• • Prom tickets typically cost $50 to $150 per person, depending on venue, entertainment, meals, etc. And don't forget about commemorative photos.
• • The couple will probably need at least $50 for a nice pre-prom meal.
• • After-parties can run anywhere from a few bucks at the bowling alley to hundreds of dollars for group hotel suites.
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• As with weddings and vacations, spending on prom can easily spiral out of control, especially if your teenager isn't used to sticking to a budget. Use this as a learning experience by getting your kid involved making tough decisions, helping to prioritize expenses from vital to non-essential.
• To help with the prom budgeting process, Visa launched a free smartphone app last year called Plan'it Prom. You simply enter your budgeted amounts for each item and then track actual spending on your phone or tablet as you shop. The app also includes budgeting tips, a photo gallery and a timeline for tracking pre-prom deadlines. Plan'it Prom is available at the iTunes store, the Google Play store and from www.practicalmoneyskills.com/prom.
• Here are a few prom cost-saving ideas:
• • Shop for formal wear at consignment stores or online. As with tuxedos, many outlets rent formal dresses and accessories for one-time use.
• • Have make-up done at a department store's cosmetics department or find a talented friend to help out.
• • Split the cost of a limo with other couples, or drive yourselves.
• • Team up with other parents to host a pre-prom dinner buffet or after-party.
• • Take pre-prom photos yourself and have the kids use their cellphones or digital cameras for candid shots at various events.
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• Bottom line: You want to ensure your child has a memorable high school experience, but not at the expense of your overall budget.
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• Jason Alderman directs Visa's financial education programs. To Follow Jason Alderman on Twitter: www.twitter.com/PracticalMoney.
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