Today, big-ticket items such as limousines, designer dresses, expensive dinners and even hotel rooms for after-prom parties are considered by many teenagers to be “normal” prom expenses. Adding to the problem is the parents’ desire to create wonderful memories for their teenagers. Parents often feel that special occasions, such as the prom, should be perfect – regardless of cost.
Although their intentions are only to give their teenager a special day he or she will remember for the rest of their lives, the lesson they’re really teaching is more subtle. By charging prom expenses it shows that it’s alright to overextend for special occasions, instead of saving for a big event or learning to readjust expectations. There are plenty of ways to ensure the cost of this special occasion stays reasonable.
Plan ahead. The best rule of thumb is to sit down with your child to decide in advance how much will be spent. Then, teach your teen good discipline by not going over the budget.
Use available resources. Gown rentals can be very affordable as you can often rent a much nicer gown than what you can buy for the same money. Or, check with friends and relatives who may have a dress or tuxedo your teenager can borrow. Consider forgoing the formal portrait at the prom, and find a talented friend or family member to record the evening on film.
Get creative. Progressive dinner parties are all the rage. They an inexpensive option to dining out and they’ll also allow each family to take photos and spend time with the party-goers. Or, host a gourmet dinner in your home. Bring out your best china, silver and candles, and create a special meal for your teen and their friends.
Remember, the memories from prom should last a lifetime. Make sure all the memories are positive—for both of you.
Reprinted with the permission of Money Management International. © 2008 Money Management International
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