Missed this weekend’s episode of We Owe What? Don’t worry you can catch up on full episodes at: http://livewellnetwork.com/We-Owe-What/episodes/The-Jarrett-Family/8809255
Here’s a quick recap in case you’re short on time!
When I first met the Jarrett family I was struck by their overwhelming generosity and kindness. Parents to one son, BJ and Dana had looked forward to the financial freedom which would come when their son moved out and they could start to plan the rest of their lives.
However, as always, life intervened with their dream of one day moving to the farm Dana had inherited from her father.
BJ and Dana found themselves fostering BJ’s nieces and nephews, which put major strain on their finances. With the cost of school supplies and increased weekly grocery bills, the Jarretts quickly found themselves in hot water, and BJ began taking out Payday Loans without letting Dana know.
The situation had become so desperate that they could no longer afford their family home and were considering declaring bankruptcy in order to keep it.
Donut Break the Rules
When I stepped in, I immediately had to lay down some rules:
1) No more secrets
2) No more Payday Loans
3) Create a plan for the kids
With the help of a few visual aids, I succeeded in illustrating to BJ and Dana just how quickly their debt would spiral out of control if they continued with Pay Day Loans.
I also brought in a social worker to discuss the Jarrett’s options when it came to childcare expenses. With the help of state implemented program ‘Foster Connections’ the Jarretts discovered they were entitled to around $1100 per child per month. I advised they move into a smaller rental home for the short term until they get back on their feet financially.
The Dream Lives On
I was delighted to be able to step in and help such a deserving family. Their selflessness had put them in a tricky situation but with a little advise from the Money Confidante they are now own their way to recovery and their eventual dream of living on Dana’s father’s farm is still alive.
If the Jarretts’ problems seem familiar and you think you could benefit from my help, why not apply to take part on the show? Just follow the link below.