Stretch your prom budget

By Becky Hagen Jokela, University of Minnesota Extension

ST. PAUL, Minn. (3/23/2009) — Planning to attend the prom this spring? Are you budget conscious, having fewer dollars to spend than you thought? You are not alone.

Proms can be a special event, but may be a drain on individual and family budgets. Many youth are looking for ways to cut expenses in light of today’s economy. What are some fun and helpful ways to lower your prom spending? Creativity is the key as you plan for the prom.

Here are some steps young people can take to lessen prom expenses:

Make a budget/plan. (Think of and write down all items needed for the prom and list a possible cost.)
Review your budget and think of ways to lower those costs.
Communicate with parents and friends for ideas.
Shop consignment shops and thrift stores.
Borrow a dress or shop sales.
Consider what you already have in your closet.
Create unique themed contests with prizes for the following: Frugality (see who can spend the least amount of money and use resources uniquely); Creativity (who creates the most unique prom attire, etc.); Generational themes (50’s, 60’s, 70’s, 80’s, 90’s).
Promote “savings” as a positive trend: Less spent equals more saved!

Diane McGinnis, owner of Take 2 Consignments told me that prom sales have been up this year because of the current economic issues. She said more people are assessing their budgets and determining clothing is one area where cuts can be made.

When planning to attend the prom, stop and think about where dollars can be saved. Make a budget plan and be creative in your prom choices. Look for ways to spend wisely, as it pays for young adults to find ways to spend less, lower stress and have fun!

For additional information and to access a “Prom Spending Planner,” visit the NDSU website: http://www.ag.ndsu.edu/money/prom.htm.

For more information on how young people can learn to manage budgets, visit the University of Minnesota Extension website on Youth & Money at http://www.extension.umn.edu/Youth&Money/.

Any use of this article must include the byline or following credit line:
Becky Hagen Jokela is a family resource management specialist with University of Minnesota Extension.

Media Contact: Catherine Dehdashti, U of M Extension (612) 625-0237, ced@umn.edu

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URL: http:// www.extension.umn.edu/extensionnews/2009/stretch-your-prom-budget.html This page was updated Mar. 24, 2009 .
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