Monthly Expenses – June 2022

These are my Monthly Expenses – June 2022

Why track your monthly expenses?

Because budgeting and planning are important for your financial well-being! Learning how to manage your finances and living within and below your means is an essential component to achieving financial independence.

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.  Using the model of dividend growth investing, I am on course to achieving financial independence.

The results have been amazing! Over the years, I have built a six-figure portfolio that generates dividend income each month. I am currently making over $1,000 in passive income each month while I sleep.

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June 2022 – Monthly Expenses

So here is June 2022’s expenses:

• Rent: $559.15
• Utilities: $58.24
• Internet: $79.99
• Cell Phone: $30.00
• Food & Supplies: $407.40
• Miscellaneous: $89.20
• Amazon: $50.04

All in all, my expenses for June 2022 totaled: $1,274.02

Expenses were pretty much as expected. My rent was $55.19 lower this past June thanks to a yearly rebate.

Miscellaneous expenses were a bit high this past month due to extra additional expenses for a haircut and filling up my card for laundry expenses. I am all set for July now!

My Amazon expenses were buying a new backpack and I bought a new light weight fleece jacket for the fall/winter. It was high time to replace my old fleece jacket which was pretty worn out.

As we head into Summer now, I expect my utility bills to start increasing as I will have the air-conditioner on much more.

Dividends versus Monthly Expenses

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!

Now let’s compare my monthly expenses to my dividend income.

I will compare my expenses to my June 2022 dividends and my average yearly dividend income going forward. As of this post, my portfolio is set to generate $12,956 in dividend income over the next 12 months.

June 2022 dividend income: $1,934.25 = 151.8% of my expenses covered in June.

Yearly dividend income average: $1,079.73 per month = 84.8% of my expenses covered in June.

Conclusion

Thus, this concludes my monthly expenses for June 2022. I am getting closer and closer to covering all my expenses. Financial independence is obtainable in the next 24 months, 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!