Yup, you read that right! After months of watching Gail Vaz-Oxlade pump out some fab (and no-nonsense) money advice on ‘Til Debt Do Us Part and Princess, we’ve been wishing we could get her two cents on some of our…er…piggy bank problems.

Feel the same? You’re in luck: Gail’s new series Money Moron is coming this spring, and to celebrate, she’s offered to answer some questions in a new video series exclusive to Slice.ca! Now’s your chance to quiz this financial guru on anything and everything. Whether you need Gail’s pro tips to manage your wedding budget or simply to set up your first-ever emergency fund, she’s ready to rein you in.

But we’re on a tight timeline. Email your questions to webmaster@slice.ca, mention us on Twitter with @slice_TV in your tweets, send a direct message to our Twitter account, or ask us on our Slice Facebook page by Wednesday at noon, and we’ll get your questions over to Gail.

With her help, you’ll go from money moron to money maven in no time.

On episode 1 of Money Moron, Gail Vaz-Oxlade stepped in to help Deanna and Jamie manage their financial situation. Watch Deanna and Jamie’s episode now!

We followed up with Deanna and Jamie to see how they fared after the episode wrapped.

Jamie: Life has been great since the taping of Money Moron. I have managed to pay off my overdraft and credit card debt. I only have my student loan left to pay off. Dee paid off a large part of her debt with the prize money.

This year started with a bang. I booked a commercial and landed a small role on a TV show! Shortly after, Dee picked up a role on a new TV show as well. We continue to do what we love with each other. We just finished participating in The Toronto Sketch Comedy Festival and the reception was incredible. Dee and I also have our own comedy show that we produce on Mondays. It’s gaining traction and the response from the crowd is positive. Trash Mob (my band) is starting to get things on track as well. I also started writing for a sports analyst.

Life is starting to balance out with a healthy mix of work, play and planning for the wedding. In order to make life truly balanced, we are currently searching for the perfect place we can afford to live in together.

We can’t thank Gail and the Money Moron crew enough for this experience. I was a real eye-opener. We were doing so many things wrong with our money and this experience really showed us what we can get accomplished when we work together.

Thank you again for everything.

Gail’s Reminder: Big Tickets Require Big Decisions

Whether it’s a wedding, a new car, or a family vacation, planning realistically for a big-ticket purchase is an important step in avoiding further debt.

First find out how much the purchase will cost. Next, calculate your monthly disposable income. Now divide the total cost by total disposable income to find how many months it will take you to save up the money you need. If you think the result is too high, you have three options: find a way to reduce the cost of the purchase, find a way to make more money, or extend your timeline for making the purchase. It’s that simple.

Watch Money Moron Friday nights at 9pm — and visit Slice.ca on Mondays to find out how each couple is doing now.

Looking for more of Gail’s awesome advice? She answered viewers’ burning budget questions in these exclusive video clips.

On episode 2 of Money Moron, Gail Vaz-Oxlade stepped in to help Sean and Laura manage their financial situation. Watch Sean and Laura’s episode now!

We followed up with Sean and Laura to see how they fared after the episode wrapped.

Sean and Laura: Things have really improved for us. After Money Moron, we buckled down and continued to track all of our spending. Sean started logging it on his phone and has found it’s an easy step in his purchasing routine. I have continued to track my spending with a pad and paper. I fall behind from time to time, but always make entries in my spending journal and crosscheck it with my bank statements. Sean has lowered his already modest personal expenses. I have tried my best to keep my spending in line and at times, have a hard time fighting the urges of shopping for used clothing and goods for the house. But now we both talk about all of our purchasing decisions. If I make a purchase, it can’t be hidden.

After the show ended, we welcomed a dog named Doug into our home. He has brightened up our days. He is a Shih Tzu, Yorkshire Terrier mix and he as happy as can be. Sadly, last month we found out that he has a medical condition that is congenital, but not life threatening. The great news, thanks to Gail’s advice, we had saved up for an emergency fund and it wasn’t a problem.

As for our income tax repayment plan, we are only $2,000 away from fully paying off our debt! Sean has fully paid off his credit card as well, and I have maintained zero debt on my credit card.

We are currently saving up all of our extra money to go toward a down payment for a “new” used car for Sean. Though, life threw a curveball in late December. We hit a deer with my SUV and the car ended up being a write-off. With the money received from the insurance and the little that we were able to save up, we purchased another used SUV and chose to pay it off in full, rather than going into more debt. This was a joint agreement and one we both felt comfortable making together. Thanks to our prior talks and the advice we received from Gail, we were able to openly weigh out the pros and cons of our big purchase.

Next step: a trip at some point. We may use some of the show money to do so, but our decision will be focused around a reasonably priced trip. We are both happy with our new life and financial situation and we owe it all to Gail and Money Moron.  It’s one of the best things we could have done. The prize money was a great bonus, but the lessons we learned will help us continue with moving toward a life of love, happiness and financial prosperity!

