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SMART WAYS TO USE YOUR TAX REFUND

CHICAGO, April 9, 2013 - It’s tax season, and for those getting a tax refund, an important step is to determine what to do with the extra money. Before you let the money burn a hole in your pocket and give into the temptation of that big screen TV, give consideration to using the money to move your financial life forward.

“All of us have unique financial needs and should consider the best way to put our tax refund to work for our specific situation,” said Julie Curran, Regional President, BMO Harris Bank. “Some people need to establish a savings account or pay down high interest debt. Other families may benefit from improving their home or investing in education.”

Here are some tips from BMO Harris Bank on how to make your tax return work for you:

1. Start or add to your emergency fund – According to the FDIC, a third of all Americans don’t have enough in their emergency savings fund, a steady increase since 2009. Work toward 3 – 6 months of saved income to protect your family from unexpected expenses. Have your tax return automatically deposited into your emergency savings account so there’s less temptation to spend it.
2. Pay off high interest debt – If you have a lot of high interest debt, consider paying those down with your tax return.
3. Invest in your education – In today’s competitive job environment, classes to bolster your skills can be an asset when looking for a new job or promotion. Or putting your tax return into a savings program for your children’s college education can jump-start the financing they’ll need to start their own careers.
4. Invest in your home – Take advantage of today’s low interest rates by using your tax return toward the down payment of a new home. If you’re happy with your current mortgage, look around your house. Does it need a new roof? Would new, energy efficient appliances help save on utilities?

For more on how to use your tax refund wisely, talk with your local BMO Harris representative, or visit www.mymoney.gov or www.federalreserveeducation.org for additional information on finances.

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, Ar izona 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 $542 billion in assets (as of Jan. 31, 2013).