TORONTO, ONTARIO — (Marketwire) — 11/17/11 — To mark Financial Literacy Month, which was launched by Finance Minister Jim Flaherty, BMO Bank of Montreal is releasing a series of financial tips throughout November. As part of Making Money Make Sense and BMO SmartSteps, BMO-s tips are designed to help individuals and families save and manage their day to day finances more effectively.
BMO-s Tip of the Day: Secure your retirement by starting to save early and taking advantage of compounding growth.
“While there-s no perfect formula for saving for retirement, it-s important to start planning early,” said Tina Di Vito, Head, BMO Retirement Institute and author of the recently released bestseller 52 Ways to Wreck Your Retirement… and How to Rescue It. “There-s a common misconception that developing a financial plan, that includes how you-ll be able to achieve your ideal retirement lifestyle, requires a lot of money and extensive financial knowledge, but this is certainly not the case. It-s all about taking small steps well before retirement and speaking with a financial advisor to ensure you-re on the right track.”
BMO Financial Literacy Month Tips
: Pay more than the minimum payment on a credit card balance.
: Choose a shorter amortization for your mortgage.
: Contribute to a child-s Registered Education Savings Plan (RESP) as early as possible.
: Invest in a Tax-Free Savings Account (TFSA) to maximize your savings.
: Switch to weekly mortgage payments to save interest and become debt-free faster.
: Take advantage of credit card travel insurance to lower costs.
: Start early and contribute often to your investment account, rather than waiting to invest.
: Use a line of credit to consolidate high-interest debt and save on interest costs.
: Canadians can give the gift of securities and benefit at tax time.
Students, pay off your credit card balances and take advantage of student discounts to save money.
Pay an extra five per cent on your mortgage every year to reduce interest costs.
For more on financial literacy, BMO encourages Canadians to visit and .
Contacts:
Amanda Robinson, Toronto
(416) 867-4995
Sarah Bensadoun, Montreal
(514) 877-1101
Laurie Grant, Vancouver
(604) 665-7596