Gail’s Reminder: Turn Your Trash to Treasure

Is there a room in your house that you’ve been dying to redecorate… but you don’t have the money? You can actually do a lot of work on your home without going out of pocket.

Follow Sean and Laura’s lead to save money by combining a spring clean and a new look in one. Round up all the stuff you no longer need or use… and sell it. Now use the proceeds from the sale as your budget for home improvements. The math is simple: the more old stuff you sell, the more new things you can buy.

Watch Money Moron Fridays at 9pm — and check Slice.ca on Mondays to find out how each couple is doing now!

Looking for more of Gail’s awesome advice? She answered viewers’ burning budget questions in these exclusive video clips.

Ever wish you could get financial advice straight from Money Moron‘s Gail Vaz-Oxlade?

Earlier this year, we asked viewers to submit their money questions, promising Gail would answer them — and we never go back on a promise. So far, Gail has answered 12 of your questions and there are eight more answers coming. What should you do with a lump sum of cash? What are the top three mistakes people make with their money? Get Gail’s answers to these questions and so many more!

Check back every Thursday to see which question Gail answers next.

1. How to get the most of out of your pension plan

2. How to budget for food

3. Should you reduce your debt or save?

4. What to do with a lump sum of cash

5. Where to save — TFSA or RRSP?

6. Gail’s top money tips for those just starting their career

7. Are you responsible for your parent’s finances?

8. How to discuss your financial problems

9. When to have the money talk

10. The three biggest money mistakes people make

11. What is an index fund?

12. When should you use a line of credit?

Watch Money Moron Fridays at 9pm — and check Slice.ca on Mondays to find out how each couple is doing now!

Samantha Speisman is a TV-loving lifestyle editor and writer. She’s also the managing editor at Slice.ca.

On episode 3 of Money Moron, Gail Vaz-Oxlade stepped in to help Kat and Josh manage their financial situation. Watch Kat and Josh’s episode now!

Kat and Josh are continuing to work on their issues together as a couple.  Because of this, Gail has mailed a cheque for $250 to Josh, but not Kat’s reward.  Kat has since lost her dog-walking job and is currently looking for employment.  Despite these difficulties, they remain committed to staying together as a family and to doing whatever it takes to make things work.

Gail’s Reminder: Time For Change

To build a financially healthy relationship you not only need to be aware of how you spend your money, but also how you spend your time. Just as shared financial commitments should be shared proportional to income, time commitments should be shared proportional to workload in a way that works for both of you.

How are days divided in your household? Use the attached time management calendar to track how each of you spends your time across four categories: Work, Family, Household, and Personal. Then sit down together to share your results, highlight the imbalances, and negotiate any changes needed for a more harmonious home.

Download: Time Management Calendar

Watch Money Moron Fridays at 9pm — and check Slice.ca on Mondays to find out how each couple is doing now!

Looking for more of Gail’s awesome advice? She answered viewers’ burning budget questions in these exclusive video clips.

On episode 4 of Money Moron, Gail Vaz-Oxlade stepped in to help Ryan and Lisetty manage their financial situation. Watch Ryan and Lisetty’s episode now!

We followed up with Ryan and Lisetty to see how they fared after the episode wrapped.

Ryan and Lisetty: After our involvement with Money Moron, we found ourselves being a lot more aware of how we spend our finances.  Everything is now budgeted. For the first time, we are actually communicating about our finances, which has made our relationship stronger than ever.

As for my lunch and dinners, Lisetty still packs my lunches and cooks when I’m home.  When I travel for business, I buy groceries and cook for myself.  This took some getting used to, but I actually feel healthier now that I’m not eating junk food all the time.

Lisetty is doing well with the pregnancy and we’re only a little more than two months away from being blessed with the newest member of our family.  We consider ourselves to be very lucky.  A lot of our friends and family have been really supportive and have offered to give or buy baby supplies to help us get started… so we won’t need to buy as much as we thought.

I’ve paid off more than $3,000 in debt by myself, not including the prize money from the show.  In addition to contributing toward my debt repayment plan, I have managed to squirrel away more than $2,500 in a tax-free savings account for next year’s tax return. We have also paid off and closed our credit cards.  It’s been a little draining with the lack of extra money, but we both feel better that our finances are now under control. We have run into a slight detour with the income property.  My co-buyer was denied financing to buy me out.  The silver lining behind this… Lisetty and I are in talks with our own mortgage broker to determine the best outcome from this situation.  This may end up with me buying out my co-buyer, to take the income property and turn it into our own home.

Gail’s Reminder: Make Your Spending Physical

To curb excessive spending you need to know where your money is going… and the easiest things to overlook are the little purchases.

Whether it’s lattes, cigarettes, or new clothes, find the one thing that you suspect you spend too much on in small increments, and save the evidence. At the end of the month, gather your pile of coffee cups, cigarette packs, or shopping bags in front of you and do the math. How much could you have saved for something more important if you hadn’t been so careless with your day-to-day spending?

