Debt-Free Forever: Take Control of Your Money and Your Life

by Gail Vaz-Oxlade

If you?re afraid to open your bills, if you?ve never added up how much you owe, if you can?t even imagine being debt-free, it?s time to join the thousands of people Gail Vaz-Oxlade has helped. Her straightforward approach to money management is based on self-control, hard work, and prioritizing what?s really important. Debt-Free Forever is Gail?s step-by-step guide, and she?ll show you how figure out how much you?ve actually been spending
? calculate how much you owe?and what it?s costing you
? build a budget that works
? maximize your debt repayments so you can be free of consumer debt in 3 years or less
? prepare for a rainy day so it doesn?t mean a major setback
? set goals for your new, debt-free life. Make no Getting out of debt isn?t easy. But in Debt-Free Forever , Gail gives you a clear strategy and the steps needed to implement it. So if you?re finished with excuses, overdue notices, and maxed-out credit cards, pick up this book, follow Gail?s plan, and start becoming debt-free forever.

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

320 pages, Paperback

First published January 1, 2009

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

[Roni Laukkarinen · Rating 5 out of 5]

Amazing book about handling your money, quick read too. For a person that knows somewhat how to live responsibly, I was way over my head with things just lately. I survived debt and bankruptcy ten years ago, but as an adult when I got my credit rating back I started to use credit card and other types of line of credit. In Finland paying stuff in installment type of payment plans is very popular. After reading this book I realized how much stuff I have paid without actually having the means to pay it back in reasonable time - hence intrests. I have been a "DOPE" like Gail puts it. Until this point I have been seeing the wrong pattern snowballing, because I didn't have proper budget in life for 1-2 years. But let's not listen to Mother Regret as she says... let's look at the future.

After looking to this book and YNAB I know exactly what to do. My spouse uses money more "carelessly", but I now also know what to do with that. I have been watching Nick True's excellent YouTube tutorials about YNAB and I know I can even budget her spending money so she cannot feel guilty if she buys something - she has the fixed amount and so do I and we will deal with it.

Gail obviously knows what she is talking about. In Finland we don't have to save for education (it's free), child care (very cheap) or retirement (it's practically protected by law) so those things were kinda useless for me. Also we have laws for credit, believe or not and for example bankruptcy happens "automatically" and if you are working the government companies can even set some auto-payments for debt. After 10 years everything is forgived if your collectors won't sell your debt to the highest bidder.

Just brilliant book, highly recommended.

[Sarah · Rating 5 out of 5]

I have one word to describe Debt-free forever : take control of your money and your life by Gail Vaz-Oxlade: amazing! Gail is a Canadian financial guru. I wrote about her previously when I said that we were going to try her budget jars idea.

This book is really meant to be a step-by-step workbook about how to get your financials in order. If you have ever seen her show, this is what the couples go through, and includes the steps you don't see in the show.

I have read through it once, and my husband and I are going to sit down this weekend and work our way through it. I am excited about it, especially since I have previewed what the steps are. They aren't easy! But will definitely be worth doing.

I would highly recommend the book to everyone! I'm sure anyone could benefit from it, whether you have a mountain of debt or not. Definitely a top pick! And if you have to be frugal and borrow it from the library, it's worth the wait. I was hold number 74, and had to wait almost 2 months, but I'm glad I finally got my hands on it.

[Bunny · Rating 3 out of 5]

This is going to be a book I treat similarly to A Year of No Clutter. I relisten to that at least once a year, because it is FANTASTIC at subliminally getting me to declutter my house. Maybe not so subliminal. There's a word I'm looking for here. Brainwash? Peer pressure?

This book has a lotta math. If you know me, math and I are mortal enemies. Math beats me up, steals my lunch money, and calls my mom a ho. Worst of all, I have no idea how much lunch money it stole because MATH.

But the tips and advice in this book are INCREDIBLY useful. I've set new financial goals for myself for 2025 and if I feel myself slipping, I'll just listen to the first half of this book again. It's incredibly helpful.

Second half is more about savings and retirement, and sadly, I bleed red white and blue because something is wrong and I can't afford a doctor, so we don't have the same financial set up as Canada. But it's still light motivation, so that helps.

[Kevin · Rating 3 out of 5]

Overall, some good tips - especially for budgeting, investing and insurance.

However, she also has some problematic ideas: she seems to think that working 2 full-time jobs is perfectly fine (6 hrs of family time and 6 hrs of sleep is enough, apparently) and she praised a person for breaking immigration laws and working without proper documentation in another country.

