Are Your Prom Dresses A Financial Time Bomb?
A recent survey from VISA gave the shocking news that American parents with teenagers are spending an average of $1,078 per kid on prom! So are your prom dresses going to leave you with a lasting legacy of debt that overshadows the event itself?
How Did Prom Dresses Become So Expensive And Who’s To Blame?
Of course prom dresses have always been desirable and premium garments as they are a critical and memorable part of a youngster’s school days, but prices have been creeping up year-on-year and now you can expect to pay between $200 to $600 for a prom dress from a dress store! Scary, right? This is partly due to the typical one-upmanship played between teenagers where they feel they need to outdo one another (with parents picking up the tab) and partly due to rising global costs.
Jason Alderman, senior director of VISA global finacial responsibility, said:
“Prom season spending is spiraling out of control as teens continuously try to one-up each other,” said Jason Alderman, senior director of global financial education for Visa. “It’s important to remember that the prom is a high school dance, not a wedding, and parents need to set limits in order to demonstrate financial responsibility.”
That advice is apparently falling on deaf ears, however, as the survey found that parents are planning to pay an average of 61 percent of the cost. Alderman said that’s one of the problems.
“One of the reasons that prom spending may be running amok is that parents are paying the vast majority of the costs, giving teens little incentive to economize,” he said.
So, are your kids pressuring you to get more expensive prom dresses, limos, expensive photography and other costly elements for their prom?
Is It Possible To Save On Prom then?
Yes, absolutely, but it depends on two things. Firstly you as parents need to tightly control the purchasing process in order to be aware of costs. Left to a teenage girl you can guarantee that it will get costly! Secondly you need to shop around for some good deals. Definitely try online stores, as they have much lower running costs than local stores and pass on those savings to you in the form of lower prices.
Regarding good deals, OuterInner.com can help! Our range of prom dresses are mainly under $200, leaving you spare cash for other things, rather than a boat load of debt! They’re not free, but a two or three hundred dollar saving is better than nothing, right?
So has your prom already come and gone? Did you spend more than expected? How did you save money? Let us know by leaving a comment please!
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