These are my Monthly Expenses – July 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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July 2024 Monthly Expenses
So here is July 2024’s expenses:
- Rent: $614.34
- Utilities
- Electric: $109.59
- Gas: $21.36
- Internet: $86.99
- Cell Phone: $35.00
- Food & Supplies: $404.59
- Miscellaneous
- Amazon: $174.22
- Stamps: $13.60
- Metro: $31.90
- Haircut: $45.00
- Mets Games: $99.53
- Uber: $27.12
- Laundry card: $20.00
All in all, my expenses for July 2024 totaled: $1,683.24
This was a much more expense July then previous years.
Basically, I was out more and had lots of fun. It was a month of beaches, birthdays, and baseball games.
No regrets there. It also helps that I received a $1,700 bonus this July.
So, it is not like I had to cut down on investments or anything like that.
My electric bill is high as usually during the summer and it will be even higher next month.
Other than that, nothing unexpected.
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 July 2024 dividends and my average yearly dividend income going forward.
As of this post, my portfolio is set to generate $15,319.08 in dividend income over the next 12 months.
- July 2024 dividend income: $798.66 = 47.4% of my expenses covered in July
- Average monthly dividend income: $1,276.59 per month = 75.8% of my expenses covered in July
Conclusion
Thus, this concludes my monthly expenses for July 2024!
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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