There are ways to celebrate a formal school event, like...

There are ways to celebrate a formal school event, like a prom, and not break the bank. Watching for special prom boutiques, or scouring consignment or thrift shops can keep the price down, experts say. Credit: Handout

It's prom time. With families spending an average of $1,000 or more, you need a savings strategy to make sure you're not paying bills long after the hairdo and flowers wilt.

Shop smart: Skip pricey salons and get hair and makeup done at a cosmetology school. Some beauty salons and florists offer group discounts. Get together with friends and negotiate a deal.

The night should be a momentous occasion, not a bottomless money pit.

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