Step #9 To A Debt-Free Life: “Put All Your Windfalls In A Snowball”
Let your debt snowball grow by packing it with all your unexpected windfalls. Seasonal bonus at work? Add all or most of it to your snowball. Unexpected refund? Let it go toward paying down your debt. Birthday gift money from Great Aunt Sally? You know where it’s going!
It isn’t easy to say goodbye to an unexpected windfall, but all that extra money will help you reach your goal that much sooner.
The great part about unexpected money is that you never had the chance to count on it- meaning you won’t “miss it” when you put it towards your savings or debt. Just resist the urge to spend it on an impulse buy or something out of your budget. Just because you’re able to afford it now doesn’t mean you should make the unnecessary purchase.