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BMO Harris Bank Financial Tip of the Week: Five Overlooked Budget Busters
CHICAGO, IL, Jan 31, 2013 (MARKETWIRE via COMTEX) --
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 five overlooked budget
busters.
When you think about spending that sabotages your budget, you
probably think about things like coffee, ordering takeout, going out
with friends or spending a tad too much at your favorite store's
weekend sale. While these things can certainly wreak havoc on a
carefully planned budget, you may be overlooking other less obvious
items that can affect your bottom line.
Here are a few commonly overlooked budget busters and steps you can
take to either save money or spend smarter:
A landline phone. These days, most people rely on their mobile
phones, so you may find you no longer need your landline. Cutting the
cord can save you about $50 per month or $600 every year.
Items that you only use once or twice. A pair of ice skates that's
only seen the local rink twice; a kitchen gadget that you used once;
a dress you bought for a party and never wore again. Spending money
here and there quickly adds up, so if you know you will only use
something once or twice consider renting it or borrowing from a
friend instead.
Stamps for your bills. The average household pays 7 - 10 bills each
month. If you mail these bills, that's a lot of stamps over the
course of the year. Instead, save yourself a few bucks and pay your
bills online. Along with saving money, you'll also save yourself the
headache of remembering when each bill is due and you'll avoid paying
late fees.
Smartphone data plan. Chances are you selected the recommended data
plan when you purchased your phone. But depending on how you use your
phone and how often, you may be able to get by on a smaller plan.
Review your past bills and if you're consistently using less than
your plan provides, it may pay to see if there's another plan that's
a better fit for your needs.
A storage unit. Be honest -- do you have a storage unit because you
don't have enough space or because your closets and basement are
filled with too much stuff If it's the latter, it's worth cleaning
your house. By throwing away or donating things you don't use, you
can make room for the items sitting in your storage unit and
eliminate one of your monthly bills. Over the course of the year,
this can save several hundred dollars.
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.
Contact:
Vanessa Hall
Vanessa1.Hall@harrisbank.com
(312) 461-6543
SOURCE: BMO Harris Bank
mailto:Vanessa1.Hall@harrisbank.com
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