Money Rules: Rule Your Money, or Your Money Will Rule You

by Gail Vaz-Oxlade

Gail likes to say that money isn’ t rocket science, it’ s discipline. But even she acknowledges that there are tricks to her trade and that making money decisions often feels more complicated than it should. So, where to start? With Gail’ s Money Rules, of course— her essential rules for making your money work for you.

Covering every topic under the financial sun— from TFSAs to taxes, borrowing to breaking bad habits, relationships to RRSPs— Gail tells readers that many of the rules they have been following might actually be working against their best interests. Some of her advice is, as she says, common sense (Rule #17: Needs Must Come Before Wants), some of it is surprising (Rule #222: Don’ t Borrow to Contribute to an RRSP), and some is even counterintuitive coming from Gail (Rule #261: Take Pleasure from Your Money). All of the rules are delivered in digestible pieces that each give the reader a clear sense of what works and what doesn’ t.

For money-phobes, this book will be a kick in the pants; for money-minders, it will ease the worry that there might be a financial tone they’ ve left unturned; for everyone else, Gail’ s rules provide what it takes to build a strong financial foundation that will last a lifetime.

Genres: Nonfiction, Finance, Personal Finance, Money, Self Help, Canada, Business

502 pages, Paperback

First published January 1, 2012

About the author

"Hello! I'm Gail Vaz-Oxlade. I'm a mother, step-mother, grand-mama, friend, confessor, writer, TV host, money maven, teacher, artist, and ex-wife. I'm loud, large and laugh a lot. I'm passionate about learning, committed to sharing and hell-bent on getting people to take control of their money and their lives.

I've written 13 books on personal finance, hundreds of articles for the financial media, published a financial magazine for women, hosted three prime-time television shows and worked with Canada’s leading financial services companies to help educate employees and clients. (I've been busy, eh?)

My corporate projects have ranged from the design of a product knowledge and sales curriculum to cover every product sold through the branch network, to the writing of several consumer-oriented brochures, the development of web content, the on-camera hosting of consumer-oriented videos, and myriad public presentations. I can make the most complex financial topic accessible to everyone, even kids.

For those of you who have detected an accent, go ahead and guess! I immigrated to Canada in 1977, lived in The Big City for a long time and then moved to the country. I have dozens of houseplants, read or listen to about 150 books a year and I'm a fabulous cook. I’m learning to knit and dying to get a new puppy… but the time’s not quite right yet so I’m practicing what I preach and being patient.

I’m all about change, and I believe that we can have anything we want in life…anything. It’s all a matter of what’s important to us and how hard we’re prepared to bust our butts. I also believe that a well-balanced life is one of the keys to happiness, and so I strive to achieve a sense of balance.

I’m happy with my life. I am determined to do interesting work and to be useful. I love to learn new things. And I’m practicing living in The Now. I am a work in progress."

Reviews

[Ian Robertson · Rating 5 out of 5]

The facts of good money management don’t change for different groups of people; sound principles for one are sound principles for all. Further, we all succumb in one way or another to poor financial habits and decisions - and as unique as we each believe ourselves to be, there’s a burgeoning field of academic study called ‘behavioural finance’ that shows we really have a lot more in common than we think. The earlier we identify our foibles and manage our finances effectively, the better our chances of realizing our goals. It’s no wonder that whole sections of bookstores are filled with financial self-help books, with many aimed at a particular audience (retirees, soon-to-be retired, parents, grandparents, divorced, married, kids...), or focussed on a particular niche subject (RRSPs, RESPs, TFSAs, the Smith Manoeuvre, mutual funds, tax planning....)

While noted Canadian financial journalist, TV host, and author Gail Vaz-Oxlade’s previous efforts have been more narrowly focussed, her latest, Money Rules: Rule Your Money, Or Your Money Will Rule You, is aimed at a general audience. In fact, so well does it hit its mark that most of the niche-targeted books listed above could be removed from the shelves and replaced by this outstanding work.