Watch Money Moron Fridays at 9pm — and check Slice.ca on Mondays to find out how each couple is doing now!

Looking for more of Gail’s awesome advice? She answered viewers’ burning budget questions in these exclusive video clips.

On episode 5 of Money Moron, Gail Vaz-Oxlade stepped in to help Leah and Will manage their financial situation. Watch Leah and Will’s episode now!

We followed up with Leah and Will to see how they fared after the episode wrapped.

Leah and Will: Since taking part in the show, we have decided to hold off on the wedding.  There is no need to rush.  We still split the car payments and we have starting looking into getting insurance for myself again.  Will is looking for a weekend part-time job to pick up a little extra cash and help speed up the process of getting us to where we want to be financially.

We strayed away from our budget during the month of December, due to holiday expenses, but we managed to get back on track shortly after. Will still goes out with his friends (that didn’t change much). My shopping habits are getting better and I am more aware of how small purchases add up so quickly.  I have already paid off my jewellery credit card and my Best Buy credit card, so we are getting closer to our goals every day.

We haven’t talked much about the house. Once we pay off our debt and save a little more money, we will start looking into what will fit our lifestyle.  The market is constantly changing, so our priorities may change once we are closer to our goal of owning a house.

Gail’s insight definitely provided us with the wake-up call that we needed to get on track with our finances.  We still have areas where we can make improvements, but considering where we were when we first met Gail, our current situation is leaps and bounds ahead of the Leah and Will from last year.

Thanks!
Leah and Will

Gail’s reminder: The Game of Marriage

Have you and your partner had “the talk”? Download the same 20 questions asked of Will and Leah to find out how you and your partner would do in the game of marriage.

Answer each question separately, and then compare answers with those of your partner. Will you meet in the middle, or will you be completely knocked off the board?

Download: Game of Marriage Questions

Watch Money Moron Fridays at 9pm — and check Slice.ca on Mondays to find out how each couple is doing now!

Looking for more of Gail’s awesome advice? She answered viewers’ burning budget questions in these exclusive video clips.

On episode 7 of Money Moron, Gail Vaz-Oxlade stepped in to help Dylan and Courtney manage their financial situation. Watch Dylan and Courtney’s episode now!

We followed up with Dylan and Courtney to see how they fared after the episode wrapped.

Courtney: I have been accepted to school and start in January 2014, which I’m very excited about. We have been more money-conscious since our experience with Gail. We feel much better in that aspect of our life because we now have a plan.  We are still learning how to communicate better and we work at it every day.

We have been pre-approved for a mortgage and have started looking for our first home.  Our friend’s destination wedding has been moved to December 2014, which means we’ve started saving so we can be there for their big day. An added bonus is the holiday that comes with this trip and we’re very excited to share this time together – thanks to planning and saving in advance!

We want to thank Gail again so much for helping us get through a tough time in our lives and we did a lot of growing and learning throughout the show.  The end result: we are a happier and stronger couple than we ever were before. We are on the same page and we are both working toward the same goals.

As for having another child, we are still going to wait until I am done school – a decision we are both happy with! So thank you again for the swift kick in the butts Gail. We are very grateful to have had this opportunity!

Courtney and Dylan

Gail’s reminder: Financing Family

Are you planning on having your first child? Another child? Maybe you already have children. Regardless of where you sit on the parenthood spectrum, it’s important to project how much it will cost you to raise each child to adulthood, so you can budget accurately.

Use the attached spreadsheet to estimate the annual cost-per-child from age 0-18. Then divide each category by 12 to figure out the per-month cost to add into your monthly household budget.

Download: Child Budget Spreadsheet

Watch Money Moron Fridays at 9pm — and check Slice.ca on Mondays to find out how each couple is doing now!

Looking for more of Gail’s awesome advice? She answered viewers’ burning budget questions in these exclusive video clips.

On episode 8 of Money Moron, Gail Vaz-Oxlade stepped in to help Kelly and Mike manage their financial situation. Watch Kelly and Mike’s episode now!

We followed up with Kelly and Mike to see how they fared after the episode wrapped.

Kelly: Mike and I enjoyed our experience on Money Moron.  We feel that we have learned a lot about each other and our relationship has strengthened from understanding our financial abilities and limitations.

We just came back from an amazing family vacation in Florida. We managed to enjoy every second of it, soaked up some vitamin D and even came in under budget.

Even though we went on a much-needed family vacation, we paid off our consumer credit cards with the prize money.  It was such an amazing feeling paying off those stupid credit cards.  I recently received a pay raise (from the course I took while taping the show) and we are sitting down this week to figure out our new budget.  We have managed to find a balance between enjoying simple luxuries in life while comfortably living within our means.

Mike still aspires to go to school and earn his degree.  At this time, we don’t have enough money for Mike to pursue his studies. I simply wouldn’t be able to handle all of the bills on my own while Mike is in school, so we have placed his dream on hold. We are currently putting money into our savings as much as we can to achieve our other two goals:

1)     Getting married
2)     Buying a house

With the lessons we learned from being on Money Moron, these goals are becoming more and more of a reality every day.

