Monthly Expense Report: November 2021

This is my Monthly Expense Report: November 2021. 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. Thus, generating more money over time and increasing your wealth. 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 November 2021’s expenses:

• Rent: $614.34
• Utilities: $63.40
• Internet: $79.99
• Cell Phone: $35.00
• Food & Supplies: $360.29
• Miscellaneous: $83.92

All in all, my expenses for November 2021 totaled: $1,236.94

This was pretty much what I expected expenses to look like this month. As you can see, my utility bills have decline greatly since the coming of fall (down from $120.77 last month). My electric bill by itself has dropped to $43.24 (gas was a separate bill). Overall, I can say November was pretty good in terms of saving. December will be a more expensive month due to the Holiday season.

Now let’s compare my month expenses to my dividend income. I will compare my expenses to my November 2021 dividends and my average yearly dividend income going forward. As of this post, my portfolio is set to generate $12,118 in dividend income over the next 12 months.

• • • November 2021 dividend income: $710.96 = 57.5% of my expenses covered in November.
    • Yearly dividend income average: $1,009.84 per month = 81.6% of my expenses covered in November.

Thus, this concludes my monthly expense report: November 2021. 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 18-24 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!