3 stars

[Literaryadventuresofthetarabun · Rating 5 out of 5]

Debt Free Forever by Gail Vaz-Oxlade

Review: As someone who accumulated a rather large student loan debt, I appreciate the knowledge I gained from this book. I already had a budget and timeline to pay off this whopping debt in less than ten years however, this book helped put everything into perspective and helped me tweak several goals I have. With the charts and calculations provided, it makes it easy to follow along as I'm horrible with numbers. My goal was to pay my loan and any credit card debt by my 30th birthday, I've now moved it up to my 29th! If your looking for assistance creating a budget, I highly recommend this book!

[Jessica · Rating 5 out of 5]

I wish i read this book while still living at home! A must read if you want to learn how money works also good if you’ve gotten yourself in huge debt of any kind! Im looking forward to becoming debt free of student loans :)

Having a plan means having a budget!

[JeffJefferson53 · Rating 4 out of 5]

It is a pretty good book. I read it years ago when I was horrible with money and had a mess to clean up. I agree with building an emergency fund while paying down debt rather than other plans that have focus on one step at a time. I also agree with paying off the highest costing debt rather than snowballing the lowest payment. Second go and a few things...
Term life insurance is way better. Whole and Life Always cost too much and they try to do too much. Cash back policies take years to actually get a very small return. It is better to have control over your investments rather than saving through insurance. Also, we want to build wealth so we should not need life insurance for life. I would ssy 30 years max and you want to be self insured. A second term policy even being older is still cheaper than an initial life policy.
Secondly, she recommended putting insecure consumer debt into secured mortgage debt as long as "you promise not to do it again". This is very stupid. It will take 15 to 35 years to pay off this consumer debt that you hide in the mortgage to pretend to be debt free. I would never recommend this. Second of all, if shit gets tight or a divorce happens, insecure debt lenders cannot take shit and will often settle for 10-20% while with a mortgage you will lose your asset. It does not make sense to put consumer debt into a mortgage ever, even if it is a quick fix.
Lastly, she recommended bankruptcy way too easy. It is almost a last case resort that few people actually need. Her example... making $60,000.00 with $136,000.00 in debt (assume consumer or student loans) is not really bankrupcy. I have made $10,000 less than than with $100,000.00 of debt that I have paid down to the last $40,000.00 so I wouldn't give the idea to people that if you have over $100,000 to try for bankruptcy. It is a mess to clean up and will take around 7 years but it can be done without ruining credit and bailing on obligations. Better choice 7 years later. Good credit the entire time rather than blowing it up. And bankruptcy stays forever cuz every application for debt asks if you have ever gone bankrupt which they will ding you for. It can even keep you from fiancial or government jobs which aint mentioned.
But its a decent book and one of the better ones that I read.

[Tamara Taylor · Rating 5 out of 5]

This book is awesome! It is a simple, straight forward system to climb out from under debt. I know that this is something we've struggled with since we were in college, and could never seem to get ahead. I love her no-nonsense approach and humour. This book helped us develop a budget, a debt repayment plan and developing "grown up" habits like opening a tax-free high interest savings account (I didn't even have a clue what that was before this book!) and retirement savings. I've always felt overwhelmed by these principles and that it was hopeless because I could never seem to make a dent in getting out of debt. This book gave me control and I feel such a huge relief that someday we'll be ahead! I highly recommend checking out her website and using some of the online tools when working through this book.

[Chelsey Cosh · Rating 3 out of 5]

I think I have read one too many books by Gail Vaz-Oxlade this year. I have had more than my fair share of personal finance books in the last few months and I think this one may be my last for a while. While Debt-Free Forever has some terrific information on budgeting, including substantial appendices to assist those new to tracking their spending, I still feel that a great deal of what is written here is a rehash of what Gail has said in her other books. All of the information is valuable, but, for me, it's nothing new. For anyone new to budgeting, this book is a fantastic read, one that I highly recommend, but if you're thrifty like me, this book will be a huge waste of time.

