Prom Spending Slips Despite Economic Upswing

With the cost of limos, extravagant dresses and all the extras, prom spending has been on the rise in recent years. But all that spending seems to be winding down, according to CNN.

CNN reports teens and their families will spend $978 this year, on average. That's down 14 percent from last year's average, which was $1,139, according to a survey by Visa of teens and parents.

Piper Jaffray & Co. also reported the same trend in October, which stated teens were spending less money on clothes, despite the upswing in the economy.

That leads us to today's question. Is there something that's expensive, but that you just have to spend money on?