Like the best coaches in sport, Vaz-Oxlade communicates the information clearly, gives an action plan, and then prods and cajoles readers to execute. If you are high school age or older, this book is for you. In fact, if you are within a couple of years either side of high school graduation, this is definitely the book for you.

Vaz-Oxlade covers the gamut: student loans; budgeting, renting versus buying, mortgage payments, mortgage insurance, holding your mortgage inside your RRSP, credit ratings, credit card charges, credit insurance, good debt and bad debt, giving your adult children money (don’t), pooled RESPs (again, don’t), RRSPs, RRSP beneficiaries, how to find a financial advisor, how to invest on your own, term versus permanent insurance, and even how to shop in a supermarket so you stay on budget.

The paperback edition is over 500 pages, but each topic is seldom more than a few pages. Further, the topics are not organised in a linear fashion so the book can be read for just a few minutes from any starting point - an excellent way to ensure that readers with short attention spans stay engaged.

In addition to being comprehensive and delivered in bite-sized pieces, Vaz-Oxlade writes in a very straightforward and casual manner. She avoids industry jargon, explains complex issues in simple terms, and most importantly comes across as unbiased. Nothing detracts more from advice than self-serving perspectives or comments; financial advisors dismissing DIY investors; former bankers praising the beneficence of banks; or insurance agents promoting insurance products at the expense of other investment options.

Vaz-Oxlade is the direct opposite of these shills. She is merciless in exposing the financial industry’s duplicity. Four examples highlight her tell-it-like-it-is approach:
1. consumer credit ratings are not calculated how you think (borrowers get a higher score by maximizing credit and paying the minimum balance, rather than by limiting credit and paying it in full each month);
2. bank mortgage insurance is a rip-off (a high fixed charge on a declining debt (the mortgage balance gets smaller each month));
3. teaser rates on credit cards, and buy-now-pay-later store offers, are lousy bets (card company/store gets you hooked and hopes you forget to pay, thereby incurring a huge penalty);
4. high and inflexible merchant charges are embedded in the credit card system (cardholders get 1% back in rewards but pay 2% more at the till).

Readers beware, she will be merciless on you, too, if you have bad financial habits and refuse to acknowledge and change them. Her advice in Rule #2 - if you are married to an irresponsible spendthrift - is as follows. “If the person you love isn’t prepared to change from money moron to something more acceptable, then they don’t love you as much as they say they do. Cut your losses and move on. If you’re already married to a money moron, see Rule #138: Protect Yourself from a Money Moron.” Tough Love, indeed.

Vaz-Oxlade misses the mark on a few of her 261 Rules (for example, she omits any mention of government guarantees for credit union GICs, listing only the banking system’s guarantees), but aside from this minor quibble, she has delivered an impressive work. Poor financial decisions early in life compound, making it harder for belated corrective actions to have an impact. The earlier in life Canadians read this book, the better. A comprehensive, easily readable call to action.

[Crystal (VanillaHearts62) · Rating 4 out of 5]

I liked how this book was so easy to pick up and put down. The book is set up with a list of rules, each about a page long and they are in a random order. There is a reference to the rules in the back of the book, but the way it is written makes it so you have to read it all and not just a particular section.

Some was review, some was useful now, and some will be useful later. I learned a good chunk of stuff and I am glad I read it. Debt Free Forever is another one of her books and I think that one is still my favourite because it has the plan to get out of debt (I have student debt). Money Rules was good, but it didn't have the inter-activeness of DFF which I was hoping for.

I picked up my copy for like 40% off so that felt pretty good. I can tell this is a book I'll be referencing again and again in the future. If you see it in the store, open it up and read a couple rules. If you are in a relationship, look at rule #2 especially.

[Lori · Rating 5 out of 5]

All of Gail Vaz-Oxlade's books have the same effect on me. I want to round up receipts, grab a calculator, make a budget and get rid of all my debt.

This one is very informative and easy to understand.

[Linda · Rating 4 out of 5]

This is Gail's latest book of money rules. As always she delivers the rules in a straight forward no nonsense approach to financial management of your money. The money rules are numbered with brief titles, so you can pick and choose from the table of contents the ones best suited to you.

