Three thousand dollar shoes? Check. $2,500 stretch Hummer? Check. $720 gown? Check. If you’re a high schooler headed to prom, this is just the beginning of your budget checklist.
Studies show prom spending has dropped 14 percent in the last year but teens are still willing to dish out some serious cash for a memorable prom with some spending as much as $7,000 for one night.
“This is a major expense in every household that has a teen,” says Nat Sillin, Visa’s head of U.S. financial education. “It’s an important opportunity for parents to talk to their teens about how to set up a budget and how to stick to a budget.”
For some teens, the budget is non-existent. With the pressure to show off on social media, teens are spending thousands of dollars for the most Instagram-worthy prom night and their parents are helping them foot the bill.
How much are you willing to shell out for your child to have the best night of their life? Take our poll and let us know in the comments how much you spent on your own prom.