Let's talk personal finance: Ricardo and Halisi

Today’s personal finance story is about a Denver couple. Ricardo is 67 and his wife Halisi is 58. Six years ago they had $25,000 in credit card debt and less than $50,000 in retirement savings. So this is a red flag. This is not a situation you want to be in at any age.
The issue here is excessive spending. The couple were spending $1,000 a month on eating out. That sounds like a lot, and it is, but you figure $250 a week. If you are eating out, just one meal a day, most days of the week, $35 a day on average for two people sounds about right. At that rate, you rack up $1,000 a month.
The couple checks their credit cards and surprise surprise, they are spending more money than they are making.
The solution for them was to eat out less, track their spending, and start savings up to 60% of their income. In six years, they paid off all the credit card debt, and increased their retirement savings to $300,000. This is simply amazing and is a feel good story that shows that you can turn your life and spending habits around.
Works Cited:
https://www.wsj.com/articles/heres-what-retirement-looks-like-for-americans-abroad-e2ee4294?mod=hp_lead_pos8
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