Preparing for prom? Watch out, it could cost you more than your mortgage payment
It can be a pricey event.
Apparently, even in a struggling economy, prom spending has been on the rise in the past few years but the tide may be turning.
This is all according to a Visa survey of more than 1,200 parents from prom-ages kids.
Teens and their families spend an average of $978 on prom but get this, that’s down about 14% from last year.
Average spending was about $1,139.
Visa’s head of the U.S. Financial Education says it may be as simple as people realizing enough is enough.
Even with the spending expected to go down, the survey said it’s “Disproportionately high.”
Some of the other factors, according to the survey, older parents tend to want to save a bit more. Here’s some hope, teens are picking up nearly half of the total costs themselves.
There are ways to save: Consignment stores for dresses, rent a tux, get your own makeup done at a counter at the department store — often it’s free, skip the limo and drive, take photos yourself.
Bottom line, this can be a major expense and experts suggest it’s a good time for teaching.
Specifically setting up a budget and having your teen stick to it.
Also, there’s an app for that, “Plan it Prom”.