TORONTO, ONTARIO — (Marketwire) — 08/10/12 — As Canadians head out to cottage country in the second half of the summer, BMO offers a few tips to help prepare for unanticipated costs.
“In today-s economic environment, Canadians should continually be looking for ways to cut down on expenses, especially during the busy summer months, which can lead to over-spending,” said Lily Capriotti, Vice President, BMO Bank of Montreal. “Whether planning a -staycation- or heading to cottage country, it-s important to plan a budget ahead of time – and stick to it – to avoid unwelcome surprises on the household balance sheet.”
Ms. Capriotti added that one way to set a budget is by using BMO MoneyLogic, a free, online resource which allows you to create a budget according to customized saving and spending goals, and track your daily expenses.
Plan ahead and budget: Some summer activities, such as golf, can carry significant extra costs including greens fees and rentals. A little planning with fellow guests can go a long way to help everyone avoid over-spending on last-minute items.
Just split it: To avoid money mix-ups and to maximize savings, talk to other guests beforehand about what meals you-ll be preparing together, and split the bill for groceries accordingly – the same goes for carpooling and fuel costs.
Boat gas: Weekends on the water can be expensive. Discuss splitting boat gas and factor your share into your weekend budget.
Bring cash: Come prepared for the weekend with some cash in hand. Avoid extra ATM fees and be prepared for stores that don-t use debit or credit for purchases.
For more information about BMO MoneyLogic, please visit .
is part of BMO-s ongoing commitment to -Making Money Make Sense-. Since 2009, BMO has introduced various tools to help Canadians effectively manage of their personal finances, including , , , and .
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 $525 billion as at April 30, 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.
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