[Cathy · Rating 3 out of 5]

There were many helpful hints (even some I didn't already know! Gail makes money entertaining, and some parts were even laugh out loud funny!

[Jacob · Rating 4 out of 5]

I'm not sure it's possible to "love" a personal finance book, but of the ones I've read (Wealthing Like Rabbits; Stop Overthinking Your Money!) this one is probably my favourite. Despite much of the info not being new to me, and having my basics covered (e.g. budget, savings, wills & POA, no consumer debt) I came away with a to-do list of some ways I can shape up yet!

I'm a long-time follower of Vaz-Oxlade's blog and sometimes Twitter follower, so her take-no-shit style was not unfamiliar to me. It's one of the things I love about her. She doesn't hold back, but I wouldn't necessarily call her tough love as some do; I think she's just a realist. She also manages to come across in a relatable way, like a funny but stern aunt. She's there to tell you we all have to do shit we don't want to - money management included - but we need to do it anyway because nobody will do it for us and the consequences of not doing it can be grave. What my generation calls 'adulting'! One of my favourite things about the book is how it goes beyond financial advice and touches on all the other aspects of life connected to money - our relationships, our goals and values. Gail maintains that if you want to own 500 pairs of shoes, that's fine, if that's your fondest wish in life and if you have the means to do it, but you have to decide what you're going to give up (house, travel, go back to school, kids) to have that thing. You probably can't have it all.

The more existential side of this book - what do you want from life? that's where you put your money - had me re-examining my own priorities. Gail is big on getting people to think about value - and value often goes beyond money. Does your vacation have more value than your staycation? Is it the destination or the people you spend your time with what brings value? Some of her practices that go beyond your usual finance book are more about mindfulness - for example keeping a list of wants, and sitting on the idea of having a thing rather than buying it on impulse, so you can really decide if that's where you want to put your money before you spend.

I liked the short digestable 'rule' chunks of this book. It made what looks like a very hefty book go by quickly - there's a lot of white space in there. Many of the rules were not new to me, as I'm not totally new to personal finance concepts. In some cases, I wish Gail could have gone more in-depth.

The investment stuff continues to confuse me and I find no personal finance books fully answer my questions in this area. It's so complex with so many options that while it's all well and good for Gail to say "don't buy any financial product you don't understand" I guess I'm always left still unsure how to gain this knowledge. How much knowledge is enough? (Especially when you've vetted & hired a financial advisor?) She covers all the bases, but sometimes I was left with more questions than I got answers. There's only so much any book can do (as she herself admits).

I understand why she resisted putting the book into subject sections, but it does make it hard to find things in the book later on, because there's a list of rules but no index. That would probably be my biggest criticism. An e-book would probably be a good choice here so you could search it!

[Anita · Rating 5 out of 5]

Great info and learning

[Lola · Rating 5 out of 5]

Some of this is obvious, but I strongly feel like it should be mandatory reading.

[Crabbygirl · Rating 4 out of 5]

