by Pat Foran

Boy oh boy, can we all use help in this regard these days. Not only are we in an economic crisis, but money-related stress is now considered the biggest factor in relationship stress as well. Luckily, Pat Foran (who is most recognizable as the Consumer Reporter on the CTV network) has just released the updated edition of his money-management guide. Incorporating many items seen in his Consumer Alert segments on Canada AM, this second edition of his book is just as thorough as his first, and provides tips and advice on what to do and not do to reduce debt, save for the long-haul and just manage your day-to-day finances. Foran provides not just the basics with handy budget sheets, but also goes into the questions of automobile leasing or buying, gives an extensive chapter on all-things mortgage-related, explains why making a will can save you money, and even clarifies whether or not to say “I do” to a prenuptial agreement. It is so up-to-date that there is even a section on the new tax-free savings accounts that most banks are touting these days. He is particularly helpful in explaining the benefits of RRSP’s and RESP’s (but not so much on mutual funds), the chapters are short and very straightforward (the one on day-trading is three paragraphs long), and it is easy to skip over the parts that do not apply to you (yet) and not get lost. There are great tips for people living in Ontario (i.e. why you should stop renting your hot-water heater), and he reveals other little-known secrets of saving; like the virtually unknown law around those automatic scanners at grocery stores that could save you a small wad of cash if you are diligent when you shop (expect longer lines once more people latch onto it!) This is an extremely helpful guide that will help take the stress out of your money management and perhaps allow you to sleep more easily at night. Click here to reserve your copy in our on-line catalogue.