Hey Mom and Dad: What Is Your Prom Budget?

It has gotten more expensive to do most things in life, so we shouldn't be surprised that it has gotten more pricey to go to a high school prom. On average, parents and teens will spend $1,139 on prom this year. This is only a slight increase over last year but a 40 percent increase from the $807 average of 2011, according to a new Visa survey. The list of "needed" items can be endless: dress, tux, shoes (one pair formal and one for the dance?), corsages, limo, dinner, actual prom tickets and after-prom activities. "Prom is the new wedding," said Kit Yarrow, a consumer research psychologist, in a CNN Money article. "I think that every society has to have a rite of passage into adulthood for young people, and prom has become that."   Have you found that the cost of prom is increasing? Is it appropriate to spend over $1,000 on the event?  If not, where do you save or how do you set a limit for your teen?  Tell us in the comments area below.