Do you splash your hard earned contract income?

**MrMarkyMark** · 3 November 2016, 08:36

Originally posted by psychocandy View Post

Talking to a fellow contractor mate the other day. Gets about same day rate as me. He was taking delivery of his new Porsche. £90K or something like that - all on finance!

He admitted though that he spend most of his contract income (hes married with kids too) and has pretty much zero warchest..... Hes confident he can keep working and get new gigs. And he puts bugger all into his pension.

Seriously nuts if you ask me. Dont get me wrong, I spend my money on things I want - no point being the richest man in the graveyard. More important to me is my kids having things they want (like good holidays etc) and remembering it as they grow up. Also, Id like to have a warchest ulimately where I can pick and choose contracts.

And I thought I was flash doing this. (My cars a 10 yr old galaxy with 105k miles). Warchest could be better as could pension. Dear mrs PC doesnt buy expensive stuff but has a bit of a relentless spending habit for crap. Personally I hate spending money on crap.

Whats the rest of you approach? Spend it while you can or live like a monk and save it all?

Luckily, these days, a combined contractor income in our household allows us to do both.
I know a couple of people that spend everything they get, I have never been one of those.

**northernladuk** · 3 November 2016, 08:57

Sounds like you've met a contractor that's even worse than you then. I'd keep him in your side if I were you.

**MrMarkyMark** · 3 November 2016, 08:59

Originally posted by northernladuk View Post

Sounds like you've met a contractor that's even worse than you then. I'd keep him in your side if I were you.

He hasn't said the guy signs on

**SimonMac** · 3 November 2016, 09:01

Those who have money, do not talk about money.

How much is JSA these days PC?

**psychocandy** · 3 November 2016, 09:06

Originally posted by SimonMac View Post

Those who have money, do not talk about money.

How much is JSA these days PC?

Id have to check but last time I claimed - over 3 year ago its about £75 a week. Not enought to finance a porsche.

**Willapp** · 3 November 2016, 09:29

It's an interesting question actually. I'm separated now but when I was with the missus I'd say we lived a relatively flush lifestyle, certainly compared to those around us. 2 or 3 holidays a year at £4 - 6k a pop (no kids so just the two of us). Probably ate out half a dozen times a month if not more. Fairly nice house, nice cars etc.

However I always kept a decent warchest (6 months of still living comfortably, probably 12 if we had tightened the belts), but I've never paid into a pension or yet to make any plans for a retirement fund which I know I need to think about ("only" 34 but I realise it takes a long time to build up a decent pot).

I always felt we had a fair balance between enjoying life and the money that contracting brings without being stupid about it. I too know contractors who spend £700+ a month on car finance on top of big mortgages, kids etc and aren't earning any more than me so I doubt they've got much left over for a rainy day.

**northernladuk** · 3 November 2016, 09:33

To be fair at least he's putting it back in to the economy. Drawing from the state and spending it in the States isn't helping much.

**Lockhouse** · 3 November 2016, 09:35

I blow the lot pretty much and always have done. Life's too short as it is. Got a bit of a warchest and that's my lot.

**The Spartan** · 3 November 2016, 09:49

I'd like to live hard and fast but SWMBO has other ideas therefore I have a decent warchest to tide me over if need be, my problem is more what to do to make sure it is invested wisely enough to grow a bit.

Do you splash your hard earned contract income?