A Guide to Frugal Prom Planning

As the calendar turns and prom season approaches, so does the pressure to spend big bucks. It's not just about creating unforgettable memories anymore; it's about managing the expenses that come with them. According to Fortune.com families in the U.S are on average spending between $600-$1,000 on Prom with some teens reporting spending as much as $2,000 for this once in a lifetime event! But fear not, there are ways to trim down those costs without sacrificing the magic of the evening. Here are some tips on how you can make prom dreams come true without breaking the bank:

Establish a Budget in Advance

Long before the big night arrives, sit down with your teen and map out every conceivable prom-related expense. Together, establish a reasonable budget that aligns with your financial capabilities. Encourage your child to participate in this process, emphasizing the importance of adhering to spending limits. Should they exceed the budget in one area, they'll need to compensate by cutting back elsewhere or dipping into their own funds. By fostering financial responsibility early on, you equip them with invaluable skills for the future.

Open a Sub-Share Account with FAFCU

Sub-Share accounts from Forest Area Federal Credit Union are perfect for budgeting for things like vacations, kids extracurriculars and, you guessed it, Prom! A Sub-Share account is a subsidiary account under your main share savings account that helps you keep your funds separate from your other savings. There are no minimum deposit requirements, no minimum balance requirements, and your dividends are still paid out quarterly. Stop into one of our branches or use Evergreen to open a Sub-Share account from anywhere.

Ditch the Promposal

Gone are the days of extravagant promposals draining wallets faster than a high-speed vacuum. Encourage your child to explore budget-friendly alternatives that still capture the essence of the moment. Whether it's a clever message spelled out with cheap props or a heartfelt gesture that doesn't cost a fortune, remind them that the sincerity of the ask far outweighs its monetary value.

Pop Some Tags on the Perfect Dress

For many young ladies, finding the perfect dress is non-negotiable. However, that doesn't mean it has to come with an exorbitant price tag. Platforms like Poshmark, OfferUp, and Facebook Marketplace, offer a treasure trove of gently used dresses from previous prom-goers at a fraction of the cost. You may also be able to find pop-up shops that offer secondhand prom wear in your area. With a little creativity and resourcefulness, your teen can dazzle without draining your bank account.

Investing in Timeless Tuxedos

Unlike their female counterparts, young men have the advantage of reusing their prom attire for future events. Consider investing in a quality tuxedo that transcends the confines of a single night. While rentals may seem cost-effective initially, the cumulative expenses can quickly add up. By purchasing a timeless tuxedo, your son not only saves money in the long run but also exudes confidence in a well-fitted ensemble tailored to his taste.

Cruising in Style, Cruising on Savings

For those envisioning a glamorous entrance in a rented limousine or party bus, strategic planning is key to securing the best deals. Limousine services and rental companies often inflate prices during prom season, making early reservations a prudent decision. By locking in your transportation ahead of time, you can enjoy the luxury of arriving in style without the hefty price tag attached.

Alternatively, check with your friends and family to see if anyone has a slick ride they are willing to let you use for the night. Classic cars will stand out amongst the crowd of stretch limos and make your teen feel extra special and create a special memory for you and the person whose car you are using.

Styling Affordably at Beauty Schools

Pampering oneself for prom doesn’t need to come at a premium. Many beauty schools offer professional services at a fraction of the cost charged by traditional salons. Encourage your teen to schedule their hair appointment early to secure a spot before the slots fill up. Not only does this save money, but it also supports budding cosmetologists honing their craft.

Exploring Economical Dining Options

Before the dancing begins, prom-goers often indulge in a pre-event meal to fuel their festivities. However, dining out at fancy restaurants can quickly escalate expenses. Instead, consider hosting a budget-friendly pre-prom gathering at home, complete with homemade dishes or potluck-style contributions from friends. Alternatively, scout out local eateries offering prom specials or discounts for large groups. By opting for cost-effective dining options, you can satisfy hunger cravings without draining your wallet.

Time to Dance the Night Away, Not Your Savings

Prom night symbolizes the culmination of high school memories and the beginning of new adventures. While the allure of extravagance may be tempting, it's essential to strike a balance between creating unforgettable experiences and managing financial resources responsibly. By embracing budget-friendly alternatives and instilling fiscal mindfulness, you empower your teen to cherish the magic of prom without the burden of excessive costs. After all, the memories made on prom night are priceless, but that doesn't mean you have to pay a fortune to create them.