These are my Monthly Expenses – January 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 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 independence.
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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January 2023 Monthly Expenses
So here is January 2023’s expenses:
- Rent: $614.34
- Utilities
- Electric: $36.90
- Gas: $27.11
- Internet: $84.99
- Cell Phone: $35.00
- Food & Supplies: $484.52
- Miscellaneous
- Healthcare: $34.20
- Hair Cut: $35.00
All in all, my expenses for January 2023 totaled: $1,352.06
This month was a bit more expensive in the food & supply area.
I do all my shopping on Sunday for the week ahead and there were 5 Sundays in January, which accounts for the additional expenditures.
Other than that, all was as expected. I managed to save well over 50% of my income!
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’s compare my monthly expenses to my dividend income.
I will compare my expenses to my January 2023 dividends and my average yearly dividend income going forward.
As of this post, my portfolio is set to generate $13,777 in dividend income over the next 12 months.
January 2023 dividend income: $871.56 = 64.5% of my expenses covered in January.
Average monthly dividend income: $1,148.16 per month = 84.9% of my expenses covered in January.
Conclusion
Thus, this concludes my monthly expenses for January 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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