When the school year is nears it's end, prom season is on the minds of teenagers across the country. Prom is more than just a dance or a party. It is a major event, that marks the end of an important part of their lives. Prom is a milestone, and it launches teens into the next phase of life.
For many families, however, prom is also a budgetary issue. The cost of prom has skyrocketed in recent years, and it's harder than ever to cover the costs. How much is prom going to cost? Here are some answers.
1.) Average Cost Of Prom.
A recent study showed that the US average expenditure on prom is $1,078 per student. That is a sizable bill for most families. It is also a big increase from last year, when the average was only $807 per student, a 33 percent increase in one year.
The numbers vary considerably by region. The Midwest spends the least on prom, with an average of $696. The Western states spend an average of $744. In the South, people spend about $1,047, and the Northeast spends the most, with an incredible $1,944 per student.
A surprising find is that the people who can least afford big prom expenditures spend more than people who make more. Families who earn less than $50,000 per year spend an average of $1,307, more than the average nationwide. In comparison, families that earn more than $75,000 spend only $842 per student.
2.) How Much Is Prom Going To Cost You?
In most families, the parents pay for all of the prom costs. In some families, the teens pay for their own prom expenses. Most commonly, the costs of going to prom are split between the parents and the teens. On average, parents pay about 61% of the total cost.
When you're figuring out how much prom is going to cost, remember all the things that go into the cost. You have the cost of prom dress, shoes, accessories, tickets for the event, hair, makeup, nails, food, and transportation. The prom dress alone will cost $250 or more. If you spring for luxury transportation by renting a limo, that is another pricey item. Add it all up, and it's easy to see why so many families end up paying over a thousand dollars for prom.
3.) Ways To Save On Prom Costs.
Going to prom is an important event for a teen, but it shouldn't have to be a blow to a family's finances. One way to keep the costs down is to plan for prom in advance, and have a budget. Talk to your teenager up to a year ahead of time. Let them know what you have budgeted for prom costs, and then tell them that if they want to spend more than that, they can work or save their money to cover the rest of the expenses. There are ways to save costs. Girls can save on the cost of prom dress by renting one, or buying one second hand. Use accessories you already have, rather than buying something new, or skip the limo and drive the kids yourself.
If you have any comments or additional tips on saving money for prom let us know in the comment section below!
