Financial Literacy Month & Financial Planning Week-BMO's Tip

Financial Literacy Month & Financial Planning Week-BMO's Tip of the
Day: A Financial Plan that Includes an Emergency Fund Can Help You
Plan for Tomorrow and Avoid Debt 
- Set aside an emergency fund that is equal to three to six months of
your income 
TORONTO, ONTARIO -- (Marketwire) -- 11/24/12 -- To mark Financial
Literacy Month and Financial Planning Week (November 19th - 25th),
BMO Financial Group is releasing a series of financial tips. As part
of BMO's commitment to 'Making Money Make Sense', the tips are
designed to help individuals and families save and manage their
day-to-day finances more effectively. 
BMO's Tip of the Day: Creating a financial plan, which includes an
emergency fund, can help ensure you are prepared for tomorrow's
unforeseen expenses and avoid incurring high interest debt. 
Many Canadians budget and have a financial plan for their day-to-day
finances and savings goals. However, unexpected costs such as car
repairs, major purchases or going over your budget for the holidays
could leave you short on cash. BMO reminds Canadians to build an
emergency fund into their financial plans.  
"The general rule of thumb is to have an emergency fund set aside
that is equal to three to six months of your income to use for
unexpected expenses," said Marlena Pospiech, Senior Manager, BMO
Wealth Planning Group, BMO Financial Group. "Creating a budget and a
financial plan you can live with is key to ensuring you don't get in
over your head."  
Ms. Pospiech notes that, for those already in debt, it is easy to
feel discouraged. To help close the gap between achieving financial
freedom and debt, she encourages Canadians to begin the process of
identifying exactly how much comes in, how much needs to go out and
what expenses can be cut. 
"CFEE commends BMO's ongoing efforts to support Financial Literacy in
Canada and promote ways in which Canadians can increase their
competence and confidence when managing their personal finances on a
day-to-day basis," said Gary Rabbior, President, Canadian Foundation
for Economic Education (CFEE). 
To learn more about how financial planning can help you feel
confident about your future or to contact a financial planner visit or call 1-888-389-8030. 
BMO Financial Literacy Month Tips 
November 1: Maximizing TFSA investments annually over 20 years can
save nearly $30,000 in taxes. 
November 2: Utilize rewards to squeeze the most value out of every
dollar you spend this holiday season. 
November 3: Choose an investment advisor who is right for you and
will help you meet your financial goals. 
November 4: Use your RRSP to help make the down payment on your first
November 5: Space out payments to avoid cash-flow problems.  
November 6: Take advantage of the benefits of preferred shares. 
November 7: Consider investing in a Registered Retirement Savings
Plan (RRSP) and taking advantage of tax incentives when saving for
November 8: Take advantage of Canada's numerous online personal
finance resources. 
November 9: Before you head off on your winter vacation, be sure you
and your family are properly covered in the event of a medical
November 10: Understand what you can hold in your RRSP.  
November 11: Stick to the one-third rule when planning the purchase
of a home. 
November 12: Secure your retirement by opening a Registered
Retirement Savings Plan (RRSP) as early as possible and contribute to
it on a regular basis.  
November 13: As couples prepare for their wedding day, they should
have "The Financial Talk" to help the transition from "my money" to
"our money." 
November 14: Using a combination of a credit card, debit card and
cash will give you convenience, security and flexibility when you
travel or shop in the United States. 
November 15: Give the gift of securities and benefit from tax
November 16: To stay on track to reach your financial goals, keep a
well-diversified investment portfolio. 
November 17: Take advantage of spousal RRSPs. 
November 18: Take advantage of credit cards that offer affordable
emergency medical travel insurance. 
November 19: Parents-to-be should consider their financial situation
before the Big Day. 
November 20: Use the tax refund generated by your Registered
Retirement Savings Plan (RRSP) contribution to pay down your
November 21: Save for your child's education by investing monthly
Universal Child Care Benefit (UCCB) cheques in a Registered Education
Savings Plan (RESP). 
November 22: Save for your child's education by encouraging friends
and family to contribute to a Registered Education Savings Plan
(RESP) this holiday season.   
November 23: Bringing your lunch to work can help you save for
For more on financial literacy, Canadians can visit the Government of
Canada's Financial Literacy Month website, as well as BMO's Financial
Literacy online resource.  
About BMO Financial Group  
Established in 1817 as Bank of Montreal, BMO Financial Group is a
highly diversified North American financial services organization.
With total assets of $542 billion as at July 31, 2012, and more than
46,000 employees, BMO Financial Group provides a broad range of
retail banking, wealth management and investment banking products and
Media Contacts:
Rachael McKay, Toronto
(416) 867-3996 
Valerie Doucet, Montreal
(514) 877-8224 
Laurie Grant, Vancouver
(604) 665-7596 
Twitter: @BMOmedia
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