These are my Monthly Expenses – September 2024!
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 7 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 $1,200 in passive income each month while I sleep.
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September 2024 Monthly Expenses
So here is September 2024’s expenses:
- Rent: $614.34
- Utilities
- Electric: $144.19
- Gas: $22.04
- Internet: $89.99
- Cell Phone: $35.00
- Food & Supplies: $508.96
- Miscellaneous
- Metro: $29.00
- Phone Repair: $272.18
- Amazon: $183.24
- Hair Cut: $45.00
All in all, my expenses for September 2024 totaled: $1,943.94
As you can tell expenses were higher this month.
One problem was I accidently crushed my cell phone and had to get it fixed.
Unexpected and unfortunate, but that is life. It is what it is.
My electric bill was still high as it was a hot September, but the bill will be decreasing from here on out.
I bought a few things on Amazon, including some new bed pillows and pillow cases.
Aside from a haircut, that pretty much wraps up the month.
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 2024 dividends and my average yearly dividend income going forward.
As of this post, my portfolio is set to generate $15,363 in dividend income over the next 12 months.
- September 2024 dividend income: $2,193.59 = 112.8% of my expenses covered in September.
- Average monthly dividend income: $1,280.26 per month = 65.9% of my expenses covered in September.
Conclusion
Thus, this concludes my monthly expenses for September 2024!
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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