BMO Bank of Montreal

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: Say "I do" to keeping the costs of your wedding under control.

"Your wedding day is a big day, but it's just one more day for your finances," said Marlena Pospiech, Senior Manager, BMO Wealth Planning Group, BMO Financial Group. "Savvy brides and grooms should work together to establish a realistic budget and identify ways they can minimize costs that will benefit them both in the short and long term."

BMO encourages couples to find ways to have a big bash without breaking the bank. Tips include:

--  Avoid the Saturday Premium: Choose to host your wedding on a day other
    than Saturday. Having the ceremony on a Friday night or Sunday means
    your guests can still partake in the weekend's festivities without
    having to pay a premium for a Saturday ceremony. 
--  Forgo a Sit-Down Dinner: Opt for a more casual brunch or lunchtime
    affair, or a cocktail party with hors d'oeuvres. This can add up to big
    savings as a sit-down dinner can cost upwards to $100 per person. 
--  Be Your Own DJ: Instead of hiring an expensive DJ, be your own DJ and
    create a unique and sentimental playlist that reflects the bride and
    groom and their relationship. 
--  Gown and Tuxedo Rentals: For a bride who is not planning on boxing
    and/or saving her dress, renting a wedding dress is a common and
    inexpensive option. The groom and groomsmen can also opt to rent their
    tuxes, which can result in significant savings for the couple.

"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/gettingmarried or call 1-888-389-8030.

BMO Financial Literacy Month Tips

November 1: Maximizing TFSA investments annually over 20 years can save nearly $30,000 in taxes.

November 2: Utilize rewards to squeeze the most value out of every dollar you spend this holiday season.

November 3: Choose an investment advisor who is right for you and will help you meet your financial goals.

November 4: Use your RRSP to help make the down payment on your first home.

November 5: Space out payments to avoid cash-flow problems.

November 6: Take advantage of the benefits of preferred shares.

November 7: Consider investing in a Registered Retirement Savings Plan (RRSP) and taking advantage of tax incentives when saving for retirement.

November 8: Take advantage of Canada's numerous online personal finance resources.

November 9: Before you head off on your winter vacation, be sure you and your family are properly covered in the event of a medical emergency.

November 10: Understand what you can hold in your RRSP.

November 11: Stick to the one-third rule when planning the purchase of a home.

November 12: Secure your retirement by opening a Registered Retirement Savings Plan (RRSP) as early as possible and contribute to it on a regular basis.

November 13: As couples prepare for their wedding day, they should have "The Financial Talk" to help the transition from "my money" to "our money."

November 14: Using a combination of a credit card, debit card and cash will give you convenience, security and flexibility when you travel or shop in the United States.

November 15: Give the gift of securities and benefit from tax savings.

November 16: To stay on track to reach your financial goals, keep a well-diversified investment portfolio.

November 17: Take advantage of spousal RRSPs.

November 18: Take advantage of credit cards that offer affordable emergency medical travel insurance.

November 19: Parents-to-be should consider their financial situation before the Big Day.

November 20: Use the tax refund generated by your Registered Retirement Savings Plan (RRSP) contribution to pay down your mortgage.

November 21: Save for your child's education by investing monthly Universal Child Care Benefit (UCCB) cheques in a Registered Education Savings Plan (RESP).

November 22: Save for your child's education by encouraging friends and family to contribute to a Registered Education Savings Plan (RESP) this holiday season.

November 23: Bringing your lunch to work can help you save for retirement.

November 24: Creating a financial plan, which includes an emergency fund, can help you plan for tomorrow's unforeseen expenses and avoid incurring high interest debt.

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.

Contacts: Media Contacts: Rachael McKay, Toronto (416) 867-3996rachael.mckay@bmo.com Valerie Doucet, Montreal (514) 877-8224valerie.doucet@bmo.com Laurie Grant, Vancouver (604) 665-7596laurie.grant@bmo.com Internet: www.bmo.com Twitter: @BMOmedia