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Financial Literacy Month & Financial Planning Week-BMO's Tip of the Day: Save For Retirement by Brown-Bagging It
- Saving $10 a day by bringing your lunch to work could save you $2,600 every year - Twenty-five years of brown-bagging your lunch for four days a week could save you $110,000 towards retirement
TORONTO, ONTARIO--(Marketwire - Nov 23, 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: Bringing your lunch to work can help you save for retirement.
If you think buying your lunch every day doesn''t make a difference, here''s a little taste of what you''re missing. Grabbing a coffee on the way to work or eating out for lunch everyday can really add up. For instance, if you set aside the $10 you spend each day on buying lunch and/or coffee and allocate it to a Registered Retirement Savings Plan (RRSP) this could mean an extra $2,600 saved towards your retirement every year. Even if you brown bag it four days a week and treat yourself to a Friday lunch out, the amount would be $2,080 a year.
"A 40 year old who starts brown-bagging his/her lunch to work four days a week until age 65, at a six per cent rate of return, could have an extra $110,000 available for retirement,"1 said Marlena Pospiech, Senior Manager, BMO Wealth Planning Group, BMO Financial Group.
"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 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 8: Take advantage of Canada''s numerous online personal finance resources.
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 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.
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.
1This assumes a savings of $2,080 a year for 25 years ($173 monthly) will amount to $110,000 at 6% return rate.
