"Downsized": My New Favorite Money Saving Show

I have to say, I didn't have much faith in "Downsized" (We tv, Tuesdays at 9/8c) being any more than the typical 'rant-and-rave, get as crazy as you can' style reality television show after seeing the previews, but the premise looked interesting. A blended family (children from two marriages combined into one) of nine, led by parents Todd and Laura Bruce, go from making over a million dollars a year in a successful Arizona economy, to struggling to get by on just over $60,000, with two foreclosures under their belt and a struggling contracting business.

Now they're living in a rental home and pretty much doing whatever it takes to squeak by on their severely diminished salaries.

I recently did a marathon run of five episodes the other morning and found myself intrigued and pleasantly surprised. It was not the whining, "poor me" type show I had expected, and while there are certainly arguments and a little fighting (who would expect anything less in a family of nine?), I was amazed to find that this family was surprisingly down to earth (for a reality show) and had some great work ethic and financial messages to pass along.

Here are just a few of the personal finance lessons I picked out in the five episodes I watched.

Budgeting and Communication

Not only did I find it a good thing that Todd and Laura were willing to go to a consumer finance expert, but was amazed that they actually appeared to take to heart the things he told them and ideas he provided. Not only this, but they abided closely by the suggestions he gave them, made some tough choices, and maybe just as importantly communicated their budget, the cut backs, and their overall situation to the children (most of whom are in high school) in an effort to get the entire family onboard and working toward common goals. They also communicated where the family could be in six months to a year should they pull together and achieve these goals, giving the kids and parents alike, a light at the end of the tunnel.

Making Tough Choices

With the entire family understanding the dire financial situation they are in, there were some tough decisions to be made -- but they made them. Todd, the father presented the family with a chart of all their expenses and where they could cut, as well as explained how each member of the family gave something up to contribute to the cause.

Laura gave up her store-bought gourmet coffee habit, the ten-year-old daughter gave up her cheerleading practices and acting camp, the three sons cut out summer baseball, an older daughter gave up prom, and the entire family gave up cable television, among other things.

All-in-all, they cut about $1500 a month from their expenditures, but maybe just as importantly, it was a family effort and got everyone onboard with making sacrifices to support the cause and look for ways to save or earn money.

New Ideas and Trying New Things

I have to give the family credit; they came up with several ways to earn extra cash. Laura -- who is a school teacher -- began tutoring and cleaning homes with the daughters. Todd and a few of the kids began a marketing campaign, canvassing neighborhoods with informational fliers and working on a promotional Internet marketing video. He also involved the sons with helping him on various job sites.

And finally, several of the kids came up with an idea to sell "goo" (a rubbery substance for kids to play with) that they made from scratch, and the ten-year-old daughter sold lemonade with a friend.

Takeaways

There were several things I was able to take away from the episodes of Downsized that I caught. It struck me just how big a shock it must have been for a family with an income of nearly 1.5 million just a few years earlier to have to transition to an income of just over $60,000. While many families have been forced to cut back and make tough choices during the recent recession, I don't think many of us have had to face such a drastic change in lifestyle. Yet this family (at least at this point) has fought through it with amazing tenacity and strength in my personal opinion.

Through a combination of strong discipline and parenting, good communication between both spouses and children, and family support, I'd give this family pretty good odds of weathering their financial woes and coming out the other side stronger for the experience.

More From This Contributor:

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Disclaimer:

The author is not a licensed financial professional. The information provided in this article is for informational purposes only and does not constitute legal or financial advice. Any action taken by the reader due to the information provided in this article is solely at the reader's discretion.