Monthly Expenses August 2023

These are my Monthly Expenses – August 2023!

Why track your monthly expenses?

Because budgeting, planning, and learning how to manage your finances is an essential component to achieving financial freedom.

• Related: 5 Reasons to Invest in Dividend Stocks

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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August 2023 Monthly Expenses

So here is August 2023’s expenses:

• Rent: $614.34
• Utilities
  1. Electric: $119.66
  2. Gas: $26.25
• Internet: $84.99
• Cell Phone: $35.00
• Food & Supplies: $422.83
• Miscellaneous
  1. Healthcare: $34.15
  2. Laundry Card: $20.00
  3. Amazon: $32.93
  4. Hair Cut: $35.00

All in all, my expenses for August 2023 totaled: $1,425.15

Pretty much as expected for a summer month.

My electric bill will continue to be higher, at least until the end of October.

Other then that, all is good.

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!

• Related: How to Make $1,000 a Month in Dividends

Now let us compare my monthly expenses to my dividend income.

I will compare my expenses to my August 2023 dividends and my average yearly dividend income going forward.

As of this post, my portfolio is set to generate $14,100 in dividend income over the next 12 months.

• August 2023 dividend income: $803.62 = 56.4% of my expenses covered in August.
• Average monthly dividend income: $1,175.01 per month = 82.4% of my expenses covered in August.

Conclusion

Thus, this concludes my monthly expenses for August 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!