These are my Monthly Expenses – April 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 5 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 $1,000 in passive income each month while I sleep.
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April 2023 Monthly Expenses
So here is April 2023’s expenses:
- Rent: $614.34
- Utilities
- Electric: $35.36
- Gas: $22.77
- Internet: $84.99
- Cell Phone: $35.00
- Food & Supplies: $468.24
- Miscellaneous
- Healthcare: $34.20
- Laundry Refill: $20.00
All in all, my expenses for April 2023 totaled: $1,386.53
Expenses were quite a bit higher than normal this past month.
The main reason was that I do all my shopping for food and supplies on Sunday and there were 5 Sundays in May (as opposed to the usually 4 Sundays).
That and I spent more on supplies this month due to some spring cleaning.
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 April 2023 dividends and my average yearly dividend income going forward.
As of this post, my portfolio is set to generate $13,926 in dividend income over the next 12 months.
- April 2023 dividend income: $850.88 = 61.4% of my expenses covered in April.
- Average monthly dividend income: $1,160.56 per month = 83.7% of my expenses covered in April.
Conclusion
Thus, this concludes my monthly expenses for April 2023!
I am getting closer and closer to covering all my expenses. Soon, dividend income will be covering all of 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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