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Dear Ruthie,
I’m broke. After being downsized out of my job last summer, I’ve reached the bottom of the barrel and don’t know what I’m going to do.
I can’t pay the mortgage much longer. I’ve maxed out 5 credit cards (the monthly payments alone are killing me). My car payments are horrible, my phone, my utilities and the rest … it’s all too much. My financial state has me feeling helpless. How can I dig myself out of this hole?
Sincerely,
Poorest of the Poor
Dear Poor,
A lot of people are struggling financially these days, particularly as downsizing, layoffs and business closings occur more often.
Make the decision to aggressively attack your situation. Go at it with full gusto. No dickin’ around. Start today. Doing so may actually turnaround your feeling of helplessness.
Begin by calling your credit card companies to learn which has the best card-consolidation offer with the lowest interest rate. Ask them to estimate your monthly minimum and then transfer all of your balances onto that one card. Having one payment per month eases stress and possibly saves money in the long run.
Next, cut up your credit cards. Accept that you are not a credit-card person and avoid temptation to charge anything ever again by destroying those cards.
Contact your lending companies and see how you can renegotiate/refinance your mortgage and car payments.
If you are working, get a second parttime job. Take anything. If you’re not currently working, get a full-time job and a part-time job. Remember—you’re making major changes.
Get a roommate. While this isn’t ideal, paying the mortgage is your goal, so suck it up and share your space (and utility bills) for a while. The extra income a renter provides will also help with property taxes at the end of the year.
Stop purchasing from Amazon, eliminate fast food/restaurants and cut trips to coffeeshops. No more DoorDash. Grocery shop smartly and cook all meals from home. Similarly, reduce all digital subscriptions by at least half.
Set up a new savings account and create an emergency fund. Decide on a monthly contribution to that account and do not withdraw from it. Whether you contribute $10 or $100 per month, this account could save you in the future so start it now.
Good luck. I know these are tough times, but you’ll get further, save more and feel better with an aggressive plan.
Ruthie’s Social Calendar
February 27—Free Mom-Hugs Drag Bingo at Pop (124 W. National Ave.): Join me and the team at Pop as we raise money for Free Mom Hugs of Wisconsin. This non-profit celebrates the LGBTQIA+ community through visibility, education and conversation. The fun starts at 7 p.m. with free bingo, great prizes, incredible food, craft cocktails and parking right next door.
February 28—Friday Night Beer Bust at Woody’s (1579 N. Second St.): Kick off your weekend at this LGBTQ+ sports bar, and you’ll find a $12 beer bust. Enjoy all the tap beer you can handle from 4-8 p.m. with friendly faces and a great bar staff.
February 28—Friday Night Karaoke at Walker’s Pint (818 S. Second St.): Local favorite DJ Ariaem helps you take center stage during this popular singalong. The fun starts at 9:30 p.m. but get there early to grab a good seat.
March 2—Sunday Funday at This Is It (418 E. Wells St.): This Is It has always been a great spot to spend a Sunday, but when the cold weather hits, this popular bar is the only place to be! Enjoy $20 bottomless mimosas and bloody marys until 8 p.m., and sip on two-for-one tap beers and rail drinks until bar close.
March 4—Leprechaun Night & Irish Trivia at County Clare Irish Pub (1234 N. Astor St.): Celebrate St. Paddy’s Day like never before with an 8 p.m. evening of Irish trivia. Dress in green, orange and white (or in shamrocks) to earn extra points; dress as a leprechaun and you may win the costume contest.
Have a question for Ruthie? Want to share an event with her? Contact Ruthie at DearRuthie@ShepEx.com.
