Financial Literacy Month-BMO's Tip of the Day: Savvy Students

Financial Literacy Month-BMO's Tip of the Day: Savvy Students Pay Off
Their Credit Card Balances and Use Rewards and Discounts to Save
Money 
TORONTO, ONTARIO -- (Marketwire) -- 11/26/12 -- To mark Financial
Literacy Month, BMO Bank of Montreal is releasing a series of
financial tips throughout November. 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: Savvy students know to pay off their credit
card balance in full each month and take advantage of rewards and
discounts to save money.  
"When used responsibly, credit cards are a convenient and secure
payment method that can save students time and money. According to
BMO's 2012 Student Survey, the majority of students are aware of this
and get top grades when it comes to managing their credit card," said
Nick Mastromarco, Director, BMO Bank of Montreal. "Most students pay
off their balances every month, track their spending, collect rewards
and take advantage of the student discounts associated with their
card." 
The no-fee BMO SPC MasterCard provides student cardholders with
discounts of 10 per cent to 15 per cent at hundreds of fashion, food,
entertainment and lifestyle retailers across Canada. It also provides
a choice of CashBack or AIR MILES reward miles. A student who uses a
BMO SPC Credit Card to make purchases of $200 a month at
participating retailers could earn rewards and discounts worth up to
$381 per year. 
"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). 
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
home.  
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
retirement. 
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
emergency. 
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
savings. 
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
mortgage.  
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
retirement. 
November 24: Creating a financial plan, which includes an emergency
fund, can help you plan for tomorrow's unforeseen expenses and avoid
incurring high interest debt. 
November 25: Say "I do" to keeping the costs of your wedding under
control.  
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
solutions.
Contacts:
Media contacts:
Jessica Park, Toronto
(416) 867-3996
jessica1.park@bmo.com 
Valerie Doucet, Montreal
(514) 877-8224
valerie.doucet@bmo.com 
Laurie Grant, Vancouver
(604) 665-7596
laurie.grant@bmo.com 
Internet: www.bmo.com
Twitter: @BMOmedia
 
 
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