The Cost of Going to Prom
Prom season is upon us again soon and we wondered just how much an average family spends on the occasion.
Each year the people at Visa do a survey and this year they found out that it will cost an average of $1,139 to take in the big event. That cost includes a dress or tuxedo, tickets, a nice dinner and a limo ride... the standard fare for prom goers. It's a 5% increase over last year and makes it two years in a row now that prom expenses have risen faster than inflation.
Visa also discovered that parents foot the bill for about 59% of the prom costs and kids pick up the rest themselves.
Also interesting was the finding that families that make LESS money typically spend MORE on prom than those in better financial shape. Families making less than $50,000 a year will spend $1,245 on prom, while families making more spend about $100 less. Single parents also outspend married couple by more than double.
Do you have a son or daughter going to prom? Do these numbers appear to be in line with your experience?