Tips To Avoid Financial Fireworks
Poster: SySAdmin
Posted on June 27, 2012 at 9:56:01 AM
Tips To Avoid Financial Fireworks
LEAWOOD, Kan., June 27, 2012 /PRNewswire/ -- This Independence Day, families across the country 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 help people manage their money and avoid the most common financial pitfalls, M&I, a part of BMO Financial Group has introduced an informational website - Helpful Steps at http://www.bmoharris.com/helpfulsteps.
"Education and planning can go a long way to creating a secure financial future," said Brad Smith, M&I Kansas City President. "We're here to help people build long-term financial strength, which in turn, will strengthen communities in the Kansas City area."
To get started on the path to success, Smith offers some advice.
-- Pay bills on time. Not paying bills on time is one of the most common
mistakes - especially for young people - and the fees incurred can have
long-lasting consequences, not to mention the 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.
-- Prepare for retirement. It's never too early to start saving for
retirement - especially with the rising cost of health care. Take
advantage of any employer-sponsored retirement plan, but if those aren't
available, set up a 401(k) or IRA to auto-withdraw from your checking
account each month.
-- Avoid 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 will help provide the best strategies for you to reach your
individual goals.
-- 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.
About BMO Harris Bank
Based in Chicago, BMO Harris Bank N.A. provides a broad range of personal banking products and solutions through over 650 branches and approximately 1,350 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. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank 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 1,600 branches, and a retail deposit base of approximately $180 billion.
SOURCE BMO Harris Bank
BMO Harris Bank
CONTACT: Beth Copeland, +1-317-269-1395, beth.copeland@micorp.com
Web Site: http://www.harrisbank.com
LEAWOOD, Kan., June 27, 2012 /PRNewswire/ -- This Independence Day, families across the country 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 help people manage their money and avoid the most common financial pitfalls, M&I, a part of BMO Financial Group has introduced an informational website - Helpful Steps at http://www.bmoharris.com/helpfulsteps.
"Education and planning can go a long way to creating a secure financial future," said Brad Smith, M&I Kansas City President. "We're here to help people build long-term financial strength, which in turn, will strengthen communities in the Kansas City area."
To get started on the path to success, Smith offers some advice.
-- Pay bills on time. Not paying bills on time is one of the most common
mistakes - especially for young people - and the fees incurred can have
long-lasting consequences, not to mention the 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.
-- Prepare for retirement. It's never too early to start saving for
retirement - especially with the rising cost of health care. Take
advantage of any employer-sponsored retirement plan, but if those aren't
available, set up a 401(k) or IRA to auto-withdraw from your checking
account each month.
-- Avoid 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 will help provide the best strategies for you to reach your
individual goals.
-- 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.
About BMO Harris Bank
Based in Chicago, BMO Harris Bank N.A. provides a broad range of personal banking products and solutions through over 650 branches and approximately 1,350 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. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank 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 1,600 branches, and a retail deposit base of approximately $180 billion.
SOURCE BMO Harris Bank
BMO Harris Bank
CONTACT: Beth Copeland, +1-317-269-1395, beth.copeland@micorp.com
Web Site: http://www.harrisbank.com