What are Windfalls?
Windfalls are unexpected money that we get. Some examples are a larger tax refund check than expected, hitting a lottery, money gifts from friends or family, e.t.c. Just as you budget for emergency reasons, you should also budget for windfalls. It is natural to get excited when you happen to have more money in your pocket but it is also very important to be able to contain this excitement and focus on priorities.
Windfall budgeting requires focus on three major priorities which are debt, saving and spending!
To read more on why it is important to focus on these three priorities click here