…traveller, wasting money to cut contracting class (4,5)

'contracting class' is the definition.
I don't know anything about this answer so I can't tell whether this works.

'traveller wasting money to cut' is the wordplay.
'traveller' becomes 'grad' (I am not sure about this - if you are sure you should believe this answer much more).
'wasting' is an anagram indicator (waste can mean to destroy).
'to cut' is an insertion indicator (some letters cut their way into a word).
'money' is an anagram of 'eynom'.
'grad' placed around 'eynom' is 'GREY NOMAD'.

Can you help me to learn more?