Prom season is here and unless you have been planning ahead, be prepared to take a big chunk out of your wallet.

The average price of prom is going up, and it shouldn't be any surprise that the parents are the ones paying for most of it.

A survey by Visa found that the average prom costs $1,078, up more than 33% over last year.  The survey also found that families that earn the LEAST spend the MOST on prom preparation.

Families that make under $50,000 a year spend $1,300 on the prom, and families that make $20,000 to $30,000 spend DOUBLE that, $2,600.

On average, parents cover 61% of their kids' prom expenses, while the kids only pay 39%.

I'm actually surprised that kids cover that much of the cost since most don't have any source of income.

You can enter to win Club 93.7's Ultimate Prom and save some money here.