Kelly and Mike

Gail’s reminder: Thrifty In Love

Financial stresses can have a huge negative impact on the overall health of a relationship. So it’s important to find a way to make room for quality time together without breaking the bank.

Follow Mike and Kelly’s lead and set aside $25 a week for a couple’s activity. Now scour the Internet, your local papers, and even solicit your friends to brainstorm a handful of ways in which you and your partner can rekindle the romance on the cheap. You might be surprised by how much you can do with so little.

Watch Money Moron Fridays at 9pm — and check Slice.ca on Mondays to find out how each couple is doing now!

Looking for more of Gail’s awesome advice? She answered viewers’ burning budget questions in these exclusive video clips.

On episode 9 of Money Moron, Gail Vaz-Oxlade stepped in to help Anthony and Tamara manage their financial situation. Watch Anthony and Tamara’s episode now!

We followed up with Anthony and Tamara to see how they fared after the episode wrapped.

Tamara: We’d like to thank Gail and everyone involved with Money Moron.  The life lessons we learned in this short time are invaluable.  We decided to pay down as much debt as possible.  We plan on putting all of our $7,000 reward toward our debt repayment. We have made payments toward our debt every month so far.  We plan to buy a house within the next six years, but are working hard to make it sooner.

I have made some major changes in my life! I actually left my job in Pickering and am now working on commission in Oshawa.  It happened so fast. I’m working with the hairstylist that I told Gail about.  I’m taking my career seriously and am now my own boss.

Anthony and I are doing extremely well with our relationship. We’re planning for our future together by talking about our goals and trying hard to work towards them.  Anthony is taking a course at his current job, which will help him potentially make more money.  We cook and pack our lunches for work together.  We plan ahead for pretty much everything now!

I learned a lot about money and I am much more careful about my spending habits now.  I don’t shop spontaneously anymore and anything I think I need, I budget for it.  I’m even tracking all of my spending in my spending journal.

We both work together on our financial planning.  We have monthly goals on saving for our home and paying off our debt.  When it comes time to pay our bills, any extra income we’ve made goes toward our debt.  We have paid off about one quarter of our debt so far by following our budget.  We plan on sticking to the budget and paying off as much of our debt as we can with any extra income.  I see our debt being cleared in two years!

Tamara and Anthony

Gail’s reminder: Fake It ‘Til You Make It

Whether it’s the cost of carrying a new home or a new child, the best way to plan for new expenses is to practise living as if you’ve already made the change.

Create a budget for how much more it will cost you per month to meet your new living expenses… and start living on that budget. Not only will this help you adjust to your new lifestyle, but all the money you’ve saved can also be put into a separate account to help you reach your new goal even faster.

Download: Monthly Budget Spreadsheet

Watch Money Moron Fridays at 9pm — and check Slice.ca on Mondays to find out how each couple is doing now!

Looking for more of Gail’s awesome advice? She answered viewers’ burning budget questions in these exclusive video clips.

On episode 10 of Money Moron, Gail Vaz-Oxlade stepped in to help Robert and Tammy manage their financial situation. Watch Robert and Tammy’s episode now!

We followed up with Robert and Tammy to see how they fared after the episode wrapped.

Robert and Tammy: Our relationship is going well and we have been working harder to make things work since our experience with Gail.  I still have the bees and am getting ready for a new season! I’m still grocery shopping, but have shifted to buying more “raw ingredients, rather than “peel and eat” products.  The most rewarding part about this is that we have been getting our kids involved with prepping meals as well.  We have noticed that they are more motivated to eat the meals that they contributed to making as well.

Our financial situation is heading in the right direction.  We have a proper savings account and making larger than minimum credit card payments to expedite the process in paying down our debt.  Bill payment is now a shared task so we can both see where the money goes.

None of this would have been possible without Gail’s advice and dose of reality.

Rob and Tammy

Gail’s reminder: Put Your Money Where Your Mouth Is

Making your meals is far better than buying them. But even with grocery shopping, it’s easy to overspend if you don’t have a proper plan.

Take note of how much you typically spend on groceries in a week. Now sit down with your partner and do some online recipe research together to build a week’s worth of meals that suits everyone’s tastes and maximizes your use of ingredients. The goal is to use up everything you buy by week’s end. Now compare your receipts. How much were you able to save?

Watch Money Moron Fridays at 9pm — and check Slice.ca on Mondays to find out how each couple is doing now!

Looking for more of Gail’s awesome advice? She answered viewers’ burning budget questions in these exclusive video clips.

It’s hard to get excited about the end of summer, but with premieres like these we can certainly get on board. Like usual, Slice’s fall lineup includes a combination of the shows you love and new series you won’t want to miss.

Find out when and what is coming to your TV screen in the next two weeks!