[Asad · Rating 5 out of 5]

So this is my first personal finance book, and that may have effected my rating. Being a fresh university grad and starting my first job this book provided the foundation I needed to start 'real life' with a solid financial plan. The information may not be riveting or new but being that I learned nothing of the sort in 12 years of public schooling and 4 years of university, it was very valuable. The book helps you do a spending analysis, uses that information to make a budget, gives tips on paying off debt fast, planning for emergencies, planning for death, and how to approach bankruptcy (if that must be an option)

[Dna · Rating 3 out of 5]

Quick, basic read on setting goals to reach a debt-free status in this lifetime. Is it possible? I guess. But the more you try to free yourself of the system, the more it limits you. I like Gail's show: she's tough as nails, realistic, but kind and a good leader. Does it translate to fancy book writing? Not quite. The tone is like nails on a chalkboard, and horribly condescending in parts. Insulting, too, if you're sensitive. I don't think I'm sensitive, just pointing it out for others who might be. I picked up some good tips for myself, as this IS one of my goals in life. It got to be a bit repetitive, but I read most of it in one night. Thanks, Gail. I love your hair.

[Matthew Macmartin · Rating 5 out of 5]

Having recently come into a financial postion where I can deal with my accumulated debt, I found this book invaluable in creating a plan that is practical and realistic.

Her no nonsense approach, complete with not so gentle scolding at the generally dumb things people do with money, was exactly the tone and common sense needed to help deal with such a mess.

Highly recommend to anyone serious about taking on their mounting debt.

[Sheila J · Rating 4 out of 5]

Very good reference for getting out of debt and staying out of debt, although I totally disagree with her on the topic of life insurance. I know from talking to people who used to be in that line of work that companies push whole life policies because they make more off such policies. If you need life insurance, you can get a lot more insurance for a lot less money with a term life policy.

[Sarah · Rating 5 out of 5]

A no nonsense, easy to understand, financial how to. Whether you want to get out of debt, pump up your savings or reign in your spending, this book has something for everyone. Plenty of info and tools necessary to achieve your financial goals.

[Korene · Rating 5 out of 5]

A great read for fans of her show or anyone who needs some help with financial woes. Gail's no nonsense, get real, life isn't easy approach comes through in her writing style. I wish she could come to my house and help me out!

[Umugaba · Rating 4 out of 5]

Great book with a lot of tools to control your debt, plan a budget. She shared a lot of tips that are usually not very well explained.

You've probably seen her show on TV: Until debts put us apart or something

[Christine (KizzieReads) · Rating 5 out of 5]

I loved watching Til Debt Do Us Part, so when I saw this book I had to grab it. It saved me $13,000 with one bill, so it was the best money I ever spent! If you have the chance to read this, do it. Some of the info pertains to Canadians, but the basic ideas and info could be used by everyone!

[Cynthia · Rating 4 out of 5]

Read Gail's blog everyday and have watched her shows - her no nonsense and simple approach is brilliant. Love her.

[Leah · Rating 3 out of 5]

I enjoyed the money in the jar tip

[Sara Budarz · Rating 3 out of 5]

Is it okay to admit that I often turn to financial books as a calming bedtime reading? I realize this is weird, but these books are just so calming. They all seem so incredibly repetitive and predictable, but something about that also makes for easy reading to drift off to. So I recently downloaded this book to read. I had never heard of it or her before, but it met my need.

The verdict? Very much like Dave Ramsey in tone. She tells you to get your act together. She does the tough-love thing. The advice is sound, although it in general ignores the main problem that most of these books seem to overlook: motivation and control. I have read and agree with the general statement that our financial shortcomings aren't a matter of not knowing how to handle money, but rather about lacking motivation to do so. It isn't about giving people facts, but about giving them a reason to care. And I'm not sure this book does that.

But if you just want a book that reminds you how to set up a budget and also invest, etc etc, it's not too shabby of a read.

[Ixby Wuff · Rating 4 out of 5]

If you're afraid to open your bills, if you've never added up how much you owe, if you can't even imagine being debt-free, it's time to join the thousands of people Gail Vaz-Oxlade has helped. Her straightforward approach to money management is based on self-control, hard work, and prioritizing what's really important. Debt-Free Forever is Gail's step-by-step guide, and she'll show you how to:

figure out how much you've actually been spending

- calculate how much you owe-and what it's costing you

- build a budget that works

- maximize your debt repayments so you can be free of consumer debt in 3 years or less

- prepare for a rainy day so it doesn't mean a major setback

- set goals for your new, debt-free life.

Make no mistake: Getting out of debt isn't easy. But in Debt-Free Forever , Gail gives you a clear strategy and the steps needed to implement it. So if you're finished with excuses, overdue notices, and maxed-out credit cards, pick up this book, follow Gail's plan, and start becoming debt-free forever.

