Bank of Mom and Dad: new reality TV show

[ceejay74]

Have you heard of this show? It just premiered last Wednesday on SOAPnet, of all places.

It's not as good as some other financial makeover shows (Big Spender, Maxed Out) because it seems a bit fakier--all this wisdom is supposedly coming from the parents, but I find it hard to imagine two regular people could muster the knowledge and creativity to come up with all the challenges they supposedly set up. But I'm starved for financial reality shows, so this one will do.

Basically, it features one debt-ridden spender of a younger adult (first one featured was 33) and has her parents move in with her for a week. They get full disclosure of how bad her finances are and then use their old-fashioned frugal attitudes--plus some TV-ready games and challenges--to turn their adult kid around.

The title is cute but it doesn't refer to the more common meaning of that term--that mom and dad will basically give interest-free, payment-free loans to their kids--but rather to the fact that the "kid" turns over all financial control to the parents, so they become in effect her bank--determining how much money she has to spend, etc.

Anyone else seen this show yet?

[disneysteve]

We don't get that channel. Sounds like a neat concept. I hope it is portrayed in a way that teaches viewers something about managing their own finances.

[Broken Arrow]

Hulu link.

Dunno if this kind of show is for me, but I'll be happy to read about what you guys think of it.

[buildmybudget]

Hmmm, that's interesting. Do they do any kind of follow up to see whether the info stuck?

[disneysteve]

Thanks BA. How did we live without the internet? I've started watching the episode. I'll post after I finish.

[disneysteve]

Partial comment (I'm watching right now).

It boggles my mind that someone can be spending $1,000/month more than they earn and not consider it a problem - and be planning a trip to France at the same time.

[disneysteve]

I just finished the episode. I think the show is very good. I think they did a good job teaching the girl how she can "have her cake and eat it too". I liked the whole bit with the supermarket trip and then the taste testing. Lots of people need to do an exercise like that in their own homes.

I think that girl will change things, though likely not as drastically as what was suggested. I don't see her continuing to work cleaning bathrooms to get free yoga.

I would be curious to know if she gets rid of the car. I remember after college, I visited one of my roommates in Queens. He was paying as much for his parking space as I was paying for rent on my apartment. It was insane but folks in NYC think nothing of it.

Overall, I think the process opened her eyes to the fact that there are cheaper but equally enjoyable ways to live. The winery seemed to really impress her. I could see her heading up there for weekend getaways, maybe to attend any special events or festivals they hold there.

[LuxLiving]

I cut back on grocery spending in order to have money to travel with, yet I still have lots of options to eat and sometimes I do get the brands that cost more. There's not much reason to splurge on every single item like it appeared she was doing. Pick your pleasures.

I'm not so sure she still doesn't need more intervention though! And how is she going to get health insurance with that pre-exisiting condition that doesn't cost thru the roof?

[disneysteve]

I'm not so sure she still doesn't need more intervention though! And how is she going to get health insurance with that pre-exisiting condition that doesn't cost thru the roof?

I agree that she needs ongoing support. Hopefully, the parents will stay involved and keep tabs on her progress.

I was also wondering about the pre-existing condition issue. Most plans, though, only exclude pre-existing stuff for a set period of time, like a year or so. If she gets insurance now, she may not be able to use it for pre-existing conditions right away, but she would be able to eventually.

[ceejay74]

I haven't watched it yet, but this is supposedly a follow-up interview with Christine:
Bank of Mom & Dad Update: Christina | Farnoosh.tv