Monthly Expenses Report: September 2021 – Plus Rent Decreased

This is my Monthly Expenses Report: September 2021 plus my rent decreased! The key to building wealth is to spend less than you earn and wisely invest the difference. Over the past 4 years, I have managed to save over 50% of my income each month. More money saved means more money to invest. The more invested means that money is now working for you and generating more money over time. As a result, your wealth increases. Learning how to manage your finances and living within and below your means is an essential component to achieving financial independence.

Using the model of dividend growth investing, I am on course to achieving financial independence. Over the years, I have built a six-figure portfolio that generates dividend income each month. The results have been amazing! I also like to compare my monthly expenses with my dividend income. Once passive income is greater than living expenses, then financial independence is achieved. So here is September 2021’s expenses:

• Rent: $614.34
• Utilities: $114.36
• Internet: $79.99
• Cell Phone: $35.00
• Food & Supplies: $336.86
• Miscellaneous: $0.00

All in all, my expenses for September 2021 totaled: $1,180.55

There has been a significant drop in my monthly expenses compared with previous months. Back in March, there was a temporary “assessment fee” that was put in place by the buildings board that lasted for 6 months. That fee added $106 to my rent each month.  Now that fee is gone. As a result, my rent has dropped $106 and I am super happy!

The next decline will be my electric bill. This expense will go down now that the summer is over (this electric bill covered part of August and September). However, I won’t see the real drop until the November when the bill for part of September and October is due). Also, I had no miscellaneous expenses this month. Overall, it was great to see the drop in expenses.

Now let’s compare my month expenses to my dividend income. I will compare my expenses to my September 2021 dividends and my average yearly dividend income going forward. As of this post, my portfolio is set to generate $12,035 in dividend income over the next 12 months.

• • • September 2021 dividend income: $1,492.28 = 126.4% of my expenses covered in September.
    • Yearly dividend income average: $1,002.91 per month = 85% of my expenses covered in September.

Thus, this concludes my monthly expenses report: September 2021 plus my rent decreased. Writing these numbers out like this is really quite exciting. It helps you really get a good grasp where your financials are, where they are going, and how far you progressed. I am getting closer and closer to covering all my expenses. Financial independence is obtainable in the next few years, but I won’t stop there at the bare minimal. I will continue work towards my goals and build my dividend dynasty!

So, how about the rest of you? Do you track your monthly expenses? Also, how close are you to covering expenses via passive income? Let me know in the comments below!