quick read. lots of good tips and concrete numbers. here's quick rundown of some of the things i learned:
* tit for tat approach to savings: if you want to buy a 'want', then put an equal amount of money in your savings. that will force you to really consider the purchase rather than impulse buy
* 50% of net income for needs; 25% on wants
* don't tithe if you owe money (i loved her explanation for that one - the principle of tithing is to give of what you have (you know, to feel it) so if you must tithe - take it from no longer buying a coffee every day for example)
* even chickens can play the stock market - buy a bond that matures at a specific level and use the difference between that value, and the money you put in, as your risk money. your principal stays guaranteed
* don't play/use equities unless your horizon is 10 years plus
* people's money set points are static - so use multiple accounts to overcome the feeling you are already rich
* you can use RRSP as collateral if it's at the bank where the loan will come from, and if you can repay it before the end of the year
* no CDIC coverage for mutual funds, bonds, etc (even if in your RRSP) or deposit terms (like GICs) over 5 years
* adult kids living at home? charge 35% of their net income so they get used to how much money is needed to provide shelter (you can always give a portion back when they buy a home?)
* plan to graduate with loans no more than one year's net income in the field you are entering
* never travel without private medical insurance but be sure you know what it covers (don't assume)
* since credit card companies charge the vendor between 2-4%, you can and should ask for a 1% cash discount
* assume (and budget) 3% of your home's value as upkeep / maintenance and put it aside for new carpets/windows/roof etc
* updated kitchens or new windows/roof are only an investment if you sell your house in the next 2-3 years. live in your home another 5+ years, and you've consumed that value. SO: don't convince yourself (or your partner) that some upcoming cost is actually an investment, when in actuality - it's likely a 'want'
* even children can contribute to an RRSP! if they earned an income (a paper route counts), they can start an RRSP - just don't bother claiming the deduction until they are paying taxes
* be wary of lifestyle inflation: when an occasional treat becomes a regular thing, or you try to keep up with the Jones
* when mutual funds merge, the funds history disappears - this might be to hide a poor performance
* pay attention to 'contributed' and 'non-contributed' RESP money.
* your contributions are always tax free, but the non-contributions are taxable. so take the taxable stuff out early when junior is earning a pittance
* only $5,000 of the non-contributions can be withdrawn from an RESP in the first 13 weeks.
* even if junior doesn't go to uni or college - wait. they may change their mind. and once you liquidate the RESP, you won't be able to get back any of non-contribution portion
* the life on an RESP is 36 years
* to avoid a penalty - you could transfer the non-contribution amounts to an RRSP
* before buying anything, calculate the per use cost to determine it's value
* the average CDN family spends $802 a month on food
* if you write a cheque, and that cheque goes to a third party (think cash stores), the third party has a right to collect the money - even if you put a 'stop' on the cheque... a crossed cheque, with 'non-negotiable', on it will make that impossible
* new investors can avoid being overwhelmed by choice by buying the index

things i must do now:
* go back to reviewing my credit card statements carefully - did you know they can suddenly lower your credit limit (and not tell you) and then charge you a penalty if you go over said new limit!
* make sure all our investments: RRSP, RESP, insurance, TFSA... have a named beneficiary. most probate fees increase dramatically with the size of the estate
* write a will
* officially name a guardian for the children
* name a 'contingent subscriber' on the RESP - if you die before the kids reach college, the fund will terminate and you'll lose all the government grants
* consider using crossed cheques for activities / purchases that require a series of post dated cheques
* find out when my life insurance term ends and compare it to permanent (but probably dropped the ball on that one)
* consider increasing our insurance deductibles (since a claim causes insurance to go up 10% for the next 3 years at least, people will pay out of their own pocket for smallish claims)
* find out if my RESPs are covered by CDIC
* get another credit card (with a small credit limit) for on-line purchases

[Lauren A · Rating 4 out of 5]

I've watched Gail on TV for years but this was my first time reading one of her books. It is exactly what you'd expect from Gail: a no-nonsense approach with simplified money management rules that leave no room for excuses.
The rules aren't listed in any particular order so are somewhat all over the place but I actually enjoyed that as it meant I didn't have to spend a lot of time dedicated to an aspect of money management that may be a bit more dull or stressful. I also found it beneficial to read the rules that don't apply to my current life as they were still interesting and good to know (for example, I don't have kids but still found the RESP rules interesting to learn).
As on TV, Gail has no patience for people who are unorganized, aren't willing to sacrifice to achieve goals, and are afraid to confront their financial reality. The book would be a fantastic wake-up call to people who need a reality check with their finances. Despite having a fairly stable financial situation Gail still identified some areas in the book that I plan on doing more work on. It's a real "pull up your socks" type read.
While overall I enjoyed the book, it was mainly the editing and mistakes in the book for me that made me knock my overall rating down to a 4. I'm surprised that someone who is so detail-oriented and repeatedly harps on people to get organized would publish a book with several typos and grammar mistakes. Also, some of the rules got to be a touch repetitive. While it may be beneficial to be repeatedly reminded of key financial principles, it did at times give me a sense of "didn't I just read this a few rules ago?!". Still, a worthy read.

