Bucks Blog: What Families Are Spending on Prom Night

Associated Press Prom goers in Michigan in 2012.

Here is my deep, dark secret from high school: I didn’t go to the prom.

It’s a long story, filled with teenage angst. But suffice it to say, I missed an American rite of passage — and I survived.

I guess I should at least feel good about all the money I saved my family by sitting out the big night. This year, according to the credit card company Visa, prom spending will reach an average of $1,139 per family, up 5 percent over last year. Parents of high school students are planning to pay for almost two-thirds of the cost, with the children covering the rest. (The numbers come from a survey of 3,000 people interviewed over the phone in February and March by GfK Roper OmniTel.)

More than $1,100? That’s a lot to shell out for a big dress-up party, while you sit home hoping that your offspring don’t get drunk or do anything else foolish. (Maybe it’s the influence of all that red-carpet coverage?)

Along with the statistics, Visa introduced a personal finance app called Plan’it Prom, to help families budget for the big dance. The free app will “help you cut costs for a night you’ll never forget,” the introduction says.

The app includes a prom countdown calendar, and spaces to budget for all the frills, right down to the boutonniere. One budget category is “after party.” A sample page for the app allocates $10 for this item. Ten dollars? Come on. I know the goal here is to rein in costs, but where are they going — Dunkin Donuts?

How much do you think is reasonable to spend on a night at the prom?

Article source: http://bucks.blogs.nytimes.com/2013/04/25/what-families-are-spending-on-prom-night/?partner=rss&emc=rss