Prom costs on the rise

It should come as no surprise that the cost of prom tickets, transportation and attire continues to rise as the years pass. According to a recent study from Visa, families spent an average of $1,139 on proms in 2013. This figure represents a 5 percent increase over prom spending in 2012.

Students who live in the Northeast region of the United States spend more than $1,500 apiece on their proms, which is the most in the nation. The study also found that people of lower income brackets tend to spend more than the national average. The survey also found that single parents tend to spend more on proms than two-parent households.

Many financial factors come into play on prom night. Prom is typically a high school student's last moment to shine before he or she graduates, and the pressure is on to enjoy a magical night. In addition to the price of prom tickets, students and their parents must budget money for attire, transportation, grooming expenses, after-party fees (if applicable), and flowers.

Tuxedo rentals and gowns may hover in the $150 range, and the spending only continues from there.

Some students view the prom as a chance to outdo their classmates, with some treating prom night as a social competition of sorts. But parents can use prom night as an opportunity to teach youngsters about financial responsibility. Kids can learn to manage their money in order to keep prom costs within reason. The following are a handful of ways kids and their parents can save money on prom night and still look good.

• Shop at consignment stores or vintage shops for prom night attire. Some consignment shops stock designer labels, allowing youngsters to save money without compromising on style or quality.

• Rent a tux or gown. Rentals can also save kids and their parents money on prom night. Guys frequently rent tuxedos to wear to prom, but women may not realize they can rent gowns. Swapping dresses with others or borrowing them from people who have already attended prom is another option.

• Visit a cosmetology school for prom night styling. These schools frequently offer discounted services because students are providing the service. Experienced instructors will typically oversee the haircut or styling and be available to step in if necessary.

• Share expenses whenever possible. Going to the prom with a group of friends does not just foster camaraderie. The more people chipping in for transportation or after-party accommodations, the more money youngsters and their parents can save.

• Stay within budget. Students should establish a budget that is reasonable and stick to it. This is a good life lesson for future purchases and can lay a foundation of financial responsibility that will benefit kids for the rest of their lives.

Proms can be expensive, but students and their families can cut prom night costs in various ways.