TORONTO, ONTARIO — (Marketwire) — 11/23/12 — 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: Bringing your lunch to work can help you save for retirement.
If you think buying your lunch every day doesn-t make a difference, here-s a little taste of what you-re missing. Grabbing a coffee on the way to work or eating out for lunch everyday can really add up. For instance, if you set aside the $10 you spend each day on buying lunch and/or coffee and allocate it to a Registered Retirement Savings Plan (RRSP) this could mean an extra $2,600 saved towards your retirement every year. Even if you brown bag it four days a week and treat yourself to a Friday lunch out, the amount would be $2,080 a year.
“A 40 year old who starts brown-bagging his/her lunch to work four days a week until age 65, at a six per cent rate of return, could have an extra $110,000 available for retirement,”(1) said Marlena Pospiech, Senior Manager, BMO Wealth Planning Group, BMO Financial Group.
“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.
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For more on financial literacy, Canadians can visit the Government of Canada-s website, as well as BMO-s 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.
(1)This assumes a savings of $2,080 a year for 25 years ($173 monthly) will amount to $110,000 at 6% return rate.
Contacts:
Media Contacts:
Rachael McKay, Toronto
(416) 867-3996
Valerie Doucet, Montreal
(514) 877-8224
Laurie Grant, Vancouver
(604) 665-7596
Internet:
Twitter: @BMOmedia