Money Moron Season 2: Premieres back-to-back Monday, August 26 at 8pm and 8:30pm ET

Financial guru, Gail Vaz-Oxlade, is back for a second season. Watch as she brings her tough love attitude to help rescue money-strapped families. Catch up on season one in the video centre today and be sure to check out the families’ recap blogs every Tuesday to see how they are handling their finances post Money Moron.

Ex-Wives of Rock: Premieres back-to-back Tuesday, August 27 at 8pm and 8:30pm ET

Get ready for another season with the fabulous Ex-Wives as they go on a tumultuous ride through their rock star lives. Season two picks up right where season one ended off, but this time around the ladies promise there’s going to be a lot more laughs than heartache. Follow along on Twitter all season long using #EWR2. Plus, watch our exclusive sit down with the ladies to hear more on their thoughts of season two and what they think of being called cougars!

Princesses: Long Island: Premieres Tuesday, August 27 at 9pm ET

27 and not married? Not a big deal — unless you’re these girls! Princesses: Long Island follows the lives of six college-educated young women who return home to pampered lifestyles while in search of Prince Charming.

Real Housewives of New Jersey: Premieres Tuesday, August 27 at 10pm ET

Season five has The Wives on a mission for redemption, scrambling to pick up the pieces of their fractured relationships. Will there finally be peace between the Gorgas and Guidices? Can Teresa and Jacqueline ever rekindle their friendship? Tune in and see what’s in store for Caroline, Kathy, Jacqueline, Melissa and Teresa on this explosive new season.

I’m Having Their Baby: Premieres back-to-back Wednesday, August 28 at 9pm and 10pm ET

The emotional documentary series is back for a second season, and just like season one it’s giving you an intimate look into the world of adoption by sharing the stories of the birth mothers and their experience making this life changing decision.

Extreme Collectors: Premieres back-to-back Monday, September 2 at 9pm and 9:30pm ET

Extreme Collectors showcases some of the great and unusual collections, meticulously cared for, in homes all across North America. Watch host and expert appraiser, Andrew Zeggers, as he goes on the road to explore North America in search of great collections to determine their worth.

Lost and Sold: Premieres back-to-back- Monday, September 2 at 10pm and 10:30pm ET

Go on a treasure hunt with the crew from Lost and Sold. This auction series is all about the thrill and surprise of finding value in lost and discarded items. A crate of sex toys or a bag dirty socks — who knows what you’ll find in this series!

My Big Fat Revenge: Premieres Wednesday, September 4 at 10pm ET

They say the best revenge is living well, and the girls on My Big Fat Revenge prove that’s just the case. Each week, after amazing body transformations, two formerly overweight girls revisit the people who disrespected them the most and stand up for not only themselves but for the fat girl in all of us.

Mob Wives: Premieres Saturday, September 7 at 9pm ET

There’s no escaping the mob. Season three finds fan favourites Renee, Karen, Drita, Carla, “Big Ang,” and Ramona struggling to maintain their hard-won independence – but the mob drama continues to pull them back in.

Real Housewives of Miami: Premieres Saturday, September 7 at 10pm ET

What’s not to love about Miami? Whether strolling down Lincoln Road or sipping mojitos on South Beach, these ladies prove why Miami is one of the sexiest and sultriest cities in the world. Catch all the drama and excitement of season three as two of the ladies officially become Wives.

Which premiere are you most looking forward to? Share your thoughts below or post them on your Facebook, Twitter and Google+ pages!

On the season two premiere of Money Moron, Gail Vaz-Oxlade stepped in to help Bryan realize that if he didn’t straighten up his act, he was on the brink of losing his wife and kids. Watch Bryan and Jennifer’s episode now!

Jennifer and Bryan: Family life is GREAT!! Bryan is no longer spending all his free time in the garage. We have been spending more time as a family going on walks, bike rides and even flying kites in the neighbourhood park. Our family time has literally moved from sitting on the couch watching TV to actually going places and doing physical things. The kids are so happy with all the new adventures we have been going on and doing together as a family.

Bryan wasn’t able to quit smoking for good. He has cut back and is no longer a pack a day smoker. I know cigarette addictions are really hard to overcome. I am proud that he is still working on it. Hopefully he will be able to quit for good in the near future. He has overcome a bigger addiction and has quit drinking. I am so proud of him for. By eliminating this expense we have saved about $500 per month. We are now using this “new found money” to save for a family vacation down south next year.

Before doing the show I was extremely stressed out and over whelmed with all the bills. I had no real plan of how to get out of debt and plan for the future. When I thought about going on a family vacation it was something that I thought we would never be able to save for. Since meeting Gail, Bryan and I have learned how to create a realistic budget that works for our family. We are now on track to being debt free in just over 2 years and have stated saving for a family vacation.

