Dean McDermott has shot down a recent report he and wife Tori Spelling are so broke he can't afford a vasectomy to stop their five children from potentially becoming six.

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"Could we afford a vasectomy? Probably," McDermott, 46, told Us Weekly late last week, recalling recent months. "Was it a tougher time for us financially? Yea. For sure. That's just the truth of it -- it's the nature of this business."

Spelling admitted to People in its November 4 issue her family is struggling financially to the point where McDermott couldn't even afford a vasectomy procedure. While Spelling insisted they don't have the money to live a rich life anymore and must budget to cut down on excessive spending, McDermott is actually claiming things are currently "going well" for his family financially.

"I have several exciting projects in the works. Our show Dean and Tori's Backyard Bash just re-aired to great ratings, I'll be the new host of Chopped Canada and I have my first cookbook coming out -- The Gourmet Dad, in the spring. Tori's book [Spelling It Like It Is] just launched this week and things are good," McDermott told the magazine.

"Sometimes things are awesome, sometimes they're just not. But it's about how we tackle things as a couple, as a family. And we do a pretty good job of that. Right now we have so many cool things going on -- we're in an uptick."

Spelling was born into wealth as the daughter of Aaron Spelling, a famous Hollywood producer. In her career, she's starred in Oxygen's Tori & Dean: Inn Love and Tori & Dean: Home Sweet Hollywood, designed a jewelry line, and hosted Tori & Dean: sTORIbook Weddings for the network. Her memoir Spelling It Like It Is also just hit shelves on October 22.

Spelling, 40, and McDermott have five children in the family: Liam, 6, Stella, 5, Hattie, 2, Finn 14 months, and McDermott's son Jack, 15, from a previous marriage.

It's been about one year since Tori & Dean: Home Sweet Hollywood was canceled by Oxygen due to low ratings, but the couple is apparently also looking forward to their new show on HGTV, Tori & Dean: Cabin Fever, which will premiere in Spring 2014.

Spelling and McDermott wed in 2006 and welcomed their first child together in March 2007.
About The Author: Elizabeth Kwiatkowski
Elizabeth Kwiatkowski is Associate Editor of Reality TV World and has been covering the reality TV genre for more than a decade.