According to a recent study by Visa
If you are in the same situation as those Americans, it is time for you to do some household budgeting. Personal budgeting allows you to understand where your income is spent and this may help you to clear your debts and start saving.
Savings is the essential key to your comfortable future so resolve to track your monthly expenses with a budget. Here you will be able to potentially free up some cash for your saving plan.
Start by roping in your family members to be part of your budgeting plan. Explain that the family needs to improve on the household financial situation and brainstorm for cost-saving ideas.
If you have debts, especially credit card debts, clear them first. Then you will know when you can start to put aside a monthly sum as savings.
Start living in “Cloud Nine” you are going to be rich……..