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Dear Ruthie,
Like most, I lost a lot of my 401K. Also, like most, I’m struggling with bills, groceries and everything else. My girlfriend and I started working on a budget, but then I thought, “Let’s ask everyone’s favorite redhead for some advice on this!” So, here you go. Do you have any tips for saving money?
Let Us Know,
Frugal Fredia
Dear Frugal,
It’s tough out there, ain’t it? Creating a budget is the first step, so you’re already moving in the right direction.
When creating your budget include a portion of your paycheck for savings. Whether you contribute a few bucks or several hundred, it all adds up in the end. Decide what amount you can afford to stash in savings and stick to it no matter what.
Cut out all restaurants, fast food and food delivery. While groceries are high, you’ll still come out ahead when you eat at home, make smart use of leftovers, take advantage of sales and learn how to freeze ingredients.
Consider decreasing a few niceties such as hair and nail appointments, lawn services, streaming services and the like. Always hit up resale shops before buying things full price.
Most experts suggest having an “emergency savings” of $30K per household. This money should be used for emergencies only (costs associated with a sudden job loss, urgent car repairs, extreme medical bills). If you don’t have an emergency fund, start one. If you have one, set it aside and leave it alone.
Most 401K accounts offer free counseling services. Reach out to your investment management company for suggestions on how to manage your funds. You may want to consider temporarily lowering your contributions and putting the difference in your personal savings and/or decreasing your investment risks.
Good luck! I know these hard times, but a little planning will ease the financial stress a bit.
Ruthie’s Social Calendar
May 22—Theatrical Tendencies Season Announcement Party at Inspiration Studios (1500 S. 73rd St.): Join this free 6:30 p.m. evening where you’ll discover the lineup for this LGBTQ-themed theater company. Enjoy live performances of LGBTQ-related songs, live readings from upcoming shows, cocktails and more. See www.theatricaltendencies.com for details.
May 22—Opening Night Long Day’s Journey into Night at Plymouth Church (2717 E. Hampshire Ave.): The Eugene O’Neill classic comes to life with this intriguing production from Milwaukee’s new theatre company, Never Too Late Productions. Nab your seats to the 7:30 p.m. evening via www.ticketleap.com before the run closes on May 25.
May 23—Friday Beer Bust at Woody’s (1579 S. Second St.): TGIF! Hit up the city’s LGBTQ+ sports bar and you’ll find this fun-filled $12 beer bust. Enjoy all the tap beer your little tummy can handle every Friday from 4-8 p.m.
May 26—Annual Memorial Day Cookout at Harbor Room (117 E. Greenfield Ave.): Kick summer off with the gang at this popular leather bar. The party starts at noon with two-for-one cocktails flowing from 3-7 p.m. The barbecue buffet starts at 4 p.m. and is free with purchase of a beverage.
May 27—Rainbow Readers at MKE LGBT Community Center (315 W. Court St.): This monthly gathering welcomes all members of the community to come together and discuss their favorite reads. What are you reading now? Which authors do you adore most? Make new friends with fellow book lovers during the 7 p.m. gathering.
May 27—"Smartini’s” Drag Queen Trivia at Pop (124 W. National Ave.): Some of the city’s top drag queens host this change-of-pace night. Form a team or play solo and you may go home with a prize of two. The fun starts at 6:30 p.m. but arrive early and order up some pizza, craft cocktails and finger foods.
May 27—Opening Night MJ The Musical at Marcus Performing Arts Center (929 N. Water St.): This exciting musical reviews the life of Michael Jackson through a behind-the-scenes look at the pop star’s 1992 Dangerous World Tour. See www.marcuscenter.org for performances, tickets and more before this exciting production closes June 1.
Have a question for Ruthie? Want to share an event with her? Contact Ruthie at DearRuthie@ShepEx.com.
