STUDY: Average US family to spend over $1000 on prom
7:05 AM, Apr 25, 2013
9:26 AM, Apr 25, 2013
(WXYZ) - If your teen is going to prom for the first time this year, you may be surprised how much that one special night is costing parents.
According to a new study conducted by Visa, the average family is planning to spend $1,139 for prom in 2013, an increase of 5% from last year.
That total includes all aspects of prom, including the dress or tuxedo rental, hair, makeup, nails and transportation.
Families in the midwest plan to spend the least in the country, an average of $722.
Northeastern families will spend the most, an average of $1,528.
Southern families are expected to spend an average of $1,203, and Western families will spend an average of $1,079.
The study also found that families making less than $50,000 per year plan to spend more than the national average.
Single parents plan to spend twice as much as married couples on their teen, according to the study.
If you're looking for ways to save, Visa has provided the following tips:
Shop for formal wear at consignment stores or online. As with tuxedos, many outlets rent formal dresses and accessories for one-time use
Have make-up done at a department store's cosmetics department or find a talented friend to help out
Split the cost of a limo with other couples, or drive yourselves
Take pre-prom photos yourself and have the kids use cell phones or digital cameras for candid shots at various events.
Work out a separate prom budget with your child well in advance to determine what you can afford. Set a limit of what you will contribute and stick to it. If teens want to spend more than that, encourage them to earn the money to pay for it or decide which items they can live without.