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.