From the Wires
Financial Literacy Month & Financial Planning Week-BMO's Tip of the Day: Say "I Do" To Managing the Costs of Your Wedding
By: Marketwired .
Nov. 25, 2012 09:19 AM
TORONTO, ONTARIO -- (Marketwire) -- 11/25/12 -- 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: 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 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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