Prom has become a major social event in every teenager’s high school career with a major price to match. According to Visa’s annual prom spending survey, the average household, mostly the parents, will spend around $1,000 dollars for one fun-filled night.  This includes the costs for attire, pictures, tickets, limousines, and appointments.

In this recession, you would expect the wallets of these parents to be a bit less flexible.  When it comes to prom, however, the pressure to help give your teen a fun and memorable prom experience is a heavy weight on a parent’s shoulders.

“You don’t want your kid to feel left out, you want to try to be able to give them all the opportunities that the other kids have” said Chris Moore, mother of Senior Katie Moore, “This is one night that your kid gets to dress up and feel good, kind of like  their own red carpet moment!”

Depending on how you look at it, prom can be a fun and memorable high school experience or an unnecessary rite of passage.

“I can’t imagine not going to prom and missing out on all the fun! It’s something that most seniors look forward to all year!” said Senior Jill Kolencik.

“It’s ridiculous how much people are willing to dish out for a few hours of dancing,” added Senior Seanna Izar.

Either way, if you decide to attend, the costs can add up, and fast.  But it doesn’t have to cost a fortune. Prom can be a good way for teens to learn how to budget and save money while still being able to have a great night. There are many tips online, but I’ve compiled a summarized list for the best ways to save.

Plan ahead; sit down with your parents or prom date and decide on a budget and a reasonable amount of money everyone is willing to spend.  Borrow a dress from a friend, and/or rent a tux.  Do your own hair/makeup or enlist a friend to do it for you.  Borrow accessories, or go thrift shopping for unique accessories that no one will be wearing!  Make your own corsage with help from DIY examples on Pinterest.  Have a family member with a nice camera take pictures instead of paying for a professional portrait.  Finally, take your own car, or carpool with other couples and split the cost of gasoline.

All in all, this is a perfect opportunity to do your part to make fiscal responsibility cool. Talk about how much you saved—not about how much you spent.  Most importantly have a great time and make it a memorable night!