Cost of High School "Promposals" Hits $324
Promposals have become significantly more extravagant in recent years and now represent in excess of one third of the
"Prom is a fun night for kids to get together and dance, but spending
The free Plan'it Prom app lets users make a realistic, detailed prom budget and then helps them stick to that budget by allowing them to track their spending as they shop. The app has been updated to include a redesigned user interface to appeal to teens, improved user experience to allow for easier budgeting and added sharing features via social media and text message. Plan'it Prom is available free in the iTunes store, the Google Play store and from www.practicalmoneyskills.com/prom.
Visa's prom survey also revealed some interesting regional and economic disparities. This year, Canadians plan to spend
- Northeastern families will spend an average of
$738on prom night and an average of $431on "promposal" for a total spend of $1169
- Western families will spend an average of
$596on prom night and $342on "promposal" for a total spend of $937
- Southern families will spend an average of
$544on prom night and $305on "promposal" for a total spend of $849
- Midwestern families will spend an average of
$515on prom night and $218on "promposal" for a total spend of $733
Families with a total household income below
The Visa survey also found that parents are backsliding on the amount that they are planning to cover. While last year, parents were planning to pay for 56% of prom costs, this year that number has jumped to 73% of the cost of the big night. Their teens will be expected to cover only the remaining 27% of the total cost. Teens have no incentive to cut cost with parents still subsidizing this much of the total prom spending.
In addition to helping parents and teens make a budget, the Plan'it Prom app offers tips on how to reduce costs for this annual rite of passage:
- 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.
- 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.
The Plan'it Prom app and tips are part of Visa's free, award-winning financial education program, Practical Money Skills for Life (www.practicalmoneyskills.com). The program reaches millions of people around the world each year. At Practical Money Skills for Life, educators, parents and students can access free educational resources including personal finance articles, games, lesson plans, and more.
*The survey results are based on 3041 live telephone interviews conducted nationally among adults 18+, using dual frame sampling (landline & cell phones) in cooperation with GfK Roper OmniTel. The interviewing dates were
To view the original version on PR Newswire, visit:https://www.prnewswire.com/news-releases/cost-of-high-school-promposals-hits-324-300058211.html
For more information or to schedule an interview, please contact Hugh Norton (703) 683-5004, ext. 133, [email protected]