TORONTO, ONTARIO--(Marketwired - June 24, 2013) - As part of BMO Financial Group's ongoing commitment to financial literacy and 'Making Money Make Sense', BMO is releasing a financial tip every day in the summer to help Canadians make the 'BMOst of summer' in 2013.
BMOst of Summer Financial Tip of the Day: Maintain a summer camp fund for your kids year-round to manage costs.
Summer camp is a great way for kids to stay active, develop new skills, improve their confidence and make new friends, during their break from school. However, with some programs costing upwards of $1,000 per week, sending a child to camp can be a major household expense.
"Going to camp provides a valuable opportunity for kids to make the most of their summer vacation, but it can also demand a significant financial investment from parents," said Su McVey, Vice President, BMO Bank of Montreal. "With sound financial planning, summer camp costs can be manageable over the long term."
Ms. McVey recommended that parents create a camp savings plan and maintain it year-round, or even years before the kids are eligible to attend. In addition, an automatic savings plan can help make saving easy, as funds are automatically transferred into a savings account.
"This summer, Canadians can earn up to $200 in cash by opening a BMO chequing and savings account - which can help kick-start their child's summer camp fund," added Ms. McVey.
BMO offers a number of products and services that can help Canadians get more out of every dollar they spend this summer. For more details on how to make the 'BMOst of Summer,' drop by a BMO branch or visit bmo.com.
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 $555 billion as at April 30, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.