Visa's free Plan'It Prom app helps parents and teens enjoy prom without
TORONTO, May 15, 2013 /CNW/ - As Canadian high school students gear up
for prom season, Visa Canada is reminding parents and students that the
prom should be about celebrating a milestone, not keeping up with the
Joneses. Recognizing that prom spending now represents a major expense
for Canadian families with high school students, Visa launched a new
free smartphone app today that helps parents and teenagers plan and
budget every aspect of the prom and avoid overspending.
The free Plan'it Prom app, available in French and English, lets users
make a realistic, detailed prom budget and then helps them stick to
that budget by allowing them to track their spending as they shop.
Plan'it Prom offers tips and tools for both male and female prom-goers,
and is available in the iTunes store, the Google Play store and from www.practicalmoneyskills.ca/prom.
"Prom is definitely a rite of passage for high schoolers, but it's up to
parents to keep it in context," said Carla Hindman, Visa Canada's head
of Financial Education. "The prom offers a great opportunity for
parents to talk to their teens about money and teach them how to
budget. The sparkling dress, pre-prom spa day and limo ride may all be
possible if budgeting and saving are the priority."
While many parents foot the bill for prom, Ms. Hindman suggests that
even if they are covering the costs, the conversation is still
"Helping your kids understand money and how to budget for an event like
prom can leave a lasting impression," said Ms. Hindman. "The end of
high school should be marked by making memories, not a mountain of
Visa Canada is working with Ottawa stylist and fashion ambassador Erica
Wark to help teens understand that they can have a stylish and fun prom
look without breaking the bank.
"Prom is a definitely a big night, but there's no rule that says you
have to spend a fortune to look like a million bucks," said Erika Wark.
"With so much variety, there are tons of ways to put together a
fabulous look for less."
To help save on the cost of the prom, Visa Canada offers these tips for
prom attendees and their parents:
Shop for formal wear at consignment stores or online. As with tuxedos,
some outlets rent formal dresses and accessories for one-time use.
Have make-up done at a department store's cosmetics department or find a
talented friend to help out.
Split the cost of a limo with friends, or look into non-traditional
rides, like renting a school bus and driver for a large group.
Parents can take pre-prom photos and have prom-goers use cell phones or
digital cameras for candid shots at various events.
Work out a separate prom budget together well in advance to determine
what you can afford. Set a limit of what you will contribute and stick
to it. If teens want to spend more than that, encourage them to earn
the money to pay for it or decide which items they can live without.
The Plan'it Prom app and tips are part of Visa's free financial
education program, Practical Money Skills (www.practicalmoneyskills.ca) which offers free educational resources for educators, parents and
students including personal finance articles, games, lesson plans, and
Visa is a global payments technology company that connects consumers,
businesses, financial institutions, and governments in more than 200
countries and territories to fast, secure and reliable electronic
payments. We operate one of the world's most advanced processing
networks-VisaNet-that is capable of handling more than 24,000
transaction messages a second, with fraud protection for consumers and
assured payment for merchants. Visa is not a bank and does not issue
cards, extend credit or set rates and fees for consumers. Visa's
innovations, however, enable its financial institution customers to
offer consumers more choices: pay now with debit, ahead of time with
prepaid or later with credit products. For more information, visit http://www.corporate.visa.com/.
SOURCE: VISA Canada Corporation
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