Prom spending peaked back in 2013 at $1,140. It fell to $978 in 2014, and this year is expected to slip again to $919.
While I would like to think that this means people are being wiser with their money, I have my doubts. There’s something new on the prom scene (well, it’s the first time Visa has mentioned it in its annual Prom Spending Survey, anyway) called The Promposal. Because the invitation to the prom has to be the dopest, raddest, illest event of the season, second only to Prom itself! Thank you, MTV. The average cost of this nonsense is around $300, or one-third of the total Prom expenditure. If you absolutely have to learn more about this nonsense, go here.
Another sign that we aren’t minding our dollars and cents is that parents, who only kicked in 56% of the cost last year, have gone soft and are parting with 73% this year.
Now, to me, the best thing about the Visa Prom Spending Survey is that it’s not just a way for us to sit in judgment of the poor saps blowing all this money (of course, that IS part of the fun!) but it’s also a teaching tool. Visa has several tips for saving money, and has also published a prom budgeting app that helps you stay on track with your prom spending. Check it out!
How about you? Spending more, less or the same for prom this year? Are the kids chipping in, or not? Let us know over at the MindField Online Facebook page!
Time for an update on a story from last year. It seems that, despite a continuously brutal economy, one area we aren’t cutting back on is our kids’ high school prom.
Visa says American families who have teenagers will spend an average of $1,139 each on the prom, a five percent boost, or roughly $60 dollar increase compared to the average amount spent in 2012 of $1,078. KARE 11 News
What are we spending?
- Northeastern average: $1,528
- Southern average: $1,203
- Western average: $1,079
- Midwestern average: $722
And it appears, once again, that the brokest among us spend the most.
Visa also says one troubling statistic is that parents surveyed who fell in the lowest income brackets (less than $50,000) plan to spend more than the national average, about $1,245. Parents who make over $50,000 a year plan to spend less than that, an average of $1,129. KARE 11 News
It’s madness. I see two culprits: TV shows like “My Super Sweet 16”… and parents that can’t say “No.” One bright spot: kids appear to be paying about 40% of the bill, with mom and dad coughing up 60%
BTW, the article also explains ways to cut some of these outrageous costs, so check it out! What are your thoughts?