To help encourage a joint saving effort between teens and their parents, families may even want to consider opening a separate savings account to build prom savings. A savings account from an online bank may be ideal because these accounts are often easy to open and are likely to offer higher interest rates than the accounts offered by traditional banks, according to recent MoneyRates.com research.But whatever approach families take to paying for prom, selective restraint and careful planning may prove essential in preventing the big night from becoming a financial mess.
Has Prom Spending Gotten Out Of Control?
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.