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    BMO Harris Bank Financial Tip of the Week: Saving for a Down payment

    BMO Harris Bank Financial Tip of the Week: Saving for a Down payment

    CHICAGO, (Jan. 10, 2013) – 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 tip provides ways to start saving for a home.

    The start of a new year prompts many people to start thinking about changes they can make in their lives. For some people, this may mean settling down and buying a home. The first step to achieving this goal is saving for a down payment.

    To start building your savings for a down payment, BMO Harris Bank recommends the following strategies:

    Open a separate savings account. You can then link this account to your checking account and use a program like Auto Save, which allows you to transfer a fixed amount of money from your checking to savings account on a predetermined day(s) of the month .

    Find a way to reduce your current rent. This may be as simple as negotiating a lower rent with your landlord. Another option is finding a roommate or cheaper housing. As a final resort, you may consider moving home with your family for awhile. By using one of these options, you can transfer the savings to your down payment savings account.

    Review your budget for additional ways to save. Many people are surprised to see how much they actually spend after laying out their monthly expenses on paper. You need to prioritize how you spend your money and maybe make some small cutbacks.

    Put yourself in a comfortable place and get started with helpful steps.

    The Learning Center is brought to you by BMO Harris Bank, WGN, CLTV, WGN AM 1070, Chicago Tribune, RedEye and Hoy.

    About BMO Harris Bank

    Based in Chicago, BMO Harris Bank N.A. 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. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris BankSM 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.

    BMO and BMO Financial Group are trade names used by Bank of Montreal.

    For further information:

    Vanessa Hall , (312) 461-6543 Vanessa1.Hall@harrisbank.com

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    To help the government fight the funding of terrorism and money laundering activities, federal law (USA Patriot Act (Title III of Pub. L. 107 56 signed into law October 26, 2001) requires all financial organizations to obtain, verify and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask you to provide a copy of your driver's license or other identifying documents. For each business or entity that opens an account, we will ask for your name, address and other information that will allow us to identify the entity. We may also ask you to provide a copy of your certificate of incorporation (or similar document) or other identifying documents. The information you provide in this form may be used to perform a credit check and verify your identity by using internal sources and third party vendors. If the requested information is not provided within 30 calendar days, the account will be subject to closure.  

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    Please review the privacy and security policies of web sites reached through links from BMO web sites. This information is not intended to be tax or legal advice. This information cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer. This information is being used to support the promotion or marketing of the planning strategies discussed herein. BMO Bank N.A. and its affiliates do not provide legal or tax advice to clients. You should review your particular circumstances with your independent legal and tax advisors.