How much are you forking out for your child’s school prom?

The end-of-year prom comes with all sorts of expenses, like new outfits, accessories, shoes, hair and make-up and travel. But many parents are finding ways to keep the cost down.

According to ClearPay, two-fifths (40%) of parents are making sure prom night stays affordable by setting a budget and sticking to it.

Meanwhile, more than one in five (21%) are adopting a do-it-yourself approach, doing hair, make-up and nails at home instead of hiring a professional.

And some (14%) are cutting the cost of their outfit by buying pre-owned outfits.

Where can I find cut-price prom outfits?

You don’t need a brand new outfit to stand out. 

Renting or buying pre-loved dresses and suits from charity shops, Facebook Marketplace, or apps like Vinted, Depop and eBay can save you hundreds of pounds.

It could also be worth turning to charities that offer free prom dress and suit loans, such as:

• Prom Alley
• All Dressed Up
• The Cowshed
• Kitted Out
• The Cinderella Initiative
• Belle of the Ball

Social media has made prom spending more competitive

Many parents are paying almost £400 on sending their child to the school prom.

In fact, figures show that parents with girls are spending an average of £392 for the occasion, while those with boys are forking out £235.

And in many cases, they’re splashing the cash because of social media pressure.

More than two-thirds (68%) of those polled said social media had made prom spending more competitive.

Meanwhile, two-fifths (40%) said they feel other parents judge them if their child’s outfit isn’t suitably impressive.

Nevertheless, a huge number of parents say that the occasion itself makes it worth the expense.

Almost seven in 10 (69%) parents feel a prom is a major milestone that deserves to be marked properly.

And over three-quarters (76%) believe seeing their child dressed up justifies the cost.

Parents getting into debt so their kids don’t miss out

If you’re thinking of paying more than you can afford because you feel you have to keep up with others, or because it’s a special occasion, remember the possible consequences.

For example, you don’t want to be left struggling with debt because you’ve paid over the odds.

Our own research has found that one in six parents are using credit or borrowing money to cover costs.

Meanwhile, 15% borrow to meet expectations, and 26% cut back on household savings to cover prom.

Lower-income families are hit hardest, and they’re almost twice as likely to rely on credit or cut back on essentials compared with higher-income households, 69% vs. 18%.

So it’s really important to look at where you can save money where possible.

You don’t have to break the bank to make sure your child gets the experience they deserve.

For more cost-saving tips for prom season, click here.