WHats Your Definition Of A Big Enough War Chest??

[RichardCranium]

You are about 4 months into a 12 month contract @ £400 / day. So you should take in at least £80k during your contract.

Two or three months ago you already had 'a fair stash' in your Abbey business account. I trust that was in addition to your PAYE, NI, Corp Tax & VAT.

Given you were on £60k as a permie, I reckon you should easily have added £10k to your warchest by the end of the year, preferably £20k.

Meanwhile, determine your outgoings for a month and multiply that by the number of months you think you might be benched. That depends on your field. Given you're a technical project manager and they are 2-a-penny, I'd suggest at least 12 months for your warchest, preferably 18 months.

[OrangeHopper]

Unless your skills are really in demand, I think you have to be thinking about enough for at least a year. You might get lucky but then you might not.

[joey122]

You are about 4 months into a 12 month contract @ £400 / day. So you should take in at least £80k during your contract.

Two or three months ago you already had 'a fair stash' in your Abbey business account. I trust that was in addition to your PAYE, NI, Corp Tax & VAT.

Given you were on £60k as a permie, I reckon you should easily have added £10k to your warchest by the end of the year, preferably £20k.

Meanwhile, determine your outgoings for a month and multiply that by the number of months you think you might be benched. That depends on your field. Given you're a technical project manager and they are 2-a-penny, I'd suggest at least 12 months for your warchest, preferably 18 months.

Eh???

Is warchest money you have removed from the company or what is in the company>>

[Cliphead]

Eh???

Is warchest money you have removed from the company or what is in the company>>

Are you really this dim?

[d000hg]

Unless your skills are really in demand, I think you have to be thinking about enough for at least a year. You might get lucky but then you might not.

Really? Most here have much more experience contracting than I, but if you can't find work for a year that suggests to me you're not that great, cost too much, or are too inflexible.

[RichardCranium]

Really? Most here have much more experience contracting than I, but if you can't find work for a year that suggests to me you're not that great, cost too much, or are too inflexible.

You'll see. Not this time. Maybe next.

[EternalOptimist]

Normally, I put aside 5k, I have no mortgage and can get by on 200 a week. When times are bad, I up it to 10k, when times are disastrous , 15k.
A labour government, +5k.
At the moment I am running on 25k

[Pondlife]

Personally, I would not be comfortable with the normal outgoings x 12.

I would (do) factor in additional contingency for those emergencies that tend to be expensive and unplanned.

I like to have real outgoings x 18 where real includes all that you spend on essential + usual items i.e I include hols but not new toys/cars etc.

[EternalOptimist]

Personally, I would not be comfortable with the normal outgoings x 12.

I would (do) factor in additional contingency for those emergencies that tend to be expensive and unplanned.

I like to have real outgoings x 18 where real includes all that you spend on essential + usual items i.e I include hols but not new toys/cars etc.

PL , this doesnt work unless you give us the units (as my maths teacher used to batter into me)
are you talking months ?

[Pondlife]

PL , this doesnt work unless you give us the units (as my maths teacher used to batter into me)
are you talking months ?

Yep

first POTD and I haven't had coffee yet