Monthly Expenses April 2022 plus $1,400 in Extra Savings

These are my Monthly Expenses – April 2022 plus $1,400 in extra savings this past month!

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.

Over the years, I have built a six-figure portfolio that generates dividend income each month. The results have been amazing!

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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 April 2022’s expenses:

• Rent: $614.34
• Utilities: $52.79
• Internet: $79.99
• Cell Phone: $35.00
• Food & Supplies: $401.83
• Miscellaneous: $54.20
• Amazon: $28.17

All in all, my expenses for April 2022 totaled: $1,266.31

This month’s expenses were a bit lower than last month. Utilities (electric and gas bills) are still quite low and should remain so until the summer time. In May, my condo insurance payment is due, so I expect this May to have higher expenses. Other than that, there were no surprises this month.

In fact, I was able to save an additional $1,400 this April due to the fact we had an extra pay day calendared in. Sweet! What to do with that extra pay check?

That additional sum will be divided as follows: $1,000 for stock purchases and $400 into my savings fund for emergencies. Hopefully, this July we will get another bonus like we did last Summer.

Now let’s compare my month expenses to my dividend income. I will compare my expenses to my April 2022 dividends and my average yearly dividend income going forward. As of this post, my portfolio is set to generate $12,677 in dividend income over the next 12 months.

April 2022 dividend income: $776.96 = 61.4% of my expenses covered in April.

Yearly dividend income average: $1,056.44 per month = 83.4% of my expenses covered in April.

Thus, this concludes my monthly expenses for April 2022 plus $1,400 in extra savings. 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!