These are my Monthly Expenses – November 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 $1,200 in passive income each month while I sleep.
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November 2023 Monthly Expenses
So here is November 2023’s expenses:
- Rent: $614.34
- Utilities
- Electric: $47.43
- Gas: $20.03
- Internet: $84.99
- Cell Phone: $35.00
- Food & Supplies: $426.20
- Miscellaneous
- Hair Cut: $35.00
All in all, my expenses for November 2023 totaled: $1,262.99
November was my second least expensive month of the year.
I was not expecting that when the month started, but that is how it turned out.
No complaining here. I am happy my electric bill is lower and there were no miscellaneous expenses.
December will be more expensive as it is the Holiday season, but it will be lots of fun.
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 November 2023 dividends and my average yearly dividend income going forward.
As of this post, my portfolio is set to generate $14,429 in dividend income over the next 12 months.
- November 2023 dividend income: $840.03 = 66.5% of my expenses covered in November
- Average monthly dividend income: $1,202.42 per month = 95.2% of my expenses covered in November.
Conclusion
Thus, this concludes my monthly expenses for November 2023!
Did you see that?!
Over 95% of my expenses were covered by dividends in November! That is a new record!
Soon, dividend income will be covering all 100% 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!
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