Investors who focus on dividends for income normally just look at the size and durability of the dividend.
A factor that could be underestimated is when the dividends are paid. If all your dividends are mainly paid in a few months of the year then that could cause cashflow issues, you'd need to have a focused budget so you don't run out of cash until the next big dividend month.
One idea to get around this conundrum is to buy good shares that pay in months that most others don't. December is an expensive time of year for most people, so it could be a good move to own shares that pay in December. Here are two that fit the bill:
DuluxGroup Limited (ASX: DLX)
DuluxGroup owns many home improvement brands including Dulux, British Paints, Selleys, Cabot's and Yates.
DuluxGroup usually pays its dividend half-yearly in December and June.
I really like the business because it appears to have defensive qualities compared to most other property businesses.
People paint their properties for lots of different reasons in all the different economic environments. Just moving in, selling and renovating are very common reasons to paint and it doesn't matter whether the housing market is 10% up or down that year.
DuluxGroup is almost the perfect definition of a slow-and-steady growth stock, but it also has a pleasing dividend yield.
It's currently trading at 21x FY18's estimated earnings with a grossed-up dividend yield of 4.8%.
Whitefield Limited (ASX: WHF)
Whitefield is one of the oldest listed investment companies in Australia, having been around since 1923.
It focuses on the large end of the Australian share market with big stakes in businesses like Commonwealth Bank of Australia (ASX: CBA), Telstra Corporation Ltd (ASX: TLS) and Wesfarmers Ltd (ASX: WES).
Whitefield usually pays its half-yearly dividend in June and December.
Its portfolio has done well thanks to the growth of the Australian economy over the past 25 years. Whitefield's future success is heavily dependent on the ASX's largest businesses also doing well.
Whitefield is currently trading with a trailing grossed-up dividend yield of 5.14%.
Foolish takeaway
Both shares are trading at close to all-time highs, so I'd be hesitant buying today, but there could be a good opportunity to buy over the next few months.
