A new reality show called Burn My Mortgage is debuting Tues. Oct. 5 on the W Network. The program puts overspending families through a series of physical challenges designed to show a mortgage isn’t a life sentence.
The first episode features Christine and Roman Sharanewych trying to keep up with their affluent Toronto neighbours. They spend $17,000 a year on sports for the kids, $12,000 a year on dining out, ordering in and entertaining friends, and another $17,000 on vacations, housekeeping, landscaping and dry cleaning.
“We get caught up with this keeping up with the Joneses, but what you realize, certainly what they’re realizing in the U.S., is that the Joneses are broke,” says co-host Chad Bisch, who motivates the families as they compete for $5,000 prizes.
By the end of the show, the family sees if they cut spending on luxuries in half, they can pay off their mortgage 14 years sooner and save $55,000 in interest.