Today's prom isn't your parents' dance anymore. This year's prom price tag could easily top $1000! Read more after the jump.

 

The year that I attended prom, I bought a dress straight from the sale rack, and did my hair and makeup myself. The total bill came to $78. In this day and age, even though most parents are struggling financially, a child's prom night will cost an estimated $1087, up from last years' $807. Because of the popularity of Facebook, teen reality shows, and pop stars like Katy PerrySelena Gomez and Justin Bieber, a lot of teens treat prom night like their red carpet moment. Designer dresses, tanning sessions, professional hair and makeup and limos contribute to the mini wedding feel of prom. Says the head of Visa's financial education programs, "This is social-arms-race spending. It's extreme" Parents seem happy to part with the cash. They are eager to use "their kids to proclaim their stature to other parents" says a marketing psychologist.

Do you have a teenager attending prom this year? If so, how much will you spend? How much is to much?