TORONTO, ONTARIO--(Marketwire - April 19, 2012) - As part of BMO Financial Group's ongoing commitment to financial literacy and 'Making Money Make Sense' for Canadians, BMO is releasing a financial tip every week in 2012.
BMO's Financial Tip of the Week: Spark Your Child's 'Entrepreneurial Spirit' This Spring
Spring is a great time to spark your child's interest in starting a new or first job. Setting up a lemonade stand, running a paper route or starting a babysitting service is a great way to encourage their entrepreneurial spirit and get them excited about earning their own money.
According to Alyson Schafer, Parenting Expert and Psychotherapist, jobs like these show them that work can be fun and engaging, as well as provide you with an opportunity to discuss money management basics including responsible spending and savings habits.
"Helping children learn how to manage their own money will allow them to appreciate the value of a dollar and the importance of managing it responsibly," said Ms. Schafer. "One of the most important lessons in money management is balancing spending with saving. Teach them to 'pay themselves first' by setting up automatic payment transfers each 'pay day' into a separate savings account." Your local bank branch can help you to set up this simple transaction so that your child doesn't miss a month. Check out this BMO SmartSteps® for Parents video on opening a first bank account: http://www.youtube.com/watch?v=H-shq1l8_HQ&feature=relmfu.
Ms. Schafer also noted that parents should take advantage of any opportunity to teach their children about the value of money, and stressed the benefit of augmenting these lessons with outside tools and advice. BMO SmartSteps ® for Parents, launched in 2011, is a free online resource to help parents educate children on money management and is organized by age and stage, allowing parents to tailor activities and lessons.
Customers who open a new BMO Kids Discounted Banking Plan and deposit $25 before April 30 will receive another $25 from BMO to help kick-start their child's savings. For more information, please visit www.bmo.com/smartparentspromo.
BMO SmartSteps for Parents is part of BMO's ongoing commitment to Making Money Make Sense. Since 2009, BMO has introduced various tools to help Canadians stay on top of their personal finances, including BMO SmartSteps, BMO SmartSteps for Business, BMO SmartSteps for Students, BMO SmartSteps for Investing and BMO MoneyLogic.
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 $538 billion as at January 31, 2012, and more than 47,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.