Monthly Expenses February 2024

These are my Monthly Expenses – February 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.

You can Subscribe for more great content and updates on my financial journey!

February 2024 Monthly Expenses

So here is February 2024’s expenses:

• Rent: $614.34
• Utilities
  1. Electric: $43.52
  2. Gas: $16.59
• Internet: $84.99
• Cell Phone: $35.00
• Food & Supplies: $456.67
• Miscellaneous
  1. Metro Card: $25.00
  2. Amazon: $60.12
  3. Hair Cut: $35.00

All in all, my expenses for February 2024 totaled: $1,371.23

I bought two new pairs of pants for work on Amazon as my old pants were starting to wear out.

Other than that, February’s expenses 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!

• 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 February 2024 dividends and my average yearly dividend income going forward.

As of this post, my portfolio is set to generate $14,806.84 in dividend income over the next 12 months.

• February 2024 dividend income: $844.09 = 61.6% of my expenses covered in February
• Average monthly dividend income: $1,233.90 per month = 90% of my expenses covered in February

Conclusion

Thus, this concludes my monthly expenses for February 2024!

Soon, dividend income will be covering all 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!