Prom Spending Plummets in 2014

Published On: Apr 21 2014 08:07:35 AM HST   Updated On: Apr 12 2014 06:00:00 PM HST

Are parents finally pinching their pennies for prom?

For the first time since 2011, Visa has reported a decline in the amount of money families spend on prom.

Even better, because Visa recognized that budgeting for this event can be a major task, they've enlisted their financial education program Practical Money Skills to tackle the problem.

Now, parents and students can download a free Visa-approved appĀ  to plan ahead and stick to the budget.

The app, which can be found on iTunes, is called Plan'it Prom.

Practical Money Skills also has a few prom season tips for families:

  • Shop for formal wear online or in a consignment store. You'd be surprised what you can find from a reputable location.
  • Ask a talented friend to do your make-up. Another option is to visit Sephora for a complimentary make-up service, such as a glamorous smokey eye.
  • Take pre-prom photos on your own.
  • Determine a budget with your teenager in advance so that the entire household is on the same page before any shopping begins.

Prom spending plummets in 2014


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