These are my Monthly Expenses – December 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 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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December 2023 Monthly Expenses
So here is December 2023’s expenses:
- Rent: $614.34
- Utilities
- Electric: $39.04
- Gas: $21.68
- Internet: $84.99
- Cell Phone: $35.00
- Food & Supplies: $488.80
- Miscellaneous
- Hair Cut: $35.00
- Amazon: $93.83
- Christmas: $175.00
- Norton: $130.65
All in all, my expenses for December 2023 totaled: $1,718.33
And that is my most expensive month of the year!
It can’t be helped. It was the Holiday season and I was happy to give!
Aside from Christmas spending, my internet security bill came due in December and I also bought a few things from Amazon.
There was also an extra food and supply expenditure since I do all my shopping on Sunday and there were 5 Sunday’s this December.
All in all, it was an expensive but really fun 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 December 2023 dividends and my average yearly dividend income going forward.
As of this post, my portfolio is set to generate $14,609 in dividend income over the next 12 months.
- December 2023 dividend income: $1,935.80 = 112.7% of my expenses covered in December
- Average monthly dividend income: $1,217.43 per month = 70.8% of my expenses covered in December.
Conclusion
Thus, this concludes my monthly expenses for December 2023!
Soon, dividend income will be covering all 100% 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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