68% of those surveyed by Good Morning America and Ipsos said that they expect to have to pay more this back-to-school season than last year. Parents said they expected to spend almost $900 per child for another year in the classroom.
While school supplies can consist of analog tools like pencils and paper, new tech plays a major factor in cost. And the cost of computer chips in particular is skyrocketing.
Huge demand from the AI industry is causing a shortage in memory chips.
For consumers, "RAMageddon" -- as some call it -- is raising prices for products like laptops, smartphones and other tech.
Apple announced price increases at the end of June, adding $100 to $300 each on some models of MacBooks and iPads. Other manufacturers like Lenovo, Dell and HP also confirmed price increases between 15% to 20%.
If you need an upgrade but don't want an upcharge, here are some tips for saving on tech.
First, late summer is one of the best times to buy new computers outside of Black Friday -- so be on the lookout for sales by major retailers this month.
Also consider refurbished computers sold by trusted retailers. You can still get something newer than your current computer... without having to buy the newest.
Finally, you can get more life out of your equipment by upgrading individual components... instead of buying an entire new unit.
Take a look at more stories and videos by 7 On Your Side.
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