These are my Monthly Expenses – January 2025!
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 8 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 $1,300 in passive income each month while I sleep.
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January 2025 Dividend Income
So here is January 2025’s expenses:
- Rent: $614.34
- Utilities
- Electric: $41.32
- Gas: $22.89
- Internet: $89.99
- Cell Phone: $35.00
- Food & Supplies: $463.10
- Miscellaneous
- Amazon: $156.34
- Haircut: $45.00
- Metro: $23.20
- Medical: $221.00
- Uber: $8.27
All in all, my expenses for January 2025 totaled: $1,720.56
January’s expenses were higher then normal due to medical bills.
I ended up getting Covid was sick for about 3 weeks. I am still not fully well. A few more bills will be coming in February’s report as well.
It was a pain in the neck slowing down my stride, but it is what it is
Amazon purchases included by some new shirts and a new pair of pants.
Other then being sick, there were no other unexpected expenses.
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 2025 dividends and my average yearly dividend income going forward.
As of this post, my portfolio is set to generate $15, 953 in dividend income over the next 12 months.
- January 2025 dividend income: $807.87 = 47% of my expenses covered in January.
- Average monthly dividend income: $1,329.44 per month = 77.3% of my expenses covered in January.
Conclusion
Thus, this concludes my monthly expenses for January 2025!
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!
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