Money Moron was definitely an eye opening experience for Bryan. He went from having no idea about our finances to now being conscious about what he buys in order to save for the more important things for our family. We are working together financially as a team. This has lifted a huge weight off my shoulders and my stress has almost dissipated. I now have the energy and free time of my own. I have volunteered with my daughters Spark unit (Girl Guides of Canada) and have been busy planning and getting ready for the new season. I am having a lot of fun doing it and enjoying the quality time with my daughters.

Our daughters have been keeping busy with Gymnastics and Dance Class. They are super excited about our upcoming trip. We bought them each a “Family Trip Piggy Bank”. They are saving all their allowance and chore money for this special vacation. They no longer ask of candy or treats when we go out shopping, instead they ask if they could have the money for their banks. I am so happy that at their young age that they understand the value of a dollar.

Money Moron has changed our lives. We are all very grateful to have had the opportunity to meet Gail and learn the tools of financial happiness.

Jennifer and Bryan

Gail’s Reminder: The Value of Income Diversity
Is there a way that you and your partner could be earning more money? Whether you’re a small business owner, a contract worker, or even a salaried employee, additional revenue streams can serve as a great safety net in case of unexpected downturns in the job market.

Follow Bryan’s lead to generate more money by investigating potential new income streams, based on your existing skills and assets. Can you take on independent clients on the side? Do you have a hobby that you could use to turn a profit? Do you own any assets that you could lease or rent to customers? By setting up an extra source of income – even a small one – you’ll be protecting yourself that much more in the event that your main source of income takes a dip due to seasonal fluctuations, downsizing, or loss of work.

Watch Money Moron Mondays at 8pm — and check Slice.ca on Tuesdays to find out how each couple is doing now!

On episode 2 of Money Moron, Gail Vaz-Oxlade attempts to curb a couple’s reckless spending just in time for the birth of their first child. Watch Dan and Alison’s episode now!

We followed up with Dan And Alison to see how life changed after the episode wrapped.

Dan And Alison: Since the show ended, we welcomed a beautiful baby boy into our lives, Dexter Benjamin Howard. With Gail’s help, we’ve gotten our finances on track, and have a budget that we stick to. We keep our journals up to date, which makes it very easy to see where money is going each month. It’s a good feeling to see credit card balances on a steady decline, and know that if we stick to it, we’ll be able to reach our goal of owning our own house within 5 years.

Gail was strict. When she told me I needed to sell my car, I wasn’t super excited. But it needed to be done, and the lessons she gave us have helped get us on the right track. Since the show, we are able to talk about money without breaking down, we don’t hide spending, and we communicate much better. We are happy to be a family, and look forward to being debt free within 2 years.

Dan And Alison

Gail’s Reminder:You Can’t Have What You Can’t Pay For

To maintain financial stability over the long-term and to avoid slipping into further debt, it’s important to create a realistic savings plan for the things you want. Whether it’s a new car, a family vacation, or having another child, figure out how to pay for it in advance. If you can’t pay for it, you can’t get it.

Follow Dan and Alison’s lead and create a five-year budget to figure out how, when, and if you can pay for the things you want for the future. Start with the amount of disposable income left in your monthly budget after you’ve covered all expenses and multiply by 12 to get your disposable income for the year. Then research the cost of all the nice things you’d like to buy, from a home, to vacations, to education. The math is simple: if you don’t have enough disposable income to pay for something in year one, wait for year two, and so on.

Watch Money Moron Mondays at 8pm — and check Slice.ca on Tuesdays to find out how each couple is doing now!

On episode 3 of Money Moron, Gail Vaz-Oxlade tries to get to the root of Jessica’s debt secrecy in order to keep this young family together. Watch Jessica and Chris’s episode now!

We followed up with Jessica and Chris to see how life has changed after the episode wrapped.

Jessica and Chris: It was a very positive experience. We found Gail to be a truly genuine and knowledgeable resource. The time she took to help us figure out our budget and balance it was extremely appreciated. She is a force to be reckoned with but has a kind soul. She helped us beyond our financial trouble, which was exceeded our expectations. Our relationship now involves way more team work and collaboration. We have a clear vision of where we are going financially and are working together to get there. The film crew was great to work with. They helped us feel comfortable in a very uncomfortable situation. We certainly miss them invading our home.

- Jessica & Chris

Gail’s reminder: Own Up to Your Debt

Often when people get into debt they’re tempted to ignore the problem in the hope that if they don’t think about it, they won’t have to deal with it. But there’s no shame in getting into debt. The shame lies in refusing to do anything to get yourself out of it.

If you’re having difficulty getting out from under a large debt, start by creating a debt repayment plan using the attached worksheet. Use this to plot out a manageable regular payment scheme that prioritizes payment of your highest-interest debts first. Next, fess up to those in your life who are closest to you. By getting others on board, you’ll have allies who can help keep you on track with your payments, and remind you not to spend foolishly elsewhere.

Download: Debt Repay Worksheet

Watch Money Moron Mondays at 8pm — and check Slice.ca on Tuesdays to find out how each couple is doing now!

