These are my Monthly Expenses – September 2023!
Why track your monthly expenses?
Because budgeting, planning, and learning how to manage your finances is an essential component to achieving financial freedom.
The key to building wealth is to spend less than you earn and wisely invest the difference.
Over the past 6 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 freedom.
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 $1,100 in passive income each month while I sleep.
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September 2023 Monthly Expenses
So here is September 2023’s expenses:
- Rent: $614.34
- Utilities
- Electric: $128.21
- Gas: $25.26
- Internet: $84.99
- Cell Phone: $35.00
- Food & Supplies: $454.64
- Miscellaneous
- Healthcare: $14.05
- Metro Card: $30.00
- Amazon: $152.02
- Hair Cut: $35.00
All in all, my expenses for September 2023 totaled: $1,573.51
Now that summer is official over and I haven’t used to air conditioner since, my electric bill will be much lower next month.
Aside from the Amazon purchase (some supplies and I bought some new wall art), everything was pretty much as expected.
Dividends vs. 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 us compare my monthly expenses to my dividend income.
I will compare my expenses to my September 2023 dividends and my average yearly dividend income going forward.
As of this post, my portfolio is set to generate $14,418 in dividend income over the next 12 months.
- September 2023 dividend income: $1,924.40 = 122.3% of my expenses covered in September.
- Average monthly dividend income: $1,201.57 per month = 76.4% of my expenses covered in September.
Conclusion
Thus, this concludes my monthly expenses for September 2023!
I am getting closer and closer to covering all my expenses. Soon, dividend income will be covering all my monthly expenses!
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!
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