Did you tune in to Z Living's newest show House Poor, which premiered yesterday at 8pm? Even if you missed the first episode, here's a recap of everything that happened.
Meet House Poor Homeowners Scott & Amanda
Scott and Amanda bought their fixer-upper so they could get into an amazing family neighborhood. The problem? They haven't had a lot of success actually fixing-up their home because they've become overwhelmed with the work that needs to be done ... and lack the money to do it. That's where House Poor comes in.
Scott works in the auto industry while Amanda stays at home with their two girls. Unfortunately, Scott has been subjected to layoffs on occasion, and the family has plenty of room for improvement when it comes to how they spend their money.
The Couple's Money Problems
Amanda frets because she can't really cook in their unrenovated kitchen yet (to her, it feels unsanitary and unsafe), so the family relies on takeout and convenience food. Scott also admits he has a problem taking out cash on the regular when he probably shouldn't. Also, spontaneous purchases of tools and toys keep their spending high. Unsurprisingly, this means they don't have the money to fix their house, and they have a desperate need of a kitchen renovation that should have started yesterday.
Fortunately, financial pro and show co-host Susanne Schultz has a plan for this family. She smartly maps out their income, where it's going, and where it should be going. She assigns Scott and Amanda homework and a challenge, saying they need to slash about $100 per week of their food spending and map out a bottom dollar budget their household needs to run. The reward? An additional $5,000 for home renovations.
Contractor and co-host Frank di Leo meets with Scott to find out what his ideal kitchen would be like, and immediately identifies that Scott's aspirations may be a little too high for the budget they have to work with. He has a few suggestions to alter the plan to keep it within the budget, which will keep the renovation on schedule and still look amazing. If they stay within budget, they'll win another five grand.
There's hitch in the plans when Scott decides flooring from the living room would look better in the kitchen instead of installing vinyl flooring as planned, so di Leo puts him to work on a few tasks to carve labor costs and keep them on budget.
In the end, Scott and Amanda stay on budget, and get an amazing kitchen that's safe, sanitary, and a pleasure to cook in. They learned a few budget hacks to save on money, and Michelle grabbed a job to keep income rolling in on a regular basis.
WATCH on Z Living: House Poor, which tackles homeowners with a large house debt and finds practical ways to help ease the burden. See a sneak peek here.
Tell us in the comments: Have you ever found yourself in a "house poor" situation?