These are my Monthly Expenses – November 2024!
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 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 $1,300 in passive income each month while I sleep.
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November 2024 Monthly Expenses
So here is November 2024’s expenses:
- Rent: $614.34
- Utilities
- Electric: $58.68
- Gas: $21.12
- Internet: $89.99
- Cell Phone: $35.00
- Food & Supplies: $506.11
- Miscellaneous
- Metro: $40.60
- Amazon: $223.28
- Haircut: $45.00
- Gift: $50.00
All in all, my expenses for November 2024 totaled: $1,684.12
Phew! That was a more expensive November that I would have liked.
I spent more this month on Amazon then most month.
Part of that was simply buying supplies, but also my door mirror to the bathroom somehow fell and broke.
So, I had to buy a new mirror for the door. I also bought some wall hooks for towels and a power strip.
The rest of the month was pretty normal in terms of spending.
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 2024 dividends and my average yearly dividend income going forward.
As of this post, my portfolio is set to generate $15,602.04 in dividend income over the next 12 months.
- November 2024 dividend income: $878.32 = 52.2% of my expenses covered in November.
- Average monthly dividend income: $1,300.17 per month = 77.2% of my expenses covered in November.
Conclusion
Thus, this concludes my monthly expenses for November 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!
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