This Year’s Prom Theme? Going Broke (Again!)

prom-limoTime 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?