TORONTO, ONTARIO--(Marketwire - Nov. 2, 2012) - To mark Financial Literacy Month, BMO Financial Group is releasing a series of financial tips throughout November. 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: Utilize rewards to squeeze the most value out of every dollar you spend this holiday season.
According to a recent BMO survey, many Canadians may have blinders on with their spending. The survey found that only one-third (34 per cent) of Canadians set budgets often for essential spending.
With the holiday season just around the corner, it's important for Canadians to pay close attention to their holiday budget to ensure they stay on track financially and avoid over-spending. One way to maximize the return on holiday spending is to take advantage of rewards programs.
BMO recently introduced the BMO AIR MILES® bank account - a new chequing account that allows customers to earn AIR MILES reward miles using their debit card.
"Canadians should be mindful of staying on track financially this holiday season and look for ways to squeeze more out of every dollar they spend to avoid over-spending and save money," said David Heatherly, Vice President, BMO Bank of Montreal. "The BMO AIR MILES bank account and other reward programs allow customers to enhance the value they are getting from their debit card by accelerating the rate of earning reward miles and ultimately spending smarter."
Mr. Heatherly added that customers who open a new BMO AIR MILES bank account before November 30, 2012 will receive 1,500 bonus AIR MILES reward miles.
"One of the most important things a person can do is to track their spending. It's difficult to budget, plan, and take control of your money and spending if you don't know where your money is going. People work hard for their money. They should get the most out of it – and know that it is being used in the ways they would want," said Gary Rabbior, President of CFEE.
The Canadian Foundation for Economic Education works to promote and assist the enhanced economic capability of Canadians. To learn more, visit www.CFEE.org.
BMO Financial Literacy Month Tips
November 1: Maximizing TFSA investments annually over 20 years can save nearly $30,000 in taxes.
For more on financial literacy, Canadians can visit the Government of Canada's Financial Literacy Month website, as well as BMO's Financial Literacy online resource.
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 $542 billion as at July 31, 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.