Do you splash your hard earned contract income?

[I just need to test it]

My original Plan A was to make lump sum overpayments on our mortgage in lieu of paying into a pension, but in 2003 Plan A sank without trace along with Marriage A.

Plan B was overseas property development. That failed.

Plan C was to marry a wealthy woman then bung 1000s of cash into a pension every month in an effort to catch up. It's a winner so far. But watch this space.

My car is up to 199K miles, good for another 150K, I reckon. There'll be no Porsches on our driveway, at least not while I'm at home.

[PurpleGorilla]

I'm a saver. I still haven't really adjusted to the amount I can earn if I contract full-time... though as I only do about 20 hours a week my earnings are comparable with a permie job so we don't have buckets of disposable income.

Being generally quite frugal means that when you actually want/need something, you can generally afford it without worrying.

Don't you drive an M3?

[d000hg]

Don't you drive an M3?

Only if the M stands for Mazda!

Actually I don't even have a car, that's the wife's.

[vwdan]

Prior to contracting we went through and really reduced our monthly expenses and it's surprising what you genuinely don't miss. Don't pay for any TV anymore and we both drive older cars because I loathe having car loans or leases.

I can be a saver if there's a target, but I really struggle otherwise. We worked hard to save a serious deposit and then brought a reasonably priced house (Albeit one that needed a back-to-the-brick renovation) so our mortgage is pretty enviable and our equity is good, so I'm really chuffed with that. My pension is literally non-existent, though - so I've gotta get on that.

I'd gotten my warchest to a pretty healthy place (For your average 30 year old anyway), but then we got pregnant and the Mrs wants 6 months off so I'm concerned that if we're both off for that kind of period it'll get drained awfully quickly.

As a general rule, though - I much prefer spending cash on "experiences". I'll gladly forgo a new car on the drive if it means we can go out for meals whenever we like and enjoy our weekends.

It's all a balance, though, isn't it. Nobody is going to care about their bank statement on their death bed, but likewise, few of us want to be scraping pennies together until we die. It's finding the combination that works for you - if it's your mates life long dream to get a brand new Porsche then fair play. I know a guy who purchased a literal supercar (Lambo of some description) before he was 30 - literally just saved every single penny he could for years. It was everything to him and he has no regrets, so each to their own.

[vetran]

There'll be no Porsches on our driveway, at least not while I'm at home.

Yeah sorry about that I'll bring the Jag next time I visit yer missus

[scooterscot]

Experiences are the thing. Retire whilst your working would be my advice. The momemt you stop is the day you die.

[Elliegirl]

One of my contractor mates most generous person I know. I don't think she's planning on having a future cos she certainly isn't saving for one. When she buys for herself its all designer gear. I on the other hand, am terrified that I'll be on the streets tomorrow so squirrel it away, and still visit boot sales and charity shops. Mind you, I do have very nice holidays.....

[Old Greg]

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

So are you on the sick now?

[northernladuk]

One of my contractor mates most generous person I know. I don't think she's planning on having a future cos she certainly isn't saving for one. When she buys for herself its all designer gear. I on the other hand, am terrified that I'll be on the streets tomorrow so squirrel it away, and still visit boot sales and charity shops. Mind you, I do have very nice holidays.....

How do you know she isn't. With some smart investing you can have a decent living and save for the future. Just saying this person splashes it out on this and that means absolutely nothing.

[MrMarkyMark]

How do you know she isn't. With some smart investing you can have a decent living and save for the future. Just saying this person splashes it out on this and that means absolutely nothing.

Jeez, I went contracting because I thought it looked like a funking good time.

A good number of years later, that has been 80% the case. Will ride whilst it lasts, then jump ship if need be