TORONTO, ONTARIO--(Marketwired - July 25, 2013) - As part of BMO Financial Group's ongoing commitment to financial literacy and 'Making Money Make Sense', BMO is releasing financial tips throughout the summer to help Canadians make the 'BMOst of summer' in 2013.

BMO's Tip of the Day: Take a dip in the pool this summer - not your savings.

According to the 2013 BMO Summer Spending Report, Canadians expect to spend an average of $3,978 on non-essential expenses and $3,000 on travel this summer. Impulse spending will account for another $123 per week on average - totalling an additional $1,599 over the course of the summer.

It can be tempting to dip into savings to help pay for summertime activities and travel, but it's important to stick to your budget to avoid overextending yourself. Consider using an online budgeting tool that allows you to track spending and savings against your goals to make it easier to resist temptation.

"Spending temptations can be plentiful during the warmer months, as many Canadians take advantage of the sunny weather to enjoy summertime activities and vacations," said Christine Canning, Head of Everyday Banking Products, BMO Bank of Montreal. "Utilize online tools, such as BMO MoneyLogic, to track summer finances in real-time and ensure you keep your financial house in order."

BMO offers a number of products and services that can help Canadians get more out of every dollar they spend this summer. For more details on how to make the 'BMOst of Summer,' drop by a BMO branch or visit bmo.com/200cash.

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 $555 billion as at April 30, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.