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Even before we get to crunching numbers and setting budget goals, we have to stop and answer, “How much money do I really need to fund my life?”
Let’s call it your Monthly Maintenance Number (MMN) or your cost of living.How much money do I really need to fund my life? Click To Tweet
This number is one of those crucial components of creating happy finances, but is often overlooked.
When you know your Monthly Maintenance Number, you have more information to decide what you want to do with your time. For example, if you monthly maintenance number is very low, you can choose to quit a horrible job, decide to work part-time, take on a high-passion, low-pay project, or spend more time at home more readily than someone whose monthly maintenance number is very high.
So for today’s lifework, I want you to go to The Happy Finances Community (check the “files” section) and use the Happy Finances MMN worksheet and jot down all of the spending that you do on your wants and needs throughout the month.
When you do this lifework, don’t forget to:
- Be as accurate and honest possible with your numbers. (Pull out your bills to help you with this super powerful process).
- Fill out the section where it says “take-home pay.” We are going to need that number for tomorrow (Day 16) for creating your workable budget.
- Enjoy the financial exploration and epiphanies.
What is your MMN? Would you consider your MMN low or MMN high? What are you noticing and feeling about how much you are spending on your wants vs. needs? Any patterns that jump out at you? (Don’t forget to share them in The Happy Finances Community. Label it Day 15 MMN musings.
That’s it for today’s lifework!
Also, leave a comment below with your “aha” moment or reach out to your accountability partner(s) for questions and insights.
Finally, hit me up and share your insights. I’m cheering you on.
The Happy Finances Challenge is 42 days of transforming how you “do” money and life. Get a copy of The Happy Finances Challenge book here today!
The Mama Bear Principle: Mama Bears are protective of their cubs and their crew. And that’s exactly how I feel about our community. Throughout the Happy Finances Challenge, I may recommend some products and service and receive some form of compensation. However, I would NEVER suggest them unless I truly believed they were useful or helpful.