Planning

Smart financial planning starts with setting up savings goals and creating budgets to help you control your spending.

Set savings goals

It's easy to set up savings goals and monitor your progress towards success.

Adding a savings goal popup form

Adding a savings goal

You can set up a new savings goal in six easy steps:

1
Click on the "+ Add Savings Goal" button and select a goal name from the
drop down list.
2
Give your goal a unique title.
3
Link the goal to one of your BMO savings accounts, or leave it unlinked
and manage it manually.
4
If you have current funds available to save toward your goal, you can enter
that amount as an initial allocation. Or, if you are linking your goal to a
savings account for the first time, the available funds shown will be equal to
the account balance. However, if there are other goals linked, the available
balance will subtract amounts allocated to other goals, as well as any
reserve amounts you set, from the account balance.
5
Set your goal, the amount of money you wish to save.
6
Set your goal's target date, choosing between tracking your goal against a
future target date or aiming to save a certain amount each month and press
"Save" or set up your new goal.

Check your budgets

You can set up monthly budgets that track your spending and tell you if you're over or under budget.

Making a new budget

Making a new budget

You can set up a new budget in two easy steps:

1
Click on the "+ Add Budget" button and select a budget category.
2
Enter your budget amount and click "Save" to create your new budget.

Once a budget is created, you can monitor your progress by looking under
the Planning tab. The colour indicators of green, red and yellow allow you
to track your progress.

View your Spending Plan

There are two parts to the Spending Plan tool:

  1. A chart of monthly cash flow patterns
  2. A breakdown of the current month's cash flow, showing details for:
    • Total Income – incoming money expected from all sources
    • Scheduled Payments – all scheduled fixed payments
    • Discretionary Payments – all scheduled periodic payments
    • Disposable Income – money left over after deducting all payments
View your Spending Plan

Monitor your Net Worth

Calculate your Net Worth to see the big picture of your finances.

  • See the difference between your assets under ‘I own’ (for example,
    investments and savings) and debts under ‘I owe’ (for example,
    mortgage and line of credit).
  • Manually add products from other financial institutions, for a more
    complete view of your Net Worth.
Monitor your Net Worth
Remove a product

You can remove a product from your net worth calculations by clicking
on the icon to the right of the account you want to remove.