These are my Monthly Expenses – July 2022 plus I got a $5,000 Bonus!
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.
You can Subscribe for more great content and updates on my financial journey!
July 2022 – Monthly Expenses
So here is July 2022’s expenses:
- Rent: $614.34
- Utilities
- Electric: $47.46
- Gas: $22.17
- Internet: $79.99
- Cell Phone: $35.00
- Food & Supplies: $473.09
- Miscellaneous
- Healthcare: $39.20
- Laundry (card refill): $20.00
All in all, my expenses for July 2022 totaled: $1,331.25
Spending was a bit higher in July then I would have liked. There are two reasons.
First, most of my supplies ran out at about the same time. Thus, I spent more on supplies in July then the previous month.
Second, I my electric bill rose since I had the air conditioner on a few nights in June (paid for in July). My electric bills will be higher since it is summer.
Other then that, everything else was as expected.
In greater news, I received a $5,000 bonus in my paycheck in July!
Granted after taxes, it was about $3,000 (New York sucks with taxes). Nevertheless, I will always be happy with an extra $3K in cash.
Most of that will be placed in my emergency fund, while anything left over will go into investments and/or buying some more silver bullion.
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 July 2022 dividends and my average yearly dividend income going forward. As of this post, my portfolio is set to generate $13,020 in dividend income over the next 12 months.
July 2022 dividend income: $835.83 = 62.8% of my expenses covered in July.
Yearly dividend income average: $1,085.60 per month = 81.5% of my expenses covered in July.
Conclusion
Thus, this concludes my monthly expenses for July 2022 plus celebrating a $5,000 bonus!
I am getting closer and closer to covering all my expenses. Financial independence is obtainable in the next 18 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!
Like this:
Like Loading...