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Financial Success Comes from Asking Questions
Remembering that there are no stupid financial questions can lead to a smart future on National Ask a Stupid Question Day, September 28

CHICAGO (September 25, 2012) – Although some Americans will cel ebrate National Ask a Stupid Question Day on September 28, financial questions plague many people throughout the year. Remind yourself that when it comes to providing for your future, there is no stupid question—then read on.

"Financial matters can seem intimidating to some people, so they shy away from asking honest questions," said Julie Curran, Regional President, BMO Harris Bank. "As bankers, we welcome the opportunity to help people get answer to their financial questions."

Here are a few common financial questions:

Do I really need to create a monthly or yearly budget? Yes! Creating a budget prevents you from spending more than you earn. By keeping track of what you spend, you'll be able to see where and how you spend your money, not just how much of it you spend.

How do I start paying off debt? First, stop increasing it. Stick to the budget you just set—be realistic, but if you're paying $90 a month for a gym membership you never use, put that money toward paying down debt. Make a list of the debts you owe and when they must be paid. Next, prioritize them. Start with the debt with the highest interest rate. If the bills are past due, they should be paid first. Delinquent payments negatively affect your credit score, and your credit score affects, well, everything.

Do I have the proper amount in my emergency fund? Simply put, if your "emergency fund" is your credit card, the answer is no. Credit cards are great for things if you have the money to pay them off at the end of the month and even help build your credit score if it needs a boost. An emergency fund prevents you from having to use high interest credit cards unexpectedly. Start building your emergency fund by making it part of your monthly budget. Rule of thumb: it should be able to sustain your living expenses for three to six months.

Should I set money aside for future investments? Planning ahead can save you from tons of stress later. By thinking into the future about what large purchases you may want to make, you can set savings goals to help you earn things you want on your own terms.

"Decide on a fixed dollar amount to set aside from each paycheck to put in a savings account you know you will not touch," recommends Curran. "When the time is right, you will have accrued interest and saved your money for the perfect house, vacation or new car."

Should I overpay my mortgage? There are many benefits to overpaying your mortgage. You will be able to pay the principal amount of your mortgage and accrue less interest. Keep in mind, though, that you should pay down debts with higher interest rates first.

Handling money can be confusing for anyone, but asking the right questions can lead to financial success. When in doubt, remember that the only stupid question is the one that you don't ask.

For more information on mortgages, investments or financial planning, visit www.harrisbank.com

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^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 1,600 branches, and a retail deposit base of approximately $180 billion.

BMO Harris Bank is a trade name used by BMO Harris Bank N.A. Banking deposit and loan products and services are provided by BMO Harris Bank N.A. Member FDIC. Brokerage and Insurance products are offered through BMO Harris Financial Advisors, Inc. (BHFA) and M&I Financial Advisors, Inc. (MIFA), each a registered broker/dealer, member FINRA/SIPC, and SEC-registered investment advisor. Investment banking services are provided by BMO Capital Markets Corp. (BMOCMC) and BMO Capital Markets GKST, Inc. (GKST), a Municipal Bond Dealer and member FINRA and SIPC. Financial planning and investment advisory services are provided by Sullivan, Bruyette, Speros & Blayney, Inc. (Harris SBSB), an SEC registered investment advisor. Family Office Services and Investment advisory services are offered by Harris myCFO, LLC (Harris myCFO), an SEC-registered investment advisor. Stoker Ostler Wealth Advisors, Inc. (Stoker Ostler) is an SEC-registered investment advisor. Investment advisory services to institutional clients are provided by BMO Asset Management Corp. (BAMC) or its wholly-owned subsidiary HIM Monegy (Monegy), SEC-registered investment advisors. Products offered by BHFA, MIFA, BMOCM, Harris SBSB, Harris myCFO, Stoker Ostler, BAMC and Monegy, which are affiliated companies and wholly owned subsidiaries of BMO Financial Corp.,: Are not insured by the FDIC or any Federal Government Agency, not a deposit of or guaranteed by any Bank or Bank Affiliate, may lose value. The purchase of insurance or an annuity is not a condition to any bank loan or service. Not all products and services are offered in every state and/or location.