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: Say "I do" to keeping the costs of your
wedding under control.
"Your wedding day is a big day, but it's just one more day for
your finances," said Marlena Pospiech, Senior Manager, BMO Wealth
Planning Group, BMO Financial Group. "Savvy brides and grooms
should work together to establish a realistic budget and identify
ways they can minimize costs that will benefit them both in the
short and long term."
BMO encourages couples to find ways to have a big bash without
breaking the bank. Tips include:
-- Avoid the Saturday Premium: Choose to host your wedding on a day other
than Saturday. Having the ceremony on a Friday night or Sunday means
your guests can still partake in the weekend's festivities without
having to pay a premium for a Saturday ceremony.
-- Forgo a Sit-Down Dinner: Opt for a more casual brunch or lunchtime
affair, or a cocktail party with hors d'oeuvres. This can add up to big
savings as a sit-down dinner can cost upwards to $100 per person.
-- Be Your Own DJ: Instead of hiring an expensive DJ, be your own DJ and
create a unique and sentimental playlist that reflects the bride and
groom and their relationship.
-- Gown and Tuxedo Rentals: For a bride who is not planning on boxing
and/or saving her dress, renting a wedding dress is a common and
inexpensive option. The groom and groomsmen can also opt to rent their
tuxes, which can result in significant savings for the couple.
"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 www.bmo.com/gettingmarried 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 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.
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: Rachael McKay, Toronto (416)
867-3996rachael.mckay@bmo.com Valerie Doucet, Montreal (514)
877-8224valerie.doucet@bmo.com Laurie Grant, Vancouver (604)
665-7596laurie.grant@bmo.com Internet: www.bmo.com Twitter:
@BMOmedia
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