Each week on SOAPnet’s new original reality series Bank of Mom and Dad, a twenty-something woman who is drowning in debt must pay the ultimate price ... letting her parents move in! With the assistance of money coach Farnoosh Torabi (that's me), Mom and Dad will teach their daughter to rethink her spending habits and transform her relationship with money.
This week former NFL cheerleader Julie Tempest and her $35,000 debt load take the spotlight. Her car loan, by itself, is more than $20,000 and her credit card balances amount to more than $10,000. The 27-year-old part-time dental assistant from Jersey City, N.J., is so broke that she’s been leaning on her mom Denise and brother Chad to make basic ends — from rent to food — to meet.
Mom’s been dipping into her pension to pay Julie’s monthly bills and Chad has agreed to let Julie sleep on his couch, since she can’t afford her own place. But enough is enough. Her family is unable to keep up with their financial support. Meantime Julie shows no signs of slowing down her free-fall spending and addressing her debt. I spent the week with the Bank of Mom and Chad coaching Julie with the following advice:
Make More Money. Julie’s not working enough and her income shows it. Her part-time dental assistant position brings in an average $1,380 a month. To keep up with her bills, pay her monthly minimums on her credit cards and start saving for her own place, Julie will need to bring in at least an extra $300 a month — at least! To inspire her to make more money, Mom and Chad arranged to have Julie teach a couple of classes at a local cheerleading school for kids. The managers at the school thought Julie did a nice job and said they would consider hiring her for some shifts. The takeaway: When you need extra money consider a part-time job that lets you turn an existing skill into a revenue stream.