A teenager's social life can be financially draining.
Average prom-night costs rose 5 percent this year, according to an article by Time. An attendee will spend an average $1,139. During the recession three years ago, $807 was spent on average for the one-night event, but since the economy started to improve, costs shot up past $1,000.
“Prom has devolved into a competition to crown the victor of high school society,” Nat Sillin, Visa’s head of U.S. Financial Education, said in a release.
The families that can least afford prom tend to spend the most, according to a study by Visa two years ago. Families that made less than $30,000 a year spent the most.
Parents can discuss and help teens cut down on prom costs by simplifying prom dates and looking for deals. Visa also launched a new free app called “Plan’it Prom” that creates a realistic, detailed prom budget. The app can also track spending.
- She paid for a family's groceries and got...
- Volunteer deputy accused of shooting unarmed...
- Why do only half of Americans invest in stocks?
- Did you file your taxes jointly or...
- Happiness research inspired one business...
- April 15 may be Tax Day, but Tax Freedom Day...
- What the American family can learn from the...
- Where does 'cool' come from?
- Are you rich or poor? The answer may be... 21
- Minority of taxpayers pay majority of... 20
- Did you file your taxes jointly or... 4
- Finally, Congress OKs bill reshaping... 3
- European vacation as much as 25 percent... 3
- Happiness research inspired one... 3
- She paid for a family's groceries and... 3
- Ask Mr. Dad: How to handle stress of... 2