Fly more or pay loans
03-10-2009 | 08:40 AM
#1
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Gets Weekends Off
Joined: Mar 2006
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From: DHC-8 SIC
Fly more or pay loans
Recently, I switched flight schools from a school that costs $135 an hour for a 172 for $94. I used to make more than the minimum payments on my 2 credit cards. I actually paid off one of my credit cards and I have 1 and a student loan that has around $5300 remaining. I am so tempted to make large payments so I can get it done soon. At the same time, I am thinking, now I could fly more often, like 2 or 3 times a week. Before I could only go once a week. So what do you think the best plan here is? Pay the minimum payment on my loans and fly often or fly less and pay off large amounts on the loan? I am thinking about paying minimums and fly more. Any advice is appreciated. Thanks.
-Pearl.
-Pearl.
03-10-2009 | 08:52 AM
#2
Gets Weekends Off
Joined: Dec 2007
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I'd split the difference. Fly maybe once more per week, and pay off a little bit more than the mins. I personally wouldn't go to either end of the spectrum, since both could end up costing you more money [i.e additional flight training or more in loan payments]
Just my thoughts.
Just my thoughts.
03-10-2009 | 09:12 AM
#3
Blue Light Special
Joined: Jan 2007
Posts: 637
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From: Learjet 45 & G-IV
I'd split the difference. Fly maybe once more per week, and pay off a little bit more than the mins. I personally wouldn't go to either end of the spectrum, since both could end up costing you more money [i.e additional flight training or more in loan payments]
Just my thoughts.
Just my thoughts.
03-10-2009 | 10:03 AM
#4
DisplAAced
Joined: Mar 2006
Posts: 638
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From: EMB-145 FO
PAY OFF THAT DEBT! You're already only flying once a week so just keep doing that while you pay the debt. Cut the fat out of your monthly budget, things like eating out add up really quick, and throw that extra money at the debt.
If you are planning on making this a career it's best to start on first year pay without any debt, it will help you in the long run. Think long term, by flying 2-3 times a week you are essentially financing your flight training in the form of the interest you pay on your debt. Flying once a week is a small sacrifice to make in the long term to pay off this debt. Once the debt is gone you will be amazed at how much more freedom you have with your personal finances and you can probably fly 3-4 times a week. Just my $0.02, probably worth more than the $0.02 in your pocket right now
If you are planning on making this a career it's best to start on first year pay without any debt, it will help you in the long run. Think long term, by flying 2-3 times a week you are essentially financing your flight training in the form of the interest you pay on your debt. Flying once a week is a small sacrifice to make in the long term to pay off this debt. Once the debt is gone you will be amazed at how much more freedom you have with your personal finances and you can probably fly 3-4 times a week. Just my $0.02, probably worth more than the $0.02 in your pocket right now
03-11-2009 | 08:55 AM
#6
Gets Weekends Off
Joined: Jan 2007
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From: 150 left seat if I'm lucky
Stop flying for now and pay off the debt like a madman. Deliver pizzas, park cars, whatever it takes to get it done fast (this will tame your spending too because you won't have any time for it).
When you've got the debt out of the way you can apply those payments to more flying.
When you've got the debt out of the way you can apply those payments to more flying.
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