How would you deal with a drop income or being out of work?

[Mich the Tester]

Went through this in 2009. Stopped choosing wines from the wine list in restaurants and ordered house wines. Stopped doing a la carte in the really posh places and slummed it with the menu of the day. Downgraded from 5* hotels to smart B&Bs and dumped lease car for a 5 year old Benz. Put the gardener on reduced hours. Bought off the peg clothes and had them recut instead of tailored shirts and suits. Applied for discount card for Lady P's favourite shoe shop. Cut out the Clos de Vougeot and make do with a lesser known Vosne Romanee. With all these handy tips for saving money, I found I could live tolerably on an income which briefly dropped below six figures.

Lord help us if real poverty ever sets in.

[alreadypacked]

Had a few doses of this - longest 5 months. Really starts to dig in after 2 months or so, hard to enjoy the time out if not by choice, days do tend to run away from you as you get up late, have one thing to do and still seem to struggle to fit it in !
You do start to question yourself, wonder if something will turn up.
BUT - you have to stay ready to react when a call comes in, it can happen very quickly and I am always switched on for the next interview - current run is 7 interviews, 7 offers, it's getting the interviews that holds me back !!
I don't value myself based on what I earned last month even if I judged myself against peers it would be over a timescale of years. Warchest and investments can cover years if needed, I just need to keep busy to top it up and I find it hard to appreciate the time off if I don't have work as a contrast.
Clearly institutionalised as worker drone....

I have realised that the market has ups and downs, I try to end my current contract a the begining of the up side. UK March is a good time to look for a role as it the begining of the finance year and many projects get green light and start staffing up. If my role ends at a bad time (like mid summer) I go on holiday until I think it's a good time to look for a role. I keep an eye on jobserve while I'm away but don't worry too much.

Come back refreshed with a tan

[alreadypacked]

--> I'm interested to know, how?




I didn't mean financially dependent on the money, I meant more from an achievement point of view. I also invest/save/not spend most of the company income as there is no need to.

I guess it's like using earning power as a gauge for seniority or importance. Not sure if that makes sense to anyone

I use earning power as a gauge of how much time off a year I can have

[d000hg]

If I was trying to get work and not succeeding I think I'd be a bit morose because that would be failing to achieve what I wanted. Not working itself wouldn't be a problem as long as I had something else to do.

[curtis]

I have only been contracting for 2.5 years and have been very lucky to have not had very long off between gigs.

I always wonder how I would handle a long period out, since I started I have mentally tried to prepare myself for this and have a war chest to cover me for nearly a year but amongst the many other reasons I wanted to contract it was to partly try and lose this underlying pressure in feeling I have to be working all the time otherwise I'm not normal even though financially I may not need to.

I'm the first one to moan about working and always want a better life balance but even with this when it comes to having some 'me time' inbeween contracts instead of enjoying the time and making the most of it while it lasts I'm there thinking 'I wish I was working' it drives me mad and I get annoyed at myself!!

[alreadypacked]

I have only been contracting for 2.5 years and have been very lucky to have not had very long off between gigs.

I always wonder how I would handle a long period out, since I started I have mentally tried to prepare myself for this and have a war chest to cover me for nearly a year but amongst the many other reasons I wanted to contract it was to partly try and lose this underlying pressure in feeling I have to be working all the time otherwise I'm not normal even though financially I may not need to.

I'm the first one to moan about working and always want a better life balance but even with this when it comes to having some 'me time' inbeween contracts instead of enjoying the time and making the most of it while it lasts I'm there thinking 'I wish I was working' it drives me mad and I get annoyed at myself!!

Where is there? When I know I am finishing a contract I have already booked my flight and don't plan to return until I have a role. I have done phone interviews from India, Egypt etc.

Don't let the market run your life.

You really need an attitude for contracting, you will improve over time.
Recently told about a role I ask for a higher rate, they said ok. I did a phone interview and got the role, asked for a another 100 on the day rate. Going to NZ when this contract is over

[lilelvis2000]

I've been struggling the past two years, trying to work from home and start a proper company is such hard work. All the networking I have to do - for zilch return BTW.

Had I to do it again, I would have taken 3 months off touring south-east asia and then come back relaxed and ready to go. As it is I spend hours a day sitting around aggressively waiting for the phone to ring, twittering away or on LinkedIn seeking opportunities.

Perhaps, just when I decide to pack Plan B up, the phone will start to ring. I'm already spending time on Plan C.

[ChimpMaster]

Where is there? When I know I am finishing a contract I have already booked my flight and don't plan to return until I have a role. I have done phone interviews from India, Egypt etc.

Don't let the market run your life.

You really need an attitude for contracting, you will improve over time.
Recently told about a role I ask for a higher rate, they said ok. I did a phone interview and got the role, asked for a another 100 on the day rate. Going to NZ when this contract is over

That is a great attitude to take on the contracting game, and on working as a whole, but I think it's easier said than done. If you were married, and/or had kids, then it would be a whole different story - responsibilities such as these will bear heavy on your lifestyle choice. My income runs the house; it allows my wife to spend time with the kids and not have to work. My kids (...and wife) are a growing expense and so I need to plan for future costs. If I was a young single lad and earning this money then I would be laughing (not that I want to be single!).

Given my technology stack, the decline of the UK, and the rate of offshoring, I certainly don't expect my contracting career to be this successful for much longer. So I need to maximise this rate while I can get it.

Sometimes it's not even about whether I want to work or not work - I just feel 'trapped' into working... yes that's an odd thing to say, because I would rather be in work than not, but it's been non-stop since 1996 and I would love to be able to appreciate some time out.

[rootsnall]

That is a great attitude to take on the contracting game, and on working as a whole, but I think it's easier said than done. If you were married, and/or had kids, then it would be a whole different story.

It is the end of the story !

I kept up the contract/travel lifestyle for 15+ years but then got married and had kids. I wish I'd done some travelling with the kids before the oldest was school age but it never quite came off. Me and the Mrs debated taking the eldest out of school to have a few months away this year but got all sensible when it came to it. I've been suffering watching the Ashes, if I didn't have kids I'd be there !

[scooterscot]

I've been struggling the past two years, trying to work from home and start a proper company is such hard work. All the networking I have to do - for zilch return BTW.

Don't give up. The darkest hour is just before the dawn and all that.