TORONTO, ONTARIO — (Marketwire) — 11/03/11 — BMO is releasing a series of financial tips throughout November to celebrate Financial Literacy Month in Canada. As part of Making Money Make Sense and BMO SmartSteps, 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: Get a head start and begin contributing to a child-s Registered Education Savings Plan (RESP) early on.
“Starting early and contributing small amounts to an RESP can go a long way in saving for a post-secondary education,” said Mark Stewart, Director, Product Development & Management, BMO Investments Inc. “While most children receive a few small cash gifts a year, these amounts, if invested in an RESP, will grow over time through compounding interest and the funds provided by the federal government-s Canada Education Savings Grant.”
BMO Financial Literacy Month Tips
November 1: Pay more than the minimum payment on a credit card balance.
November 2: Become mortgage-free faster by choosing a shorter amortization.
For more on financial literacy, BMO encourages Canadians to visit and http://www.bmo.com/home/about/banking/corporate-responsibility/customers/financial-literacy.
Contacts:
Amanda Robinson, Toronto
416-867-3996
Sarah Bensadoun, Montreal
514-877-1101
Laurie Grant, Vancouver
604-665-7596