These are my Monthly Expenses – January 2024!
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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January 2024 Monthly Expenses
So here is January 2024’s expenses:
- Rent: $614.34
- Utilities
- Electric: $41.73
- Gas: $21.38
- Internet: $84.99
- Cell Phone: $35.00
- Food & Supplies: $401.74
- Miscellaneous
- Laundry Card: $20.00
- Amazon: $54.11
All in all, my expenses for January 2024 totaled: $1,273.29
January tends to be amongst my least expensive months of the year.
It would have been even less expensive, but I did buy a new dress shirt and a glass water pitcher from Amazon.
Overall, I am pleased that expenses are so low. That means investing will remain high!
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 January 2024 dividends and my average yearly dividend income going forward.
As of this post, my portfolio is set to generate $14,794 in dividend income over the next 12 months.
- January 2024 dividend income: $807.80 = 63.4% of my expenses covered in January
- Average monthly dividend income: $1,232.90 per month = 96.8% of my expenses covered in January.
Conclusion
Thus, this concludes my monthly expenses for January 2024!
My first monthly expense report for the new year! And wow! Nearly 100% expenses covered!
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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