At Moneywise, we know that School proms are a costly time of year for parents and carers. In recent years, proms have transformed from an understated party hosted in the school hall to glitzy affairs often hosted offsite. Accordingly, planning for the end-of-year party can be expensive, given the cost of outfits, transport and corsage.
The average cost for a girls’ prom is £400.00, whilst boys’ proms generally cost about £240.00.
With this in mind, we have created a new Adult savings Account called a Pay as You Prom Account, so parents or guardians can start saving ahead of time to meet the costs. With the cost of living continuing to rise, taking control of your savings early for key events such as a prom is likely to make your life far easier.
How does the Pay as you Prom Account work?
Our Prom Savings plan can be flexible depending on your situation – the earlier you start saving, the better! However, an example savings plan might look like this:
Girls’ Prom Savings Plan
Our prom savings plan can be flexible depending on your situation – the earlier you start saving, the better! However, an example savings plan might look like this:
Girls’ Prom Savings Plan
Save £11.00 per week x 37 weeks
Total available to spend: £407.00
Boys’ Prom Savings Plan
Save £6.50 per week x 37 weeks
Total available to spend: £240.50
Prom planning and savings tips
Preparing for your child’s prom requires forethought and careful planning – here’s some tips to ensure their big day is as stress-free as possible.
- Start early
- Plan well in advance – proms will take place at the end of the school year. Starting saving at the start of the year can make saving manageable
- Identify payments early
- Who is paying for what? Some parents like to split the costs with their child, to showcase the importance of money management after graduation
- What matters the most?
- Buy your most important items first – start with the essentials like the dress, and get the extras, like a corsage, later.
- Set a spending limit
- Setting a hard limit can be helpful, as costs can quickly add up – set a maximum budget for hairdressing, dress cost and transport.
- Don’t go all out on an outfit
- Be careful you don’t spend your whole budget on an outfit – there are plenty of other considerations to take into account.
- Skip the spray tan
- Going for a shop-bought tan lotion instead of a professional tan is another great way to save on prom costs.
Open your Pay As You Prom Savings account today
When you join Moneywise as a member, you will receive an account number so you can start saving straight away. Our friendly team will help you through the simple application process at any of our local service points, or you can also apply online.
- Click the button below to apply
- Fill in your details as accurately as possible
- Submit the form
- One of the Moneywise team will be in touch as soon as possible to confirm whether you have been successful
To apply you must:
- Be aged over 18
- Agree to Moneywise Credit Union rules
Frequently asked questions
You can be sure that your money is in safe hands with us. We are Regulated by the Prudential Regulatory Authority and Authorised by the Financial Conduct Authority and the Prudential Regulatory Authority, which means that we operate to the same standards as any bank or building society. We are here for you and we always put the needs of our members first.
Instead of receiving annual interest on your savings, members receive a share of our annual profits, known as a dividend. The dividend is paid annually after the annual general meeting. Please note there is no guarantee a dividend will be paid each year.
You can start saving from as little as £1 per week and save any amount up to a total amount of £35,000. Deposits can be made at any local branch or collection point by cash or cheque. You can even set up a standing order or direct debit to make regular payments into your savings account, direct from your bank account. We have arranged with some employers that staff can pay into their savings accounts directly from their wages. Call us to find out if we have a scheme with your employer. If not, we will be happy to talk to your employer about setting up a payroll scheme with them. More information is on our Payroll page.