Monthly Expenses – March 2022

These are my Monthly Expenses – March 2022. Why track your monthly expenses? Because budgeting and planning are important for your financial well-being! Learning how to manage your finances and living within and below your means is an essential component to achieving financial independence. The key to building wealth is to spend less than you earn and wisely invest the difference.

Over the past 4 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. Over the years, I have built a six-figure portfolio that generates dividend income each month. The results have been amazing!

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. So here is March 2022’s expenses:

• Rent: $614.34
• Utilities: $53.13
• Internet: $79.99
• Cell Phone: $35.00
• Food & Supplies: $439.28
• Miscellaneous: $34.20
• Amazon: $54.95

All in all, my expenses for March 2022 totaled: $1,310.89

This month was $110 more expensive then last month. Specifically, I spent more on supplies this month then last month. In addition, there was my amazon purchase of new sneakers. My old sneakers lasted almost a year and it was time to buy new sneakers. This is especially true now that the weather is warming and I will be outside more. The rest of it was pretty much as expected.

Now let’s compare my month expenses to my dividend income. I will compare my expenses to my March 2022 dividends and my average yearly dividend income going forward. As of this post, my portfolio is set to generate $12,445 in dividend income over the next 12 months.

March 2022 dividend income: $1,660.82 = 126.7% of my expenses covered in March.

Yearly dividend income average: $1,037.15 per month = 79.1% of my expenses covered in March.

Thus, this concludes my monthly expenses for March 2022. I am getting closer and closer to covering all my expenses. Financial independence is obtainable in the next 24 months, but I won’t stop there at the bare minimal. I will continue work towards my goals and build my dividend dynasty! Happy Easter to everyone!

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!