Scared to spend hard-earned

[DannyF1966]

Contract ends in 7 weeks time. Been planning on redecorating the bathroom, also wanting to plan my wedding. But every spare penny is going into the warchest as I'm worried about being benched for too long.

How big a warchest is comfortable though? Three months, six months, a year?

How do you guys cope with making major purchases when you always feel that your money could be better used elsewhere?

[suityou01]

Contract ends in 7 weeks time. Been planning on redecorating the bathroom, also wanting to plan my wedding. But every spare penny is going into the warchest as I'm worried about being benched for too long.

How big a warchest is comfortable though? Three months, six months, a year?

How do you guys cope with making major purchases when you always feel that your money could be better used elsewhere?

I'm far too busy lighting my Monte Cristo with this fifty pound note to answer your question.

[FatLazyContractor]

Contract ends in 7 weeks time. Been planning on redecorating the bathroom, also wanting to plan my wedding. But every spare penny is going into the warchest as I'm worried about being benched for too long.

I'm worried about what to eat for breakfast tomorrow!

How big a warchest is comfortable though? Three months, six months, a year?

How long is a piece of string?!

Strictly personal and customised to an individual. Given my lifestyle and "issues", I have a warchest to take me two years. Doesn't mean anything to you, I'm sure, but it is purely a matter of your personal planning.

How do you guys cope with making major purchases when you always feel that your money could be better used elsewhere?

Yes, high class hookers

[FatLazyContractor]

I'm far too busy lighting my wood with these fecking stones to answer your question.

FTFY

[vwdan]

I know exactly where you're coming from - I like short term project work so even amongst contractors my work is pretty unstable. I decided to save 6 months to cover my basic salary and company costs. I intend to save more in future, but we're desperately saving for a mortgage and I want to check off some other stuff this year.

Ultimately, it comes down to your personal circumstances. I'm lucky enough to have a wife who earns a good amount, so we're not totally reliant on me - of course, it can call come crashing down but I'm certainly in a safer position than when I was permie and I'm in a safer position than most people.

[Avalonia]

I reckon 6 months is about right. You just have to learn to live with it. Life is random and you never know what's coming next. Permie job security is an illusion anyway.

[vwdan]

I reckon 6 months is about right. You just have to learn to live with it. Life is random and you never know what's coming next. Permie job security is an illusion anyway.

Exactly, like most permies of my generation (Under 30) I had zero savings and wasn't entitled to any redundancy. We lived within our means, but only just and were very reliant on both our wages coming in. Had I been made redundant 2 or 3 years ago I'd have been up tulip creek.

Biggest change to my life recently has been to reduce nearly all my outgoings

[BolshieBastard]

Contract ends in 7 weeks time. Been planning on redecorating the bathroom, also wanting to plan my wedding. But every spare penny is going into the warchest as I'm worried about being benched for too long.

How big a warchest is comfortable though? Three months, six months, a year?

How do you guys cope with making major purchases when you always feel that your money could be better used elsewhere?

If you're scared of being benched and having no income for 6 months or more, go back permie is my advice.

That means a warchest as a minimum, has to be big enough to cover all your current outgoings and day to day living expenses for a couple of months beyond your maximum benched time ie prepared to be bench for max 6 months + 2 months = 8 months, your warchest would need to last this long.

[unixman]

At least a year, but 2 years better. Build up the savings first, then you can spend freely. Don't forget to keep paying your pension etc. too. Old bathroom? Put up with it.

Contracts are often short. You will often be in the situation of having 7 weeks remaining or less. With a big warchest that won't matter.

Three months is far too short, even for a permie. I don't worry about big spending because my warchest is big (but then again, I am 48 with no dependents).

[TheFaQQer]

How big a warchest is comfortable though? Three months, six months, a year?

If you set it at three months, and you are out of work still after that, what would you do? Could / would you borrow from the bank? Extend the mortgage? Ask family for a loan?

If you have another source, how long do you think they would lend you for? Would you be prepared to take a job stacking shelves to bring in some money?

How picky are you going to be about getting new roles? Are there likely to be a plethora of roles available? If you start being less picky, would that open up massively?

It's a "how long is a piece of string" question, though - I know that I have enough cash in my company at the moment to not work for about two years, and if we cut back more it would go further than that.

How do you guys cope with making major purchases when you always feel that your money could be better used elsewhere?

Budget appropriately, and then spend wisely. If necessary, draw on other forms of funding - for example I know my house needs a complete reroof. If I haven't got the funds in readies, I'd either cash in part of the ISA to bridge the gap or sell some shares.