If your children are going to prom this year, it's going to cost more.

Flickr User, salt of the earth

In fact, a new survey by Visa Inc. finds that prom spending is up five percent this year to a nationwide average of $1,139 per family.

"This is the third year in a row we've done a survey on prom costs and for the second straight year, costs are up," said Nat Sillin, head of U.S. Financial Education for Visa. "Costs are going up in all the categories and for all the expenses related to prom. We believe that prom has become the modern-day keeping up with the Joneses or keeping up with the Kardashians."

"Teens now see on television and in pop culture fancier dresses and more expensive shoes and nicer dinners. They want that experience as part of their prom experience."

Families in the Northeast plan to spend the most, about $1,528 while Midwestern families will spend the least, an average of $722. Ironically, parents in lower income brackets, making less than $50,000 a year, plan to spend more than the national average, $1,245, while single parents plan to spend even more, $1,563.

There are ways to save and budget. In fact, there is a free app called Plan'it Prom designed to help teens learn how to budget.

"You can budget for your prom, plan each spending category and share as you plan with your friends and family on Facebook as to how your budget process is going," said Sillin.

Other ways to save include:

  • Shop for formal wear at consignment stores
  • Rent a dress
  • Split limo costs with other couples or drive yourselves
  • Take pre-prom photos of yourself and use cell phones for candid shots

For additional cost-saving tips, visit this website.