Below is a list of tips for budgeting their prom night. Please use them as a way of teaching your teenager the financial responsibility of attending this event. These tips should not be used as a 'laundry list' of things for parents to do and pay for.
What you need to develop a prom budget:
- one 'going to the prom' teenager
- one pencil
- two pieces of paper
- a calculator
- a phone book and phone
You do not need to sit down with your teen while they develop the budget, but you should be available. When your son says he needs a tux, hand him the phone and phone book to get quotes from at least two or three different rental stores. Then gently remind him that he needs dress shoes and black socks also.
Repeat this process for everything your teenager says he/she needs. Come back and revise the budget as they continue to get ready for the prom. It doesn't have to be perfect, but do not miss this opportunity to teach them some financial planning.
One word of warning: Do not start this budget by telling them they have only such-and-such amount to spend. Your teenager cannot control how much things cost. Trying to stay within a certain amount at this stage of the process will cause stress in them and create a rift between the two of you.
If the budget they have come up with is more than you expected to spend, let them know that both of you will need to become creative in order to be able to get everything they want. Start looking for specials and discounts!
Who pays for what?
- Tickets - This can be either party or a shared expense.
- Attire - Both parties pay for their own attire.
- Flowers - Both parties purchase a corsage for the other.
- After Prom activities - Both parties pay their own way.
- Limousine - A shared expense for the entire group using the limousine.
