TORONTO, ONTARIO--(Marketwire - Aug. 10, 2012) - 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 bmo.com/moneylogic.
BMO MoneyLogic 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 BMO by Appointment, BMO SmartSteps, BMO SmartSteps for Parents, BMO SmartSteps for Business and BMO SmartSteps for Homeowners.
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.