAA so yes, a little bit more. Call it £3500 and me with a poor dying grandmother too :)

High Wing Drifter, how come you managed only £400 for accomadation?
I assume you mean per Mod? therefore double:\

YYZ

Nah. It was 100 quid a week. 2 x 2 week brush up. Hang on a mo, you mean for the exams as well? I am only 45mins drive/train from Gatwick so I didn't need accom for that.

All money saved is good!

Cost me £420 for Mod1 & will be the same for Mod2 as i have to stay the entire 3 weeks! Too far for me little car travel should i of chose to go home on the weekend!