According to the 2014 Visa Prom Spending Survey, American families spend $800 – $1,000 to cover prom costs. Here are some ideas on getting the night you want without breaking the bank.
Establish a Budget
Whether your parents are helping to cover the cost or you plan to spend your own money, it is best to establish a budget. One easy way to do so is with the Plan’it Prom App for iOS and Android. The app helps you to create a budget and keep track of your spending. It also provides a timeline and countdown feature so you don’t forget any important details.
Save on Threads
Thanks to the internet, both guys and girls can rent formal wear online to avoid over paying for an outfit you’ll likely wear one time. If you plan on renting your attire, start window-shopping and reserving now since the hottest trends go fast. You can also check out consignment shops or thrift stores.
To Limo or Not to Limo? That is the question.
Renting a ride can be a luxury, but is it worth the cost? Call around and price-check different businesses in advance to make sure you get the best deal. Also, consider sharing the cost with a group of friends. If the rental is $600 for the night and you have six friends sharing the ride, you end up spending much less money than if it was just you and your date. You could decide to drive yourself at a huge cost savings so you can use your resources elsewhere.
You and your date could choose to go out to dinner, but that can be a really large expense. Consider doing something low key or find a swanky restaurant with thrifty prices. Another option that you may consider, especially if you plan on having a group share a ride, is to have a little dinner party at home. It could be in the style of a potluck, but you could have parents provide the food or have it catered and then split cost with your friends.
Keep these things in mind whenever you are planning for prom. Remember that things can still be luxurious without all of the costs. What are some tips that you can think of to save money for these events?
About the 2014 Visa Prom Spending Survey
The survey results are based on 4,000 live telephone interviews conducted nationally from January 24 – January 26, January 31 – February 2, February 7 – 9, and February 14 – 16 in cooperation with GfK Roper OmniTel.