Everywoman's Money Book

Barbara Jones McLellan specialized in economics and ethics in Vancouver.

This is the second edition of a book about the financial concerns of women who find themselves in a position in which they are required to do their own financial management. As the title, Everywoman’s, suggests, it attempts to cover all situations from what is taken to be a woman’s point of view, that is, the authors are mainly concerned with establishing financial security. They write from their own life experiences (divorced, widowed, parents) in a folksy style which aims to set the novice at ease. They also are at their most sympathetic when addressing the needs of women who, due to low income or debt, often unexpected, do not have enough money to make ends meet. The style of the book is a bit clichéd, especially regarding the necessity of money to personal power. These comments appear most often in the case of the financial concerns of low-income women and are thus understandable.

The book is at its most practical with the basics. It explains how to assess one’s current financial position, how to make a budget to match it, how to face and tackle the problem of being in debt, how to establish a credit rating, how to keep records for and prepare one’s own income tax return, and how to teach money management to one’s children. Wylie and MacFarlane also address the concerns of those who are financially more well off and able to prepare for the future. They explain different types of bank accounts and savings instruments, and the who, how, and why of making wills, investing in real estate, and borrowing. Their descriptions include the typical problems into which the consumer may run and how to address them. The authors also discuss the assessment of investment needs, willingness to take risk, and expectations from market investments from this same novice point of view. The appendices provide a description of estate laws regarding the division of assets for each province and a glossary of financial terms.