TORONTO, ONTARIO — (Marketwire) — 11/08/11 — 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: Take advantage of credit card travel insurance features to save hundreds of dollars on travel to some of the most popular holiday destinations.
“A BMO survey shows 61 per cent of Canadians plan to travel this fall or winter. Travellers should make sure to lower their travel costs by using travel insurance options available on their credit card,” says Rebecca Tascona, Director, Credit Card Products, BMO Bank of Montreal. “Some age restrictions may apply, and if your card doesn-t already include travel insurance benefits, check to see if your credit card issuer provides an option to add them.”
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.
November 3: Get a head start by contributing to a child-s Registered Education Savings Plan (RESP) early on.
November 4: Invest in a Tax-Free Savings Account (TFSA) to grow your savings faster by reducing the taxes you pay.
November 7: Switch from monthly to weekly mortgage payments to become mortgage-free faster and save on interest costs.
For more on financial literacy, BMO encourages Canadians to visit and http://www.bmo.com/home/about/banking/corporate-responsibility/customers/financial-literacy.
Contacts:
Carol Greene, Toronto
416-867-3996
Sarah Bensadoun, Montreal
514-877-1101
Laurie Grant, Vancouver
604-665-7596