Prom spending has gone down for the first time since 2010, dropping more than 14% to $978 per family for 2014 from $1,139 in 2013. Visa's Head of U-S Financial Education Nat Sillin noted people are starting to become more financially aware of the draining costs associated with prom and that's a good thing. Visa is also introducing the new, updated free smartphone app that helps parents and teenagers plan and budget every aspect of the prom.

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