These are my Monthly Expenses – October 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 $1,200 in passive income each month while I sleep.

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

October 2023 Monthly Expenses

So here is October 2023’s expenses:

• Rent: $614.34
• Utilities
  1. Electric: $119.89
  2. Gas: $20.85
• Internet: $84.99
• Cell Phone: $35.00
• Food & Supplies: $458.32
• Miscellaneous
  1. Laundry Card: $20.00
  2. Amazon: $57.67
  3. Gifts: $121.54

All in all, my expenses for October 2023 totaled: $1,532.60

October included the electric bill for September, which was high since it was still summer.

In addition, I spend more money in October on gifts for family (birthdays etc.)

Also, this month I had some emergency expenses (not seen above). I had to replace some pipes and get a new stove.

That cost $1,450; however, I was able to cover the bill with my emergency fund.

Always good to have an emergency fund for things like this.

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

As of this post, my portfolio is set to generate $14,425 in dividend income over the next 12 months.

• October 2023 dividend income: $764.34 = 49.9% of my expenses covered in October.
• Average monthly dividend income: $1,202.14 per month = 78.4% of my expenses covered in October.

Conclusion

Thus, this concludes my monthly expenses for October 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!