Each year, Visa does a survey to see how much it's going to cost kids to go to the prom.
This year, it'll cost an average of $1,139 . . . which includes the tickets, a dress or tux, a fancy dinner, and a limo. That's a 5% increase over last year, which makes it two years in a row that prom expenses have risen faster than inflation.
Parents will cover 59% of their kids' prom expenses . . . while the kids cover the rest themselves.
And families who make LESS money actually end up shelling out MORE for prom than families who are in better financial shape.
Families making less than $50,000 a year will spend $1,245 on the prom . . . while families making more will spend about $100 less . . . $1,129. And single parents will spend $1,563 . . . more than DOUBLE what married couples will spend.