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!