Pretty in Pink: The High Cost of Prom

PRETTY PINK THE astronomical price tag may be keeping some high schoolers from participating in one of the most memorable social events of their youth: prom. According to a 2012 Visa survey, the average cost of prom is at an all- time high. Parents are expected to shell out big bucks to IN make this one-night event happen for their child, but most are scrambling to do it. Take a look below at what today's prom costs, and find some helpful tips to help your teen save on the big day. $4 BILLION Estimated value of the American prom industry. Americans Are Overspending On Proms FAMILY ECONOMICS THE AVERAGE PRICE TAG Family income less than $20,000 Parents surveyed who fell in the SL.200 lowest income bracket plan to An American family will spend an average of $1,078 on prom this year, according to the survey, a 34 percent boost from 2011. spend more than the national Family income more than $50,000 $988 average on prom. PROM COST BY THE REGION $696 $1,944 MIDWEST Surprisingly, the survey found some significant spending disparities between regions. NORTHEAST $744 WEST Northeasterners are shelling out the most when it comes to the prom son, spending $1,047 more than double what westerners and SOUTH midwesterners spend. WHERE DOES THE MONEY GO? $20 TO $250 PROM TICKET $200 TO $500 LIMO $I00 TO $400 DRESS/TUX In Virginia, a rental fee for a stretch SUV limo that can accommodate 14 people costs $1,500 on prom night. On any other San Marcos High School in San Marcos, In 2011, the Philadelphia-based company California, spent $45,000 in 2011 to transform San Diego's Broadway Pier into a replica of "Pandora," the fictional land in the film Avatar. Dress Goddess offered a diamond- studded prom dress for $13,997, known night the same limo costs $750. as the most expensive prom dress ever. PROM ON A BUDGET Tips on how to save, instead of splurge, on the big night: SHOP AROUND RENT IT BE YOUR OWN PRO DINE IN Tuxedo rental shops offer coupons and other deals during prom season. But guys aren't the only ones who have the renting option. Rentals are now available for ladies who want to score a dress or accessories for a fraction of the Host a pre-prom potluck dinner instead of splurging on an Allow plenty of time for dress shopping. Once the prom season , the price of dresses may also go up. To stay on budget, look for coupons, check online deals and scout Digital cameras and camera phones have made professional prom photos an unnecessary splurge. Skip the cheesy backdrop full expensive restaurant outing. and have a friend or relative take a few snapshots. consignment shops. actual cost. Despite the rising costs of proms, it is still possible to create a memorable night for the teen in your family. By creating a prom budget, planning ahead, and being frugal, one night of fun for your teen doesn't have to leave a huge dent in your wallet. COUPON CABIN.COM SOURCES: PRACTICALMONEYSKILLS.COM, MONEY.USNEWS.COM,THEWEEK.COM, PROMGIRL.COM