These are my Monthly Expenses – August 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.
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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August 2022 – Monthly Expenses
So here is August 2022’s expenses:
- Rent: $614.34
- Utilities
- Electric: $91.85
- Gas: $26.56
- Internet: $79.99
- Cell Phone: $35.00
- Food & Supplies: $378.69
- Miscellaneous
- Healthcare: $34.20
- MetroCard: $25.00
- Haircut: $35.00
All in all, my expenses for August 2022 totaled: $1,320.63
A less expensive month then last month. As you can see, my electric bill is higher since I had the air-conditioner on much more.
It has been a pretty hot summer with one hear wave after another. Once October is here, my electric bill will begin to decrease.
Other then that, all things were 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!
Now let’s compare my monthly expenses to my dividend income.
I will compare my expenses to my August 2022 dividends and my average yearly dividend income going forward. As of this post, my portfolio is set to generate $13,028 in dividend income over the next 12 months.
August 2022 dividend income: $674.50 = 51% of my expenses covered in August.
Yearly dividend income average: $1,085.73 per month = 82.2% of my expenses covered in August.
Conclusion
Thus, this concludes my monthly expenses for August 2022!
I am getting closer and closer to covering all my expenses. Financial independence is obtainable in the next 18 months, but I won’t stop there at the bare minimal.
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?
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