Tuesday, April 29, 2014

The High Cost of Prom

It's prom season, and while for high school kids, that means a memorable night out on the town, for parents, it means a huge bill. The good news is, prom spending is starting to dip down. According to a new survey from Visa, the average American family will spend $978 on prom this year, which is down 14 percent from last year.

The biggest drop is here in the Northeast, where families plan to spend 27 percent less than they did last year. On the other hand, spending tends to be higher in this part of the country. The average family says they will spend $1,104 on prom this year - but that's down from more than $1500 last year.

If you're a parent about to drop that kind of money on prom this year, there's another small silver lining: At least the Northeast is no longer the most expensive area of the country in this category. For this year at least, the Western region will outspend us - to the tune of $1,125 per family.

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