CHICAGO, IL -- (Marketwired) -- 06/20/13 -- As part of BMO Harris Bank's ongoing commitment to financial literacy and Making Money Make Sense, BMO Harris is providing weekly financial tips. This week's tips offer ways that may save you financial stress.
Independence Day is the quintessential American holiday. Across the country, people will be celebrating with picnics, barbecues, and of course, fireworks. But few will be thinking about ways they can prepare for their future and avoid the financial fireworks that can wreak havoc on a pocketbook.
To get you started on the path to success, BMO Harris Bank offers some advice.
•Regularly monitor banking account activity. This will ensure you have a good understanding of where your money goes, how much you have in various accounts, and will also offer the opportunity to spot fraudulent activity. •Pay bills on time. Not paying bills on time may result in fees and have long-lasting consequences such as a potential negative impact on your credit score. •Write a budget and stick to it. This is the guide to income vs. spending, and it can make or break an individual's financial standing. The budget should be updated and checked regularly, to ensure that spending is on target. •Avoid excessive credit card debt, and know your interest rate. Interest rates have risen in recent years; which means that even small purchases can turn into large debts if not paid off immediately. Educate yourself on the terms of your card agreement and minimize spending to avoid debt wherever possible. •Diversify your investment dollars. Working with a professional financial advisor may help provide the best strategies for you to reach your individual goals.
To help people manage their money and avoid the most common financial pitfalls, visit BMO Harris Bank's informational website -- Helpful Steps at www.bmoharris.com/helpfulsteps.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through over 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank(SM) is a trade name used by BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and $555 billion in assets (as of April 30, 2013).
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