On episode 4 of Money Moron, Gail Vaz-Oxlade must convince a hoarder that the future of his relationship depends on him parting with his prized possessions. Watch Mike And Celeste’s episode now!

We followed up with Dan and Alison to see how life changed after the episode wrapped.

Dan and Alison: We had such a positive experience with Gail and the show. It was life-changing for us. Our finances have never been so organized and clear. We finally have a savings account with money in it, and an emergency savings account with money in it, too! We have started an RESP for Jaiden and continue to put money away for his future every month. Our marriage has strengthened and our priorities have shifted in a big way. We are so grateful for this experience, for Gail’s tough love and her support every step of the way. It was a hard couple of months during the filming, it was a lot of work and it was absolutely exhausting, but our lives are so much better for it.

We’ve kept up with the spending journals and it’s been great. We’ve developed such open communication about spending and nothing is hidden anymore. Mike has stopped discount shopping every day!

We made the decision to sell our house to simplify home life and enable us to pay off our debt more quickly so that we could use our money for what matters most to us, like investing in Jaiden’s future and pursuing our dreams as a family. We’ve been really busy getting the house ready to sell, and as hard as it is to move, our priorities have changed and we’re excited for the future.

We’re planning to use the money from the show to pay off our property taxes and highest-interest credit cards and once we sell our house we will be debt free! Moving forward we will be starting from scratch with all the wisdom and tools that we gained from this process. We are so thankful to Gail for her kindness, guidance and support.

- Celeste And Mike

Gail’s reminder: One Out, One In

It’s very easy to accumulate “stuff”… much harder to get rid of it once you’ve brought it home. But by adopting a strict policy of getting rid of one thing every time you bring a new thing home, you can easily stem the tide of accumulation.

Once this plan is in place, you can begin the work of clearing out what you’ve accumulated in the past. Follow Mike’s lead and round up all the stuff you no longer need or use and separate it out into piles for selling, donation, and tossing. You’ll quickly have a much cleaner home… and you can use the proceeds from any sales to upgrade your home, pay down your debt, or buy yourself a much deserved night out after all that cleaning.

Watch Money Moron Mondays at 8pm — and check Slice.ca on Tuesdays to find out how each couple is doing now!

On episode 6 of Money Moron, Gail Vaz-Oxlade attempts to save a relationship by restoring a couple’s financial balance. Watch Dan and Lisa’s episode now!

We followed up with Dan and Lisa to see how life changed after the episode wrapped.

Dan and Lisa: Money Moron has changed our lives immensely. To have been given the chance to learn from Gail was like winning the lottery. We had said from the beginning that if we didn’t receive a penny at the end, what we learned was worth more than any amount of cash.

I was so amazed to find out that Gail is exactly who you see on TV and just a tell-it-like-it-is (with no sugar coating!) kind of woman. The challenges she gave us pushed us to plan our future and realize that it is difficult but that it can be done. This was one of the hardest things we ever have done but sitting together and working through all of the difficult discussions has definitely made us a stronger couple.

Dan and I have been working hard and using the tools that we were given to keep our money in check. We have $2,000 in the bank and all of our bills are paid. We have made a few adjustments to the budget but now have a solid plan in place and will be paying off our credit card debt with the money we received from the show. We make a point of sitting down twice a month to go over the budget and it is great to work as a team towards a common goal.

I think the most amazing thing is that we aren’t worried about money anymore. This has changed our relationship and we are able to communicate about money and decide on purchases together. We have definitely been converted from money morons to money monsters…and love feeling like we have things under control.

- Lisa and Dan

Gail’s reminder: Love Doesn’t Have To Cost A Thing

Financial stresses can have a huge negative impact on the overall health of a relationship. So it’s important to find a way to make room for activities you enjoy doing together without breaking the bank.

Follow Dan and Lisa’s lead and examine what needs are met by participating in your favourite costly activities together. Is it getting outdoors? Spending time with family? Now scour the Internet, your local papers, and even solicit your friends to brainstorm a handful of ways in which you and your partner can fulfill these same needs on the cheap. You might be surprised by how much you can do with so little.

Watch Money Moron Mondays at 8pm — and check Slice.ca on Tuesdays to find out how each couple is doing now!

On episode 5 of Money Moron, Gail Vaz-Oxlade tries to teach one family the importance of saving for one’s retirement. Watch Valerie, Kyla and Conor’s episode now!

We followed up with Valerie, Kyla and Conor to see how their lives changed after the episode wrapped.

Valerie: The experience I had with the show was somewhat surprising for me. After just a few short weeks with Gail and her crew, I learned so much about myself. Her direct approach to helping me was an absolute eye opener and one that challenges a person on many levels.

There were times when it would have been very easy to walk away from the discipline of what Gail wanted but I knew it was something that had to be done to help turn around my mindset and my life. I am very much a strong advocate of Gail’s website and have directed many women in my age group there to see if they can take a portion of what Gail teaches and apply it to their financial future.

