Is it wise to work up to Xmas and then try and get work?

[Fran]

You can't have been contracting long to only have 2 month's expenses behind you now? Or did you have a heap of debt to pay off?

Surely that depends entirely on circumstances! I have a wife and two kids, makes it much harder to build up a safety net!

[roadster198]

Surely that depends entirely on circumstances! I have a wife and two kids, makes it much harder to build up a safety net!

I've 2 cats and a bird so Aye it does make it a lot easier

[ChimpMaster]

Surely that depends entirely on circumstances! I have a wife and two kids, makes it much harder to build up a safety net!

Better than 2 wives and {n} kids like some of the guys here lol.

I am in a similar position to you (1 kid so far) and yes it is harder to save with the little runts but they're the reason we do this all for so it's OK.

I started contracting 3 years ago. I always saw it as a temporary thing, because my skillset is very niche - to the point of dying. Hence I have saved right from the start. I have splashed out on a few big ticket items, but nothing major and have instead focussed on paying down the mortgage and building up a small investment portfolio to generate residual income.

It's only been 3 years but I'm ok with the saving thing right now. My contracting days might end within the next 3 months, but I'm still happy that I was given the chance to build up my funds for a while.

Problem is, my wife is getting used to the income/savings and has started making big plans for kids etc ... private schools and this and that... and that will mean that when my contracting days are over I'll have to forever work in a tulipe permie job just to keep things ticking over

[VectraMan]

I've been contracting now for over 2 years but got the "Look at all the money I have to spend now bug" resulting in a ton of stuff in my house which I really never use. It's only been in the last 3 months or so that I've sat myself down and reviewed my finances with a view to saving the cash instead of buying that shiny new 50" Plasma that I really don't need debts also have not helped. However I'm starting to turn it round now

Yep - 2 years here, and it took pretty much the first year to get on top of the debts I had from permiedom and only really the last 6 months I've had money in the bank. I find it all too easy to look at the money going into my business account every week and think "Woohoo!" and forget that it includes VAT, includes at least 20% of tax that'll have to be paid, and that I having living costs and expenses to pay and can't just go spend it all on sweets.

I'm determined that year 3 is going to be a lot better, as long as I don't do anything stupid like buy a house or find a wife.

[Hex]

I'm determined that year 3 is going to be a lot better, as long as I don't do anything stupid like buy a house or find a wife.

Find yourself a rich wife who already has a house.

[Zorba]

...Problem is, my wife is getting used to the income/savings and has started making big plans for kids etc ... private schools and this and that... and that will mean that when my contracting days are over I'll have to forever work in a tulipe permie job just to keep things ticking over

Same here. I got the house fully paid for and started to make some investments. My wife is actually quite thrifty on the day to day side of things - doesn't go for manicures, expensive handbags etc - but she aims big: she's now dead set on moving to an area where a half-decent house will set me back at least double what our current place is worth, and which will mean that I have to keep contracting for another 10 years or so. A very risky proposition - who knows what tomorrow holds?

[Tensai]

Same here. I got the house fully paid for and started to make some investments. My wife is actually quite thrifty on the day to day side of things - doesn't go for manicures, expensive handbags etc - but she aims big: she's now dead set on moving to an area where a half-decent house will set me back at least double what our current place is worth, and which will mean that I have to keep contracting for another 10 years or so. A very risky proposition - who knows what tomorrow holds?

Temptation is to get a big fat mortgage 'cos you can "afford" it right now, but that next role might not be *quite* so well paid... Save yourself the stress.

Plus I suspect self-cert mortgages are going to get a lot harder to get over the next couple of years....

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"When you're through changing, you're through." Bruce Barton