Senior prom sticker shock - By Jason Alderman
> Forget college – just paying for your kid's senior year in high
> school can break the bank if you haven't planned carefully. While it's
> always a challenge to deny your kids enjoyable experiences, today's
> tough economy is forcing many families to make difficult decisions
> regarding these once-in-a-lifetime experiences.
>
> One of the costliest senior expenses is the prom. At the risk of
> dating myself, my prom set me back $150, mostly for a tuxedo rental.
> These days, according to a Your Prom magazine survey, the average
> couple spends at least $1,000 – many pay much more.
>
> It all adds up. Consider:
>
> New prom dresses cost from $100 to $700 or more. Plan on another
> couple of hundred for shoes, accessories, flowers and professionally
> styled hair, nails and make-up.
> A new tuxedo will set you back at least a few hundred dollars, not
> to mention the shirt, tie, studs and shoes you'll need. Even renting
> all this will likely cost $150 or more.
> Figure at least $100 an hour plus tip to rent a limousine, for a
> minimum of four hours.
> The national average for prom tickets varies from $50 to $150 per
> person, depending on venue, entertainment, meals, etc. And don't
> forget about commemorative photos.
> The couple probably won't want to eat at McDonalds, so figure at
> least $40 for a nice meal.
> After-party. This could be anywhere from a few bucks at the bowling
> alley to hundreds of dollars for group hotel suites.
>
> When Visa Inc. surveyed prom goers recently, 27 percent recalled
> having paid for everything themselves, 26 percent had parents who
> picked up the whole tab, 14 percent split it 50-50 with their folks
> and 12 percent shared the cost with their date. Bottom line: Don't
> feel compelled to foot the whole cost. If your kids have skin in the
> game, they'll quickly determine what they can and can't live without.
>
> Here are a few cost-saving ideas:
>
> Shop for formal wear at consignment stores or online at sites like
> eBay or Craig's List. As with tuxedos, many outlets rent formal
> dresses and accessories for one-time use.
> Have make-up done at a department store's cosmetics department.
> At the very least, split the cost of a limo with other couples.
> Team up with other parents to host a pre-prom dinner buffet or
> after-party.
> Take photos yourself – and buy disposable cameras for candid shots
> at various events.
>
> Besides the prom, you should anticipate many other senior-year
> expenses. Talk to recent graduates and their parents about their
> lessons learned; then, before the school year begins, sit down with
> your child and hammer out a budget. Consider expenses such as:
>
> College entrance exams, study guides and tutoring
> College application fees and site visits
> Senior portraits
> Graduation announcements
> Cap and gown
> Graduation party
> Senior trip
>
> Use senior year as an opportunity to teach your kids about the
> importance of setting and sticking to a budget. Visa's free personal
> financial management site, Practical Money Skills for Life, features
> many easy-to-use budgeting tools and interactive calculators that can
> help (www.practicalmoneyskills.com/budgeting).
> school can break the bank if you haven't planned carefully. While it's
> always a challenge to deny your kids enjoyable experiences, today's
> tough economy is forcing many families to make difficult decisions
> regarding these once-in-a-lifetime experiences.
>
> One of the costliest senior expenses is the prom. At the risk of
> dating myself, my prom set me back $150, mostly for a tuxedo rental.
> These days, according to a Your Prom magazine survey, the average
> couple spends at least $1,000 – many pay much more.
>
> It all adds up. Consider:
>
> New prom dresses cost from $100 to $700 or more. Plan on another
> couple of hundred for shoes, accessories, flowers and professionally
> styled hair, nails and make-up.
> A new tuxedo will set you back at least a few hundred dollars, not
> to mention the shirt, tie, studs and shoes you'll need. Even renting
> all this will likely cost $150 or more.
> Figure at least $100 an hour plus tip to rent a limousine, for a
> minimum of four hours.
> The national average for prom tickets varies from $50 to $150 per
> person, depending on venue, entertainment, meals, etc. And don't
> forget about commemorative photos.
> The couple probably won't want to eat at McDonalds, so figure at
> least $40 for a nice meal.
> After-party. This could be anywhere from a few bucks at the bowling
> alley to hundreds of dollars for group hotel suites.
>
> When Visa Inc. surveyed prom goers recently, 27 percent recalled
> having paid for everything themselves, 26 percent had parents who
> picked up the whole tab, 14 percent split it 50-50 with their folks
> and 12 percent shared the cost with their date. Bottom line: Don't
> feel compelled to foot the whole cost. If your kids have skin in the
> game, they'll quickly determine what they can and can't live without.
>
> Here are a few cost-saving ideas:
>
> Shop for formal wear at consignment stores or online at sites like
> eBay or Craig's List. As with tuxedos, many outlets rent formal
> dresses and accessories for one-time use.
> Have make-up done at a department store's cosmetics department.
> At the very least, split the cost of a limo with other couples.
> Team up with other parents to host a pre-prom dinner buffet or
> after-party.
> Take photos yourself – and buy disposable cameras for candid shots
> at various events.
>
> Besides the prom, you should anticipate many other senior-year
> expenses. Talk to recent graduates and their parents about their
> lessons learned; then, before the school year begins, sit down with
> your child and hammer out a budget. Consider expenses such as:
>
> College entrance exams, study guides and tutoring
> College application fees and site visits
> Senior portraits
> Graduation announcements
> Cap and gown
> Graduation party
> Senior trip
>
> Use senior year as an opportunity to teach your kids about the
> importance of setting and sticking to a budget. Visa's free personal
> financial management site, Practical Money Skills for Life, features
> many easy-to-use budgeting tools and interactive calculators that can
> help (www.practicalmoneyskills.com/budgeting).
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