TORONTO, ONTARIO--(Marketwire - Nov 19, 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: Parents-to-be should consider their financial situation before the Big Day.
If you have a baby on the way, your mind may be more focused on spending rather than saving. BMO encourages parents-to-be to sit down with a financial professional to prepare themselves for their child''s arrival. This could start by adjusting budgets and lifestyle.
"Well ahead of your due date, set your budget to the lower amount of income you expect to have while you''re away from your job. This provides you a trial run of how far your money will go," said Marlena Pospiech, Senior Manager of Enterprise Wealth Planning, BMO Financial Group. "This will give you time to make adjustments if necessary. You can also save the difference until your parental leave begins, which can really increase your cash flow while you''re away from work."
"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 your future or to contact a financial planner visit www.bmo.com/becomingaparent 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.