Tell Us: Is Cost for Prom out of Control?

We are in prom season, and evidently we are also in big money spending season, according to the findings of a survey released Thursday by Visa.

The average family is spending $1,139 this year on prom, an increase of 5 percent over the amount spent in 2012. The average price could be even higher in Massachusetts, as Northeastern United States families are spending an average of $1,528. Visa did not break down spending by state.

The company also noted parents surveyed who fell in the lower income brackets (less than $50,000 a year) are spending an average of $1,245, while parents who earn more than $50,000 are spending an average of $1,129. Also, single parents are spending $1,563, while married parents are spending $770.

Self-reliance advocates might be disturbed to hear parents, on average, are paying for 59 percent of the cost, while their teens are covering the remaining 41 percent. 

"Prom has devolved into a competition to crown the victor of high school society, but teens shouldn't be trying to keep up with the Kardashians," said Nat Sillinm Visa's head of U.S. Financial Education in a press release. "The prom is an opportunity to teach teens how to budget. If they want that sparkling dress, fancy dinner, and limo ride, this is the opportunity to set a budget and save."

Do you think the cost of prom has gotten out of control? What do you do to try to keep the cost down? Share your thoughts in the comments section below.