These are my Monthly Expenses – June 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 6 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 $1,100 in passive income each month while I sleep.
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June 2023 Monthly Expenses
So here is June 2023’s expenses:
- Rent: $533.13
- Utilities
- Electric: $40.68
- Gas: $24.00
- Internet: $84.99
- Cell Phone: $35.00
- Food & Supplies: $444.96
- Miscellaneous
- Healthcare: $17.99
- Gift: $50.00
- Haircut: $35.00
- Amazon: $69.98
All in all, my expenses for June 2023 totaled: $1,335.73
Happily, I had reduced rent this past month thanks to an abatement. Always good to save $80 on rent.
Food and supplies ran a bit higher this month and my electric bill is starting to creep up.
That is pretty natural as it is summer and I often have the air conditioner on.
My August electric bill is the one that will reflect July, so it will be really high.
In addition, I bought two new pairs of pants from amazon. Those I definitely needed as my old pants were starting to fall apart.
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 June 2023 dividends and my average yearly dividend income going forward.
As of this post, my portfolio is set to generate $14,170 in dividend income over the next 12 months.
- June 2023 dividend income: $1,905.45 = 142.7% of my expenses covered in June.
- Average monthly dividend income: $1,180.84 per month = 88.4% of my expenses covered in June.
Conclusion
Thus, this concludes my monthly expenses for June 2023!
I am getting closer and closer to covering all my expenses. 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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