Financial Literacy Month-BMO's Tip of the Day: Pay Yourself

Financial Literacy Month-BMO's Tip of the Day: Pay Yourself First by
Putting 10 Per Cent of Your Income Into Savings 
TORONTO, ONTARIO -- (Marketwire) -- 11/30/12 -- 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
BMO's Tip of the Day: Pay yourself first by putting 10 per cent of
your income into savings.  
Whether saving for a short or long term goal, or building up an
emergency fund, aim to contribute 10 per cent of total gross income
into a high-interest savings account to boost your savings potential. 
"Canadians should be mindful of their spending and savings habits and
make use of high-interest savings vehicles to boost their savings
funds," said Christine Canning, Senior Manager Everyday Banking, BMO
Bank of Montreal. "Starting early, even with small, regular amounts,
can greatly contribute to your savings in the long run." 
For instance, based on an annual household income of $70,000,
transferring 10 per cent of each pay cheque into a higher interest
savings account could add up to total savings of $7,000 + interest
each year. 
Ms. Canning added that BMO offers the BMO Smart Saver Account, a
high-interest savings account that allows for unlimited deposits and
transfers into the account, one free self-serve debit transfer each
month via online, ABM or phone, and free access to BMO MoneyLogic -
an online personal financial management tool to help track everyday
"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
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
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
November 26: Savvy students know to pay off their credit card balance
in full each month and take advantage of rewards and discounts to
save money. 
November 27: Consider consolidating high-interest debt into a line of
credit to save on interest costs and become debt-free sooner. 
November 28: Small business owners should take advantage of
applicable year-end tax strategies to minimize 2012 tax costs. 
November 29: Create a budget to avoid overspending during the holiday
season and to ensure other financial priorities are kept on track. 
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:
Jessica Park, Toronto
(416) 867-3996 
Valerie Doucet, Montreal
(514) 877-8224 
Laurie Grant, Vancouver
(604) 665-7596 
Twitter: @BMOmedia
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