Your Money, Your Savings: How to save on back-to-school expenses
Watch 'Your Money, Your Savings: Back to School' on Thursday at 4:30 p.m. on Channel 7 and wherever you stream ABC 7 New York
NEW YORK (WABC) -- As students prepare to head back to the classroom, many families are facing a difficult financial reality: the cost of nearly everything is higher than it was a year ago.
Most American families say they are concerned about their finances. Food, housing, gas, and electricity all cost more than they did last year.
Despite concerns about household budgets and persistent inflation, families are expected to spend record amounts on school-related purchases.
With parents looking for ways to stretch every dollar, smart shopping strategies have become more important than ever.
Watch 'Your Money, Your Savings: Back to School' on Thursday at 4:30 p.m. during Eyewitness News on Channel 7 and wherever you stream ABC 7 New York, including Disney+.
Making the Most of a Back-to-School Budget
From clothing and shoes to notebooks, backpacks, and classroom supplies, families are carefully comparing prices and searching for the best deals before the school year begins.
Experts recommend creating shopping lists ahead of time, taking advantage of sales, and comparing prices across retailers to help keep spending under control.
Saving on Technology
Technology remains one of the biggest back-to-school expenses, particularly for families purchasing laptops or tablets.
One money-saving option gaining attention is refurbished technology. Carefully inspected and restored computers and tablets often provide many of the same features as new devices at a significantly lower price.
For families on a budget, refurbished products can offer a practical alternative to buying brand-new equipment.
Free After-School Programs
Parents may also be able to reduce costs by taking advantage of free after-school programs available throughout the region.
Many community organizations, schools, and nonprofit groups offer activities ranging from homework assistance and tutoring to sports and enrichment programs, helping families save money while providing valuable opportunities for students.
Getting a Head Start on College Savings
While many parents are focused on immediate school expenses, financial planners say it's never too early to start thinking about college costs.
Even small, consistent contributions to a college savings plan can add up over time. Establishing a savings strategy now can help families better prepare for future educational expenses.
Join the Eyewitness News team for 'Your Money: Back to School' on Thursday at 4:30 p.m. as we try to help you navigate the costly concerns and financial challenges many families are facing as the school year begins.
