Do you have plans for windfalls you receive?

[mbhunter]

A lot of Americans receive a windfall from Uncle Sam each year in the form of a tax refund. (Yes, it's our own money coming back to us, but that's beside the point.) This year many of us also received economic stimulus payments. Our windfall this year totaled over $2,000.

My question is: Do you have a plan for these windfalls? It's too easy just to let the money evaporate on little stuff. Not just tax refunds, but other windfalls like inheritances, bonus checks, etc.? Do you know what you're going to do with them before they show up in your checking account or mailbox?

[KelR1]

Oh yes, I know exactly what I'm going to do with any windfalls: pay off my CC debt! That's precisely what I did with my state and federal tax refunds, the economic stimulus check, and any other unexpected windfalls until all my CC debt is completely gone!

[happysmileylady]

This year when we did our taxes at the end of january, we looked at our income and were absoulty disgusted with ourselves with the amount of debt we still had while making that much money! So, all windfalls this year have gone towards paying that off. And as a result we just sent the final payment on one particular debt that was $10 just this week.

Now, any windfalls go into savings for my maternity leave. We are still paying off debt but I got pg shortly after we made our decision to really pay everything off, so we are saving for maternity leave so that we don't rack up more debts.

In the past, these things have gone towards everything from paying off debts to a new tv to savings to vacations to just being frittered away of frivolous crap. We got an inheritance back in December and used that to splurge on a new tv. I was working a lot of OT and we decided that since the OT money was going towards debts/savings, that we deserved the splurge.

[starshard0]

I only got $300, so I'm just saving it.

[amyschiff]

my stimulus check just got deposited this week and I've already put it towards my credit card...only $1400ish left to go. I'm getting excited because I should be debt free by August!

[khorrell]

That's great, Amy!

[lozygo]

William Blake/威廉.布莱克 To see a world in a grain of sand, And a heaven in a wild fllower, Hold infinity in the palm of your hand, And eternity in an hour. 从一粒沙子看到一个世界， 从一朵野花看到一个天堂， 把握在你手心里的就是无限， 永恒也就消融于一个时辰Love Your Life 　热爱生活 　　　　Henry David Thoreau/享利.大卫.梭罗 However mean your life is,meet it and live it ;do not shun it and call it hard names.It is not so bad as you are.It looks poorest when you are richest.The fault-finder will find faults in paradise.Love your life,poor as it is.You may perhaps have some pleasant,thrilling,glorious hourss,even in a poor-house.The setting sun is reflected from the windows of the alms-house as brightly as from the rich man's abode;the snow melts before its door as early in the spring.I do not see but a quiet mind may live as contentedly there,and have as cheering thoughts,as in a palace.The town's poor seem to me often to live the most independent lives of any.May be they are simply great enough to receive without misgiving.Most think that they are above being supported by the town;but it often happens that they are not above supporting themselves by dishonest means.which should be more disreputable.Cultivate poverty like a garden herb,like sage.Do not trouble yourself much to get new things,whether clothes or friends,Turn the old,return to them.Things do not change;we change.Sell your clothes and keep your thoughts. 不论你的生活如何卑*，你要面对它生活，不要躲避它，更别用恶言咒骂它。它不像你那样坏。你最富有的时候， 倒是看似最穷。爱找缺点的人就是到天堂里也能找到缺点。你要爱你的生活，尽管它贫穷。甚至在一个济贫院里， 你也还有愉快、高兴、光荣的时候。深圳物流公司、货运公司夕阳反射在济贫院的窗上，像身在富户人家窗上一样光亮；在那门前，积雪同在早春融化。我只看到， 一个从容的人，在哪里也像在皇宫中一样，生活得心满意足而富有愉快的思想。城镇中的穷人，我看，倒往往是过 着最独立不羁的生活。也许因为他们很伟大，所以受之无愧。大多数人以为他们是超然的，不*城镇 来支援他们；深圳货运公司可是事实上他们是往往利用了不正当的手段来对付生活，他们是毫不超脱的，毋宁是不体面的。视贫穷如园中之花 而像圣人一样耕植它吧！不要找新的花样，无论是新的朋友或新的衣服，来麻烦你自己。找旧的，回到那里去。万 物不变，是我们在变。你的衣服可以卖掉，但要保留你的思想。

[spencer]

I usually invest my tax refunds, but if you have debt I guess it makes sence to pay it off first.

[SecondCor521]

Congrats, Amy!

I treat windfalls the same as all money that comes into my life -- it all goes towards my prioritized list of 18 financial goals. As I achieve those goals I keep moving down the list. So right now any excess funds get funneled to covering my second child's college fund (goal #16). After his is funded fully I'll move on to my third child's college fund (goal #17).

2Cor521

[Megan]

I took my stimulus and used it to pad out some of my budget categories that were a little tight. Admittedly, most of it went to my vacation fund (for Christmas flights) and to my pet care fund, as I decided that my cats should have their own emergency fund, in case of illness or injury.

In terms of other windfalls, what I do with it depends on the size. A larger windfall gets put into a high yield account for future use that is yet undetermined. Small windfalls ($ for surveys, etc) get put into my "fun" account.