Monthly Expenses May 2023

These are my Monthly Expenses – May 2023!

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

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

May 2023 Monthly Expenses

So here is May 2023’s expenses:

• Rent: $614.34
• Utilities
  1. Electric: $34.92
  2. Gas: $26.32
• Internet: $84.99
• Cell Phone: $35.00
• Food & Supplies: $386.16
• Miscellaneous
  1. Healthcare: $17.99
  2. Laundry Refill: $20.00
  3. Haircut: $35.00
  4. Home Insurance: $227.00

All in all, my expenses for May 2023 totaled: $1,481.72

Other than December with the holiday season, May tends to be my most expensive month of the year.

This is mainly because my homeowner’s insurance bill comes due. In my apartment building, I am required to have insurance.

Other then that, things were pretty much as expected. That is a good thing.

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 May 2023 dividends and my average yearly dividend income going forward.

As of this post, my portfolio is set to generate $13,939 in dividend income over the next 12 months.

• May 2023 dividend income: $724.69 = 48.9% of my expenses covered in May.
• Average monthly dividend income: $1161.59 per month = 78.4% of my expenses covered in May,

Conclusion

Thus, this concludes my monthly expenses for May 2023!

I am getting closer and closer to covering all my expenses. 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!