If you're a high school senior, you might be looking for ways to save for prom. Even if your parents agree to help with this expense, they might refuse to pay for an elaborate prom night or weekend. For that matter, you'll need to save your pennies and exercise financial self-control. It might seem like a difficult task, but there are simple ways to save for prom by spring.
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1. How Much do You Need?
If you're looking for ways to save for prom, you’ll first need to determine how much you need. Knowing the exact amount can be challenging. But if you have an idea of how much you want to spend on a dress, or if you have a list of activities you want to enjoy during prom weekend, this can provide a rough estimate of how much you'll need to save. Also, it helps to get a rough idea of how much your parents will contribute.
2. Dedicated Savings Account
To start saving for prom, go to the bank with your parents and open a savings account. If you're under the age of 18, the bank may require that a parent’s name appears on the account with yours. This account is exclusively for prom funds. There are many ways to save money, and some young adults choose to keep funds underneath a mattress. But with money in the bank, the cash isn't easily accessible, thus it’s easier to save.
Frequently asked questions
3. Save Gift Money
If you receive gift money for your birthday, holidays or other special events, it's tempting to spend this money on clothes, electronics or hanging out with friends. But if you're determined to have a memorable prom, prioritize spending and save the majority of your money. This doesn't mean you can't have fun; but rather than blow all your cash, you can spend a little and save a little.
4. Girls Night in
Hanging out with friends can take a huge chunk of your allowance, gift money or part time earnings. Rather than spend every weekend eating out, going to movies and enjoying other costly activities, get with your friends and plan nights in. Take turns going to each other's house. You can play board games, stream seasons of television shows or watch a movie. You'll soon discover that there are plenty of ways to have fun without breaking the bank.
5. Do Odd Jobs
Getting a part-time job is one of the best ways to save for prom. But if you can't find a job, there are other ways to earn a buck. Some teenagers and young adults earn extra cash raking their neighbors leaves, washing cars and babysitting. Pass out flyers in your community and ask neighbors to spread the word about your services.
6. Extra Chores
Talk with your parents to see if you can earn extra allowance money doing extra chores around the house. To ensure you don't spend this money, ask your parents to deposit the extra allowance money into a special account. You might also strike a deal where your folks agree to match whatever you save.
7. Save Your Change
Put an empty jar in your room, and each day you return home, toss spare change into this jar. You'll be surprised at how fast this money adds up. By the time prom rolls around, you can easily save $100 or more just in coins.
Prom season is an expensive time for young adults; and unfortunately, your parents might not have the cash flow to create a memorable night. Therefore, you'll need to pitch in and cover some of your expenses. What are other ways to save for prom by the spring?
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