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Welcome to Before Breakfast, a production of iHeartRadio.
Good morning. This is Laura.
Welcome to the Before Breakfast podcast. Today's tip is about what to do with a small windfall.
It is fun to use money intentionally emotionally, rather than see it all disappear into the same wash of money going in and out.
So if you do find yourself with a little extra sometime, here are some ways to think about it.
So today's tip was inspired by a recent conversation about budgeting.
I have run my own business for many years, and my income tends not to come in at regular intervals.
intervals, but I know a number of people get paid every week or every other week on a certain day.
Now, normally this would mean either two or four paychecks a month, but on occasion you get an extra paycheck a month just by virtue of where the days of the week happen to fall.
26 paychecks a year means two most months, but three in two months.
If the vast majority of of your spending is budgeted out monthly based on two paychecks, then getting an extra paycheck can feel like a little bonus.
Or perhaps you might get a small windfall for other reasons too, like a slightly bigger tax refund than you thought you'd get.
Or maybe it's a rebate on something that finally came through.
So when this happens, what should you do with it?
Now obviously if one has any high interest debt, the money should go to that.
But if that is not the case, which I am guessing may be the case for a lot of people listening to this, then I think this can be a fun question.
A small windfall isn't going to change your life.
But of course, that means it's easy to see a small windfall disappear into the wash of money going in and out for various things.
It would be more fun to use it intentionally.
So I personally love of the idea of peace of mind.
And so if your emergency fund is a bit underfunded, you might allocate a bit more to that.
If things did go awry, not needing to worry about money for even another two weeks or so could buy you breathing room.
If you did want to spend the windfall on something, I think the absolute best thing to spend it on would be an experience.
You will make memories that will last a lot longer than most other things money can buy.
Maybe there's a weekend trip you'd like to take somewhere?
Make a long weekend of it.
Go somewhere fun. And then consciously record the memories to think about later.
This is what my windfall enabled.
Or it might be an experience like taking your family boating or buying a membership somewhere that you visit again and again.
Another good category would be social spending.
It's fun to treat people to things.
And this is almost universally reciprocated, which means the windfall will keep generating benefits in the future.
For instance, you might decide to take four different friends out to dinner, either individually or all together.
Either way, these people are highly likely to then invite you to do things with them, which means you'll get a lot of lunch or coffee invitations spread out over the next few months.
You could also create a lot of meaning by donating at least part of a windfall.
There are many worthy causes in the world, but I think you'd enjoy this most by donating to a smaller group where it would make a big difference.
Perhaps a local place where you already volunteer.
Then you are there seeing what your money is enabling.
It is so much more fun than losing track of it.
In any case, even if you don't have a windfall on the horizon, this can be a fun question to ask yourself.
What would you do with a small windfall?
People sometimes daydream about what they would do if they won the lottery, but this is highly unlikely to happen, particularly if you don't usually buy lottery tickets.
The odds of a small windfall happening, though, are reasonably good.
People who budget monthly, but get paid weekly or biweekly, will see it happen about twice a year.
And many other people will no doubt see some amount of extra cash come into their lives at some point.
So make yourself a list of what might be fun.
And then who knows?
Maybe you will figure out a way to make those things happen, regardless of what is going on with your finances.
In the meantime, this is Laura.
Thanks for listening.
And here's to making the most of our time.
Thanks for listening to Before Breakfast. If you've got questions, ideas, or feedback, you can reach me at laura at lauravandercam .com.
Before Breakfast is a production of iHeartMedia.
For more podcasts from iHeartMedia, please visit the iHeartRadio app, Apple Podcasts, or wherever you listen to your favorite shows.
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