BMO Bank of Montreal
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BMO Bank of Montreal

May 02, 2011 16:18 ET

Tweeters Say It's Fashionable to Be Frugal!

Notable submissions to BMO 'Smart Savings' contest confirms fashion and finance go hand in hand.

- For two weeks in April, frugal fashionistas tweeted their smart saving tips for a chance to win $500 from BMO MasterCard and a $500 gift card to shop at Pink Tartan's, Seventy Seven, store in Toronto's Yorkville

- The winning tweet was announced on April 29

TORONTO, ONTARIO--(Marketwire - May 2, 2011) - Having an eye for smart style and frugal savings made Ramandeep Moondi's tweeted advice, winning advice. On April 29, BMO Bank of Montreal announced that Ms Moondi is the winner of the BMO MasterCard and Pink Tartan contest, which asked the public to tweet their smart saving and spending tips for a chance to win $1,000 towards a spring wardrobe shopping spree.

Ms Moondi receives $500 from BMO MasterCard and a $500 gift card for Pink Tartan's flagship store, Seventy Seven, in Toronto's Yorkville.

"Ramandeep Moondi's tweet blends her enthusiasm for quality fashion with sensible budgeting and money management," says Pink Tartan President and Head Designer Kimberley Newport-Mimran. "You can definitely have both."

  • Ms Moondi's winning tweet was: How do I save for big ticket fashion? Homemade peanut-butter sandwiches v. fancy lunches; only 6 cents/unit! :-)

BMO financial expert Tina Di Vito co-judged the contest with Newport-Mimran. "This was the first time we'd run a contest exclusively through social media and it generated lots of good advice and interaction from enthusiastic tweeters," said Ms Di Vito. "Twitter provides a great channel for encouraging a creative exchange and we really enjoyed seeing tweeters feed off others in submitting a wide range of tips and advice. Some focused on easy ways to economize, others on using automatic savings or investing plans, and some even had health and environmental benefits -- all compacted into 140 characters or less!"

A few honourable mentions include:

  • Pay on time and take advantage of cash back programs on your credit card, never spend money you don't already have.
  • Set up an automatic rrsp deduction from paycheque, save it before you can spend it.
  • Smart saving tip: Get there by bike! The money you save in transit and cab fare can add up to over $200/mo. Plus it's fun!

"At BMO, we know that even small steps towards reducing fees, interest rates and taxes, can help our customers succeed in reaching their financial goals," said Ms Di Vito. "We call these SmartSteps and have outlined them for personal banking, business, parents, students and investing. They're all available on www.bmo.com."

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