[Louise · Rating 4 out of 5]

This book has a combination of mostly common sense but solid personal finance guidance (aka "rule"), and the odd interesting tip that might not be common knowledge - for example, I didn't know that self-directed mortgages even existed until I read this book. (I don't know if I'd ever do that but it was eye-opening to read about anyway!)

For those of you who have watched her shows "Til Debt Do Us Part" or "Princess", you may be familiar with Gail's tough-love, sometimes abrasive style, and this continues throughout this book too, so be prepared for that when you read it. She essentially treats you like a money moron from her show, but if you can ignore that, the advice is usually sound!

The other thing I didn't love is that while the 261 rules in this book are categorized by what they pertain to (e.g., credit, saving, cash management, investing, estate, etc), the rules appear in essentially random order. Her reasoning is that we can't be trusted to not just read all the advice in one section we're interested in, and ignore all the rest, so scrambling everything together forces us to read all of them. I do appreciate the idea behind this, but it makes finding the rules relating to a certain topic I want to go back to (once I've read them all!) quite difficult! There's a numbered list of all the rules in the back but they just appear in the same order as in the book, and it doesn't list the category with it so you just have to pray you recognize the title of the rule when you see it.

[Rachel Pieters · Rating 4 out of 5]

This book is a must-have for every Canadian and I really wish they'd teach these principles in high school.
Gail writes with wit, and the knowledge and authority that can only be gained through firsthand experience and years of practice. The topics/ideas in this book are presented in easy-to-understand, bite-sized pieces, which makes the book easy to digest in five-minute fragments at a time, although I did find myself in engaged at times for an hour or more because her topic titles invoke curiosity.
When I finished reading it, I started scouring the used-book stores for copies to give to my friends. If that's not a huge endorsement, I don't know what is. If you have not read her book Debt-Free Forever, I would also seek that one out. It was the first one I read, and based on those ideas, plans, and principles, we are now on our third and final year of paying off our consumer debts.
Proudly.
These books can change your life.
Give them a try. :)

[Bronwyn · Rating 4 out of 5]

This book was exactly what I needed at the time: someone to sit down with me, tell me some harsh truths about money, and then suggest what I can do about it - and perhaps tell me what will happen if I do nothing! She's Canadian, which is super useful for me, but even if you're not I think she still has a lot of wisdom to share. I would recommend this to all Canadians who either want to change their spending habits or don't know a lot about finances, and to people of all nationalities who need a bit of a kick in the pants finance-wise. (And don't worry, you don't have to stop having fun! You just need to be conscious about your choices.)

[Peyton · Rating 4 out of 5]

“Money Rules” is a set of easy-to-follow rules about money and life. Each rule is only a page or three long making for a quick and easy read. The rules are dispersed through-out the book rather than set by categories, but each rule has a label on it to show which category it belongs in. If I owned the book I would make these categories using flags so that I could flip back to any topic quickly. I like that the subjects are mixed up. It makes reading easier because you are not reading about a single subject for a long time. I read rules that I have no interest in, but may be helpful in the future. After reading “Money Rules” I feel more confident about my money management and have started making plans for my future. I am more prepared now and I know that I can return to the book if I have more questions.

[Amy · Rating 4 out of 5]

A rarity among personal finance book ... written for CANADIANS! I think it’s a good primer. It’s written clearly and with no BS.

However, the chapters are all over the place. One chapter will talk about managing debt, and the next one might be about RRSPs. I would have appreciated it if it was organized logically. Eg, tips to avoid debt, how to pay off debt, considerations for mortgages/RRSPs/RESPs/investments. She touched on all those topics but it’s hard to consolidate the information because it’s strewn about randomly throughout the book.

