Monthly Expenses – November 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 5 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.

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 $1,000 in passive income each month while I sleep.

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November 2022 – Monthly Expenses

So here is November 2022’s expenses:

• Rent: $614.34
• Utilities
  1. Electric: $36.38
  2. Gas: $25.48
• Internet: $79.99
• Cell Phone: $35.00
• Food & Supplies: $416.13
• Miscellaneous
  1. Healthcare: $34.20
  2. Haircut: $35.00
  3. Laundry Card: $20.00

All in all, my expenses for November 2022 totaled: $1,296.52

Happily, my electric bill is under $40 again!

Unfortunately, I spent more on food and supplies then I would have liked to. This was because much of my supplies had run out at the same time.

In addition, I needed a hair cut and to refill my laundry card for the month.

Other then that, there were no surprise expenses in November and all was as expected.

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’s compare my monthly expenses to my dividend income.

I will compare my expenses to my November 2022 dividends and my average yearly dividend income going forward.

As of this post, my portfolio is set to generate $13,531 in dividend income over the next 12 months.

• November 2022 dividend income: $696.44 = 53.7% of my expenses covered in November.
• Average yearly dividend income: $1,127.67 per month = 87% of my expenses covered in November.

Conclusion

Thus, this concludes my monthly expenses for November 2022!

I am getting closer and closer to covering all my expenses. Soon, dividend income will be covering 90% of 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!