This paper proposes that the marginal propensity to consume out of windfalls depends on a new state variable, the time horizon over which households anticipate receiving payments. We test this using a natural experiment from the randomized disbursement dates of a U.S. fiscal stimulus payment and assess external validity using randomized controlled trials on unconditional cash transfers in Kenya and Malawi. The data show evidence of _excess anticipation-dependence_: Consumption responds more to receiving additional income after a shorter anticipation duration, beyond what standard models predict. While households receiving stimulus payments do not increase spending in advance, additional consumption expenditure in the month after receiving payment drops over 40 percent for each additional week a household awaits payment. We estimate a mental-accounting model that incorporates this novel form of history dependence and discuss policy implications. Our approach reconciles conflicting results that consumption responds to anticipated payments in some settings but not others.