[ea · Rating 3 out of 5]

I love GAIL. I loved her as a kid watching Princess and Til Debt Do Us Part and I love her still as a sassy lady giving me the real truths on how to act with my money. This book has been my go-to bathroom read for over a year, each rule is like a page or two pages so you can get through them without anyone wondering what’s taking so long!! Some of the material is out dated (like in it she says a pack of smokes is $13 and LORD I WISH) but it’s still helpful for a money newbie like me. This book is the reason I have an RRSP and a TFSA and I now have two GICs. We call that growth bb!! 🥲🥲🥲

[Canadian Mom · Rating 5 out of 5]

Not only do I love that this book is authored by a fellow Canadian, but I love that there are so many great and useful "rules" included. I first borrowed this book from my local library, but after reading through it in detail I purchased my own paperback copy as well as the iBook edition for referencing on the go. My husband and I have followed through on many of her suggested rules and feel more financially secure because of that.

[Tin · Rating 5 out of 5]

I love Gail’s no-fuzz approach to personal finance. It weirds me out that she advices not to trust bankers because I am a banker myself but I do get her point.

Most of the stuff she talks about are pretty practical and easy to understand BUT it takes a lot of self-awareness and discipline to start doing it and live by it.

Ever seen her show Till Debt Do Us Part? Awesome stuff!

I’ll definitely keep this book as reference from time to time.

[Ashley · Rating 4 out of 5]

The format of the book is set up to allow for easy reading in small bites, which is great for people who don't have a huge amount of time to read. It's essentially small pieces of advice compiled into a large book. A decent read for people interested in getting their finances straightened out, but I've read better books by Vaz-Oxlade for the same purpose. Still, if you only have small bits of time to read here and there, this is a good choice.

[Shannon · Rating 5 out of 5]

If you use money, you should read this book. If you are Canadian, it would be even better for you as some of the money vehicles are different than in the US. Even though I'm from the US, it is still an EXCELLENT resource on money and getting it right in your head. She writes in basic language that any teen to adult can understand. Two caveats here...you'll get more out if this if you read Debt Free Forever first and there is some language in the book.

[Jonathan Zwarych · Rating 4 out of 5]

overall good, informative book. Being a Canadian author there's a lot of terminology and specific rules that only apply to Canadians. however it is definitely meant for people with next to zero financial literacy. was hoping for more advanced "rules", be it loop holes, certain scenarios but it does cover a lot of different bases. lots of information for people to get debt free and make smart financial day to day decisions.

[Chelsey Cosh · Rating 4 out of 5]

While a great deal is just common sense, there is also a bunch of information about a wide range of financial topics. This book is like a Canadian financial Bible. Her comedic but no-nonsense approach engages the reader while educating them. It's not a short read, by any means, but it's worth the time. I highly recommend everyone read it and keep it around as reference.

[Antonio Corbo · Rating 4 out of 5]

I did enjoy this book. It was broken down into easy to read and understand bits. Her no excuses approach was refreshing for myself because it helped me eliminate excuses that I found with my own finances. She tells is how it is. There are quite a few rules in the book that are outdated or unhelpful but overall the rules made sense. Not sure I would recommend the book but I did enjoy it.

[Allison L. · Rating 4 out of 5]

My dad gifted this book to me to help navigate finances. It's super helpful when you're starting out to prioritize what is most important to you regarding your saving goals and needs. I don't like the tough love language used (even though I know that's the author's shtick) but the content is awesome and easy to understand.

[Connie B Carter · Rating 3 out of 5]

If I had a dime for every time this book told me I was an idiot, I'd have more money than Gail Vaz Oxlade. That being said, the objective information inside is good but the condescension really made it a more difficult read.

[Tim Cavey · Rating 3 out of 5]

Most of her ideas are common sense, but I found it helpful to keep returning to this for a dose of course correction every once in a while. Gail likes to talk smack and tells it like it is. If you’re being dumb with money, she doesn’t sugarcoat it.

[Peter Van Bussel · Rating 5 out of 5]

I really loved watching Gail’s show growing up so I thought I’d check out this book. It’s incredibly informative and offers several tips I intend to make use of. I think my partner and I will be much better off following her advice

[Katie Comley · Rating 4 out of 5]

Really enjoyed this book. It's pretty basic, but solid advice.

[Shirley Moïse · Rating 4 out of 5]

Good advices given

[Chewie]

it was good. great information on budgeting.