Monthly Expenses – May 2024

These are my Monthly Expenses – May 2024!

Why track your monthly expenses?

Because budgeting, planning, and learning how to manage your finances is an essential component to achieving financial freedom.

• Related: 5 Reasons to Invest in Dividend Stocks

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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May 2024 Monthly Expenses

So here is May 2024’s expenses:

• Rent: $614.34
• Utilities
  1. Electric: $36.82
  2. Gas: $20.15
• Internet: $86.99
• Cell Phone: $35.00
• Food & Supplies: $420.41
• Miscellaneous
  1. Metro: $11.60
  2. Gift: $58.32
  3. Laundry: $20.00
  4. Home Insurance: $227.00

All in all, my expenses for May 2024 totaled: $1,530.63

This month was more expensive than a typical month because my homeowner’s insurance bill was due.

Additionally, I bought a birthday gift for someone special and she was very happy!

Happiness is worth more than money.

Other than that, all was as expected this month.

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!

• Related: How to Make $1,000 a Month in Dividends

Now let us compare my monthly expenses to my dividend income.

I will compare my expenses to my May 2024 dividends and my average yearly dividend income going forward.

As of this post, my portfolio is set to generate $15,006.93 in dividend income over the next 12 months.

• May 2024 dividend income: $1,043.45 = 68.2% of my expenses covered in May
• Average monthly dividend income: $1,250.58 per month = 81.7% of my expenses covered in May

Conclusion

Thus, this concludes my monthly expenses for May 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!