Teresa and Joe Guidice are looking for a “fresh smart” and have filed for bankruptcy. They reportedly owe about $11Million. Yes, in dollars. U.S. dollars. Although Teresa does say that most of the debts are from her hubby’s failed real estate ventures, the family has been seen on the Real Housewives of New Jersey basking in recreational and rampant overspending, Jersey style.
So how can this family of six learn to spend less? Here are five financial tips for Teresa and Joe. Yes, you are welcome.
Get a cheaper car:
The couple defaulted on their payments for their Cadillac Escalade. They were paying $1,280 a month and they didn’t even ‘splurge’ for insurance on it. Looking at the Craigslist listings in New Jersey they could downgrade and get a 1999 Dodge Durango for $3200, a 1998 Plymouth Grand Voyager for $1500 OBO or even a 1994 Cadillac Deville for just $1000. And Cadillacs are so totally Jersey.
Get a cheaper house:
Teresa did not like the idea of living in a used house. The thought of residing in a place that wasn’t up to her standards of cleanliness was totally “skievey.” Although you should only buy as much house as you can afford, the family’s timing was probably one of their biggest downfalls. But with all the imported marble, custom work, and overall grandeur done in the enormous mansion, it’s very apparent they overspent on Teresa’s “dream house.”
Stop having kids:
One big factor in deciding to have children, for many, is knowing if you can afford them or not. One or two, sure, you can try to make it work. But deciding to have a fourth mouth to feed, a fourth child to cloth, a fourth child to send to college, that’s an expensive decision. It’s understandable if it’s a “oops, we’re pregnant” baby, but in Teresa’s case it looks like having a fourth child was totally premeditated due to the unpaid bill of $12,000 that they owe to Garden State Fertility Clinic.
Spend Less on Dressing Up Those Daughters…They Ain’t Dolls
There is no reason why she needs to drop so much cash on her kid’s clothing. In a past episode Teresa, who loves to take her girls shopping, spent $2,000 in a 10 minute spree with her girls. There are so many options for cute affordable kid’s clothing like items from H&M, BabyGap, Old Navy, Zara and Target. And she has the whole accessories thing covered with her kid’s headband business, so those she can get free or at cost!
Throw Cheaper Birthday Parties:
Her house is totally gy-normous. There is plenty of room for a soiree for a gaggle of little kids. A cake, a game of pin the tail on the donkey, and some little plastic tiara party favors and Teresa could have done the party for under $100. But instead, she “spent a fortune” on her daughter’s 9th birthday. And instead of just getting her girl a Barbie, Bratt Doll or even a few Zuu Zuu pets they opted to buy her a pricey ATV.
What do you think is their worst way that the family overspends?
Photo: Pacific Coast News