Hey everyone! First and foremost, thank you to the Bank of Mom and Dad crew and my friends and family for helping me to better myself. As with most of the other girls on Bank of Mom and Dad, I was super nervous to appear on TV to discuss my financial situation. However, I sucked up my nervousness because I felt that the show’s message was important and I wanted other girls in similar situations to see learn from my mistakes. My dad was not thrilled about me wanting to do the show. At first, he felt that my overspending was not out of control (as I believed, as well). Also, while growing up he has always instilled in me the knowledge I needed to know how to handle my finances. However, my situation got the best of me. I went from living at home, to living with my boyfriend, am attending grad school, and gave up my full time job in order to build a nutrition private practice client base. All of these changes came at once and I wasn’t able to handle them. I was so used to living a certain lifestyle and also felt it was necessary for the business I am in. But, I knew I needed to change. If I kept going down this path, it would not have been a pretty picture. I was never the girl who didn’t save her money, and now I had become the person who I had always tried so hard not to be, the person who lives above her means. Read more…

Hi, Julie’s mom, Denise, here…

It was a very desperate step that Julie’s brother, Chad, and I took when we wrote to the casting director of the show. We were very surprised when we heard that Bank of Mom & Dad was interested in featuring our family for one of the episodes. Both Chad and I discussed the situation with Julie to see if she was willing to participate before we made the final decision. I was very concerned about the possibility of embarassment for Julie, and had assured her that if she would rather not go through with it we were certainly fine with that decision. When Julie agreed to go forward with the program, I was hopeful that this desperate effort to help her with her financial situation would be fruitful. Up until that point Chad and I had had months of discussions with Julie about her careless spending habits, to no avail. We both felt very frustrated with her inability to manage her money and had previously staged our own “financial intervention” back in May. Still, she continued to overdraft her checking account and ignore her accumulating bills. Read more…

I was reluctant to appear on Bank of Mom & Dad at first because my mom and brother signed me up for it without me knowing.  I was really self conscious to be on a television show that revealed so much about my personal struggle with finances because it is such a sensitive and private subject for most people.  I was desperate for a change though and I was having a hard time over the past year as to how to even start making the change. I have always been very financially responsible my whole life until the past year.  A lot of things in my life had changed so fast and I wasn’t able to keep up financially with all of these changes which lead to me getting in over my head with bills.  I was stressing myself out so much about my finances that I was getting sick to my stomach almost every day. I felt so helpless. Then Farnoosh and Bank of Mom & Dad came along… Read more…

Hi, it’s Stacey!

I decided to do Bank of Mom and Dad because I really wanted to become financially responsible and get out of debt! I figured this would be the perfect opportunity. I had so much fun on the show…even though some of the things I had to do were hard and embarrassing, I learned very valuable lessons from them, so I’m glad I did them! Read more…

My husband and I were both very very shocked to find out how much debt Carmela was in. I think my husband originally guessed 8,000, and I thought that was ridiculous, but when we found out it was 31,000 I almost had a coronary – we were very upset.

I was ready to be open and honest during this process. I felt I had some responsibility for what happened, and I was ready to take that, because I was like Carmela. I wanted the best, and I wanted the same for my daughters – I put myself on the backburner and I spoiled them, they were always dressed to the nines. But I’ve learned to look for bargains and save money. Read more…

We were aware of Sarah’s college loans and we knew that she had accumulated additional debt from competing in pageants and using her credit cards too freely, but we didn’t realize the extent of the amount she was overspending each month without sticking to a budget. We had advised her on the “trap” that credit cards cause and we were hoping that she was taking steps to pay off that debt as soon as possible.

We decided to be a part of the show because Sarah really wanted to get her finances on track and she thought that the concentrated and focused event of doing the show along with the help of financial expert, Farnoosh Torabi, would motivate her to make the necessary changes. Even though we were worried that it would be somewhat embarrassing for Sarah to admit her financial difficulties in such a public way, in the end it was better for her to be honest with herself and others to be able to improve the situation. Read more…

The Bank of Mom & Dad was an eye-opening experience for me. Not only did I actually stare at my debt face-to-face, I had to take a long, hard look inwardly at myself asking, “What am I really all about?” I had such a hard time on the show trying to figure out the number one thing I wanted in life, or the number one thing I wanted to do once out of debt. Not only am I an indecisive person, but I truly didn’t know! Sometimes I feel like my life is going so fast that I don’t have time to worry about my true wants and desires. I just live life as it happens and take things in stride without actually planning and setting goals for myself. I also always have trouble when deciding my “superlatives” about myself, such as “What is my favorite movie? What is my best feature? What is my favorite restaurant? If I could go anywhere in the world, where would it be and why?” Maybe it is normal I don’t always know what I want. But I also realize that if I would take more time with myself and my thoughts, I might have some of these questions answered.

MY NEW BUDGET:
I have stayed on track with my budget so far! The first month I actually came in under-budget for a few areas and I was so proud and excited. But now I am beginning to fear my debt again. Sometimes I look at my situation and get very stressed and anxious and wonder if I’ll ever get out of debt. But I know it will take a lot of patience, persistence, and prayer to get me through. I haven’t purchased anything major, not even clothing-wise, since the show. I am truly trying to keep my spending at a minimum and keep my planning and budgeting at a maximum! Read more…

So, the cameras are gone, my mom and my uncle have moved out and now I am left alone with Colin, my thoughts, and of course a massive amount of debt. One would think that being an actress and model I may have decided to go on this show just to get my 15 minutes of fame; I have something to say to those people…You could not be more wrong! I am a “starving artist” who happened to not know the meaning of being able to balance my career, making an income, and personal relationships. I was not always like this, but like any human being I was thrown off track and I decided enough is enough. I needed to break this vicious cycle and it just so happened that the cliché’, “timing is everything” is true. I was given an opportunity to get back on track, focus on my goals and generate an income. No they did not pay off my debt like many of my friends have asked me; they gave me something better, a wake up call. Along with a nutty uncle and a very disappointed mom being thrown in the mix. That equals a great recipe for success. Read more…

Since the show, things have been much improved. I have been working on following my budget and just being more cognizant of how I am spending my money and where it’s all going. I have EXCELLED in the food shopping area, I now shop with a list (and coupons when I can as well), I am doing well not exceeding my budget, I have even been UNDER budget! I now buy food with the concept of, okay what am I going to cook and then I shop based on that. I still end up ordering out, but what I choose now, is to NOT order out or get food outside the house EVERY SINGLE DAY, but instead, to cook more often things that we (my husband, daughter and I) want to and like to eat, and then once in a while go out to eat or get takeout. I also make sure not to spend too much, like if it would cost less to buy the ingredients and cook it myself, then I don’t go out to eat.

Staying on track is a bit of a challenge, since I have to play A LOT of catch up. But I am still using the Bank of Mom and Dad little red notebook, I do put my receipts in the apron since it’s a perfect organizer, and the accordion file, it helps me keep my bills paid and bills due in order. Read more…

So, how have things changed for me after the Bank of Mom & Dad?

Well, it’s been about two weeks since we’ve filmed the show and I’ve made a few changes in regards to my finances. I definitely don’t buy as much wine anymore. I’m more aware of parking restrictions and ticketing – I’m looking into selling my car. I am definitely looking to make a new start in my life, whether that’s a new apartment, a new city, a new job… The show has awakened me in a way that I want to better myself, my finances, and becoming gainfully employed so that I can take care of my situation. It has pushed me to tap into all of my natural abilities and skills to maintain a healthy financial situation. I am no longer in denial, understand the task at hand. I am developing the steps and goals to get started on payment plans, living frugally, and within my means. Read more…