Budgeting: How to plan a prom budget without spending a fortune
A prom budget covers the ticket, outfit, transport, hair and make-up, photos and any after-party. In a worked example, prom costs about 400 with everything new, or about 180 with second-hand outfits, shared transport and doing your own hair.
By Wealtie Team · 3 min read
Key takeaways
- A prom budget covers the ticket, outfit, transport, hair and make-up, photos and extras.
- In a worked example, prom costs about 400 with everything new, or about 180 with savings on each part.
- Second-hand, rented or borrowed outfits are a big saving and increasingly common.
- Agree the budget early between teenager and parents, and decide who pays for what.
How do you plan a prom budget?
List every cost, agree a total, and look for savings on the biggest items. Prom, or an end-of-school dance, can be a big occasion, and costs can grow quickly with outfits, transport, hair, photos and after-parties. Agreeing a budget early, between teenager and parents, makes it easier to enjoy the night without money stress, and it gives time to find the best deals.
What does prom cost?
Here's a worked example in round numbers that work in any currency, comparing everything new with a careful approach:
| Cost | Everything new | Careful approach |
|---|---|---|
| Outfit, shoes, accessories | 200 | 60 |
| Ticket | 50 | 50 |
| Transport | 60 | 20 |
| Hair and make-up | 50 | 20 |
| Photos and extras | 40 | 30 |
| Total | 400 | 180 |
The ticket is usually fixed, but every other line has room to save, often by more than half.
How do you save on the outfit?
The outfit is often the biggest cost. Options that cost far less than new:
- Second-hand: charity shops and online marketplaces have many formal outfits worn once
- Renting: outfit rental can cost a fraction of buying
- Borrowing: from friends, cousins or siblings
- Swapping: a prom outfit swap among friends or at school
- Altering: changing an existing outfit with new accessories
Many people now choose second-hand or rented outfits, so there's no need to feel it's second best. Comfortable shoes you'll wear again are a better buy than ones for one night. Start looking early, since good second-hand and rental options go quickly in the weeks before prom season. If you buy new, look in sales well ahead, and choose something you could wear to a wedding or another event later.
How do you save on transport?
Share. Arriving in a hired car is fun, but splitting it between a group cuts the cost a lot. A family member driving, a decorated family car, or public transport with friends are all cheaper. Plan the journey home too, so a late taxi doesn't add an unexpected cost. Agree a pick-up time with a parent or a group taxi, which is also safer.
What about hair, make-up and photos?
Doing hair and make-up at home, perhaps with a friend or relative who's good at it, saves a lot. Online tutorials help, and a practice run a week before avoids stress on the day. For photos, friends and family with phones can take great pictures, and many schools arrange a photographer, so check before paying for your own. A group photo session at someone's home before the event is a fun, free tradition for many friendship groups. Nails can be done at home with a simple kit for a fraction of a salon's price.
What about the after-party and extras?
Agree in advance what's included. After-parties can add costs, like food, venues or transport. Set a spending money amount for the night, and check whether there are extras like a yearbook, flowers or group gifts. Saying no to some extras is fine.
What about the dinner before?
Some groups go for a meal before prom, which can add a lot. A dinner at a friend's house, with everyone bringing something, or a cheaper restaurant with a set menu keeps the cost down. Agree the plan and the cost early, so nobody feels pressured to join something they can't afford. Photos before a home dinner can be just as memorable as a restaurant.
Who pays for what?
Talk about it early. Some families cover the ticket and the teenager pays for extras from savings or a part-time job, which teaches budgeting. Agree the total and the split, so nobody is surprised. How to budget as a teenager has a simple plan for teenagers saving their own money.
How do you save for prom?
Start months ahead. Divide the total by the months until prom. A 180 budget saved over six months is 30 a month. Putting birthday money or part-time earnings toward it helps. Keeping the money in a separate pot stops it being spent on other things. If friends are going for very different budgets, agree as a group on the shared costs, like transport, so nobody feels pressured to spend more than they can.
How do you track prom costs in Wealtie?
Add a savings account for prom and move money into it each month as a transfer, which isn't counted as spending. Log costs in an Events category, so your expense categories show the total. Your net worth tracker shows the pot as it grows.
Questions people ask
It varies a lot. A worked example costs about 400 with everything new, or about 180 with second-hand outfits, shared transport and doing your own hair.
Rent, borrow or buy a second-hand outfit, share transport, do hair and make-up at home and agree a budget for extras.
Yes. Second-hand and rented outfits are increasingly common and can look just as good.
Families handle it differently. Agree early who pays for the ticket, outfit and extras.
This article is general information, not financial, tax or legal advice. Your situation is your own; check the numbers that apply to you before you act on them.
