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Financial Literacy Month & Financial Planning Week-BMO's Tip of the Day: A Financial Plan that Includes an Emergency Fund Can Help You Plan for Tomorrow and Avoid Debt
- Set aside an emergency fund that is equal to three to six months of your income
By: Marketwired .
Nov. 24, 2012 08:00 AM
TORONTO, ONTARIO -- (Marketwire) -- 11/24/12 -- 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: Creating a financial plan, which includes an emergency fund, can help ensure you are prepared for tomorrow's unforeseen expenses and avoid incurring high interest debt.
Many Canadians budget and have a financial plan for their day-to-day finances and savings goals. However, unexpected costs such as car repairs, major purchases or going over your budget for the holidays could leave you short on cash. BMO reminds Canadians to build an emergency fund into their financial plans.
"The general rule of thumb is to have an emergency fund set aside that is equal to three to six months of your income to use for unexpected expenses," said Marlena Pospiech, Senior Manager, BMO Wealth Planning Group, BMO Financial Group. "Creating a budget and a financial plan you can live with is key to ensuring you don't get in over your head."
Ms. Pospiech notes that, for those already in debt, it is easy to feel discouraged. To help close the gap between achieving financial freedom and debt, she encourages Canadians to begin the process of identifying exactly how much comes in, how much needs to go out and what expenses can be cut.
"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/savingandinvesting 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.
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