Back-to-school season is exciting. From new supplies, fresh clothes, to a fresh start, it can also take a serious toll on your wallet if you are not careful. To help you keep your budget in check, here are 7 common money habits to ditch this year.
1. Leaving shopping until the last minute
Waiting until the last minute often leads to higher prices and impulse purchases. Make a list, plan ahead, and shop early to save money and stress.
2. Skipping a budget
A budget is your best friend during back-to-school season. Decide how much you can spend on clothes, supplies, and extra-curricular activities and stick to it. Tracking spending helps avoid post-shopping regret.
3. Buying everything brand name
Sure, those designer shoes and notebooks look great, but generic versions are usually just as good—and a lot cheaper. Teach kids that quality doesn’t always mean a logo.
4. Relying on credit or buy now, pay later
Using credit cards or BNPL services might seem convenient, but it can quickly spiral into debt. Interest, late fees, and missed payments can add up fast. Paying with cash or debit wherever possible keeps spending under control.
5. Forgetting hidden costs
School trips, lunches, costumes, and fundraising events often sneak up on families. Not keeping money aside for these extras can quickly throw your budget off. Try putting aside a small amount each month—or consider M For Money’s Child Savings and Loan Plan to help cover these costs in a manageable way.
6. Forgetting to compare prices
Don’t assume one store’s price is the best. Check local shops, online stores, and even second-hand options. A little comparison can save you a lot of money.
7. Leaving kids out of money decisions
Back-to-school season is a great time to teach kids about money. Let them help with shopping lists, budgeting, and spending choices. It builds lifelong financial habits, and makes them more mindful of what they really need.
Ditching these seven money habits can make your back-to-school season less stressful—and your budget much healthier. Our members can make this even easier with the Child Savings and Loan Plan, helping families save for school costs in a smarter way. Small changes now can lead to big savings later.