TORONTO, ONTARIO--(Marketwire - Nov 21, 2012) - To mark Financial Literacy Month and Financial Planning Week (November 19th - 25th), BMO Financial Group is releasing a series of financial tips. As part of BMO''s commitment to ''Making Money Make Sense'', 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: Save for your child''s education by investing monthly Universal Child Care Benefit (UCCB) cheques in a Registered Education Savings Plan (RESP).
"The costs associated with a post-secondary education can be daunting; however, getting a head start by opening an RESP and contributing to it regularly will help offset those costs by the time your children are ready to start their post-secondary education," said Marlena Pospiech, Senior Manager of Enterprise Wealth Planning, BMO Financial Group. "To ensure you''re making regular contributions, consider earmarking your monthly UCCB cheque to your child''s RESP."
The UCCB program helps support Canadian families by providing direct financial assistance to help supplement the cost of raising a child. Each child under the age of six receives $100 per month.
If a child''s UCCB cheques are rolled into an RESP until the age of six, there could be as much as $20,000 available for his or her education by the age of 18, once compound interest and government grants are factored in.
"CFEE commends BMO''s ongoing efforts to support Financial Literacy in Canada and promote ways in which Canadians can increase their competence and confidence when managing their personal finances on a day-to-day basis," said Gary Rabbior, President, Canadian Foundation for Economic Education (CFEE).
To learn more about how financial planning can help you feel confident about saving for your future or to contact a financial planner visit www.bmo.com/educationplanning or call 1-888-389-8030.
BMO Financial Literacy Month Tips
November 5: Space out payments to avoid cash-flow problems.
November 10: Understand what you can hold in your RRSP.
November 17: Take advantage of spousal RRSPs.
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.