It's Your Money: Author Q&A
By Diana Cawfield • Bankrate.com

Following in the close publishing footsteps of "Never Too Late", Gail Vaz-Oxlade has returned with a re-launch of "It's Your Money: Becoming a Woman of Independent Means," published by HarperCollins.

The well-known author and host of the television show "Til Debt Do Us Part" candidly shares her personal experiences and insights from going through divorces, raising children on her own, loss of income and myriad other challenges that can shake a woman's emotional and financial world.

Written in Vaz-Oxlade's frank, no-nonsense, yet compassionate voice, the practical and inspiring guide shows women how to achieve financial security and independence.

Divided into four parts with handy tips and tools, the topics include: Understanding your money personality, building a financial foundation, adapting to life's changes and "Just in Case" scenarios. The book also addresses the financial needs of women of all ages and stages in life.

We spoke to Vaz-Oxlade about her new book and this is what she had to say:

Q: Why a book that is just geared towards women and finances?
A: There are a few areas where women and men diverge drastically. One, for example, is the fact that men die, but women get sick. Women live longer than men do, so they have to make their retirement assets last longer, but they have a higher incident of disability. So they really should be buying disability insurance right off the bat as soon as they go to work so that they qualify.

Q: Why do you kick-start the book with tips to identify your money personality?
A: One of the things that I try to address in this book is this whole idea of your money "set point". A lot of people don't understand how your money set point can affect your ability to save. For example, it you have a money set point of $500, $1,000, $4,000, or whatever, once you hit that set point in an account you feel it's okay to spend the money. So you never get to build an emergency fund because you never have enough saved.

And what I say to people is put your money into different accounts, so you actually never hit your money set point. Having multiple accounts is like having multiple jars; it's like having a [money] box for every occasion, so it's there when you want it.

Q: No matter what circumstances a women is in financially, you stress the importance of saving and building an emergency fund.
A: Absolutely, because it doesn't matter how little it is, the fact that once you get started, you want to put momentum on your side and create the habit of saving. So whether you boost it because you've gotten a raise and put 25 per cent of it towards your savings, or you boost it because you're a smart shopper, you will find ways and eventually you'll get addicted to saving.

I think that the whole idea of having an emergency fund is really important and it does bear repeating. When you have money in the bank, you have options and the sense of relief and freedom that comes from knowing that you have some money to work with.

Q: What would you say is a common financial mistake among women?
A: Well, this is common to men and women -- this whole idea that I don't have to track what I'm spending, that I should just make a budget. Your budget will never work if you're not tracking where your money is going. How do you know whether you're coming in on budget or not if you're not reporting back to your budget? So it is a huge mistake that people are making.

I think probably the other big mistake, and women do this particularly, is this throw your hand to your forehead and say, 'Oh, I just don't have a head for money', or 'I can't do numbers.' To which I reply, 'If you can shop, you can do numbers.' You're choosing not to do it, so let's call a spade a spade. You don't want to do it; it's not that you can't.

Q: Is there anything else that you'd like to stress to readers?
A: Perhaps the single message that I want to get through to women is that you need to figure out how to be able to stand on your own two feet financially. If you're in a partnership, that's great, but you still need to have an independent identity; you need to have your financial identify for credit, in terms of insurance, and in terms of things like your will and your powers of attorney. You cannot just assume because you're in a partnership that you have a disability plan in place. Your partner is not your disability plan. Women need to recognize that they have a responsibility to be independently capable of taking care of themselves.

Diana Cawfield, an award-winning freelance writer, recommends that every woman read this book. Had she read it when it first came out in 1999, she feels she'd have a lot more money in the bank, and a lot more financial wisdom.