[Leigh · Rating 5 out of 5]

Gail is the best. I discovered her through Princess then Til Debt Due Us Part and finally Money Moron. While for the most part I have kept myself out of debt I do go off on occasional shopping sprees and she always makes me feel guilty for it. I love that she breaks debt and finances down in a way that's easy to understand and follow and that's what this book is. The audio version was offered for free on audible so I got it and listened. It was helpful especially during these times with online shopping being preferred due to the pandemic. She gives simple advice, don't spend outside of your means, don't spend money if you don't have it and use cash as much as possible. I will always recommend Gail to anyone whether through her books or her shows she's the only one I know who can make money and finances entertaining.

[Mary Pennington · Rating 5 out of 5]

There was a lot of this book that I couldn’t relate to. I currently live in a campervan, so I don’t have a house so I don’t have a mortgage. I also don’t have any debt, but when I saw this book at the thrift store the other day I remembered the way Gail did budgeting in her TV show and wanted to learn some of the math behind that. She has some really cool ways of looking at finances. I loved the example of saving $7 on a $25 book by walking to a different store vs saving $7 on a $1200 laptop. In both scenarios it’s $7, but most of us will think it’s a great deal in regards to the book, but not necessarily the laptop because the “percentage saved” isn’t as large, but it’s still $7 you’re saving!

[Samantha · Rating 4 out of 5]

Here's the greatest nugget of info I found in this book:

Collection agencies can't start bugging you until they've notified you in writing that they've been assigned to your account. They have to tell you how much you owe and for what. They can't call you more than three times in a seven-day period, not on a stat holiday, and not on Sunday before 1 p.m. or after 5 p.m., or any day before 7 a.m. or after 9 p.m.

She also recommends telling them if you have several accounts in collection. "I have several agencies calling me, and owe $26,000 altogether. I'm going to have to find a way out of it, and it won't be paying everyone what I owe them. I can pay you ____. Will that be enough to settle this account?"

[Emmanuel Makoni · Rating 5 out of 5]

Great book that really dives into practical ways to become debt-free. Gail is definitely upfront about the different ways debt continues to hurt us and how it is definitely possible to execute plans for us to become debt-free. She touches on the importance of dent in relation to credit scores/rating. The best part about this book is the fact that it’s empathetic in helping people who’ve dug holes for themselves and those who have just had life happen to them. Regardless of the situation, there is no excuse to not strive to be debt-free, and this book clearly outlines how in all aspects. Would highly recommend regardless of where you’re at with your finances.

[Misty Farias · Rating 5 out of 5]

I was a huge fan of her CNBC show "Til Debt Do Us Part". Her book is a good, maybe better, than the show. No nonsense financial information and tips to keep you on track. She is very blunt, which many of us need! Also her website is fantastic if you are planning on following her "jar system" (kind of like an envelope system) as it calculates weekly and monthly amounts for you. The only slight hiccup is a lot of her advice is for Canadian readers and follows their laws and rules. Overall a fantastic book for budget newbies all the way to financial wizards!

[Brianna · Rating 2 out of 5]

*edit to say this rating is for my own personal reference. If you are struggling financially this is a 5 star book, read it.*
This book was ok. It wasn’t practical to my life. It offered a lot of information on deep financial troubles, which I don’t have, but if you do, you may find useful. The most disappointing aspect was the fact that she references all of her worksheets, but you can no longer access them as her website is out of commission. Highly disappointing.

[Kathy · Rating 5 out of 5]

This book is great. I used to watch Til Debt Do Us Part so when this book was offered to me for free on Audible I jumped on the chance. I have always tried to manage my finances by thinking "I want to make Gail proud of me". This book is a fabulous resource to help you figure out what to do to help get yourself out of debt. Even if you don't use her whole system there are still great tips and tricks in there.

I highly recommend it to everyone.

[Sydney · Rating 4 out of 5]

I always remember watching Gail Vaz-Oxlade on TV when I was younger. When I saw this book as a free download on Audible, I knew I was going to gain some info once again!

While I'm thankful to not be in debt, she had a ton of helpful information about the Canadian credit system/debt repayment systems. She also had some fabulous budgeting tips. I thoroughly enjoyed her narrating the book as well, she always puts a bit of a cheeky spin on things.

Great read!

[Shannon Cox · Rating 4 out of 5]

This is the first Canadian money management book I have come across. The information is a lot easier to digest when they are discussing RRSPs and GICs, instead of 401ks and IRAs. I like Gail's no BS attitude, cutting through all the excuses you may have come up with for your situation, and forcing you to take responsibility for your financial life.