The entire team from the beginning to the end treated my children, my home and myself with such respect and humour. They are welcome in my home for a cup of tea anytime! (No presents at Christmas though!)

I feel very much now that I have a clear path as to what I have to do to have a balanced financial future and am continuing to take those steps. I also believe that my children (and myself) have come to accept that our lives will never be the same as they were six years ago and that we can embrace the future without fear.

- Valerie, Kyla & Conor

Gail’s reminder: Growing Old With Confidence
It’s never too late to start saving for retirement. While it’s certainly easier to save when you start early, the most important thing is that you build a solid financial plan that sets realistic goals that are achievable within your savings timeline.

Creating a sound retirement plan is relatively straightforward, if you ask yourself a few key questions. Follow Valerie’s lead and use the attached checklist to research the key information needed to build a detailed financial plan for your retirement. Only once you’ve established the parameters of your retirement goals, will you be able to calculate exactly how much money you’ll need to make them a reality.

Download: Retirement Plan Checklist

Watch Money Moron Mondays at 8pm — and check Slice.ca on Tuesdays to find out how each couple is doing now!

On episode 7 of Money Moron, Gail Vaz-Oxlade meets her most challenging couple yet. Watch Roy and Kristoffer’s episode now!

We followed up with Roy and Kristoffer to see how their lives changed after the episode wrapped.

While we did not appreciate Gail’s abrasive approach or her characterization of us, she did give us great guidance in having us record every penny of our personal finances. We had of course been doing that for our business, but since filming we have been recording our household spending on a daily basis and have found that analyzing the data is very useful.

We did not appreciate when Gail announced that 100 per cent of our corporation’s business expenses are “wants” instead of “needs”! Instead of suggesting ways to cut expenses and increase revenue, Gail proclaimed that in fact we have a “hobby,” not a business. In reality, we do have more than enough income without the business, but as Gail pointed out it would be nice to make a larger profit on what is Christopher’s life work. At the time of filming, in addition to producing and marketing a brand new show tour, then performing dozens of shows, as well as travelling to the UK and the US, we found we could not complete filming of our episode, especially with it being so tense on set.

We have created our own plan to get out of debt within four years. Don’t worry about us Gail, we’ll be fine!

- Kristoffer and Roy

Gail’s Reminder: Avoid Emotional Spending
Whether it’s purchasing items for a home business, an expensive hobby, or even your weekly grocery shop, it’s important to have a plan in place before making large, recurring expenses. Know how much you have to spend and weigh your options before you buy, in order to come to a decision based on facts, not feelings.

If, like Kristoffer, you have a small business that you’re trying to make work, or you’re just prone to overspending on household supplies, you cannot use your “wants” as an excuse to spend money you don’t already have (or have a solid plan to have). First ask yourself how much money is coming in now? How much can you expect in the future? How can you adjust what you spend your money on to make it balance within your means? Only then should you make the purchase. This rule is especially true of a small business, but applies equally to spending around the home: You can’t buy what you can’t pay for.

Watch Money Moron Mondays at 8pm — and check Slice.ca on Tuesdays to find out how each couple is doing now!

On episode 8 of Money Moron, Gail Vaz-Oxlade must convince a young woman to smarten up with her spending. Watch Matt, Alanna and Cathy’s episode now!

We followed up with Matt, Alanna And Cathy to see how their lives changed after the episode wrapped.

Doing this show has really been an experience full of ups and downs that’s for sure. Gail certainly didn’t hold back on what she said and it probably was the kick in the pants we needed to help get us on track with our financial goals. The challenges and tasks we needed to complete as a couple brought us closer together and be able to work as a team to accomplish things that we both deemed as a high priority in order to look forward to the future.

Since the show we have continued to follow our budget that we came up with and Alanna is looking forward to starting her new job in a couple weeks. We are also looking forward to getting to the zoo as a family to finish up the summer break before things get crazy again with back to school and work.

We totally see this opportunity as a huge gift from Gail and everybody involved in making this show happen. Of course there were times when frustration levels were through the roof and patience ran thin throughout the process but in the end it was all worth it and an experience that will be forever remembered. The icing on the cake was getting the full $10,000, which is going to expedite our debt repayment and make our goals a reality so much sooner.

- Matt, Alanna & Cathy

Gail’s Reminder: Stop The Shop
If you’re a person who really can’t seem to stop spending, maybe it’s time you took drastic action and put yourself on a strict no-shopping regimen.

If you’re an uncontrollable spender, consider following Alanna’s lead by surrendering all your spending power to your partner for one month. Give up all your cash, cards, and financial passwords so that you can’t cheat. Your partner is now the one who will handle all the household transactions, be it groceries, bill payments, or nights out. At the end of the month, assess the experience and reflect on how your spending habits might be affected going forward. By forcing yourself to cut out all spending, you might, like Alanna, surprise yourself with how little you miss it.

Watch Money Moron Mondays at 8pm — and check Slice.ca on Tuesdays to find out how each couple is doing now!