The astronomical price tag. Oof.

Not to fear. While the average cost of prom has risen above $1000 per family this year, it can be done for under $200. Here’s how.

The Getup
A recent USA Today story pinned the average cost of a prom dress at $231. That’s a lot to drop on a showstopping dress you’ll be wearing only once. A few alternatives:

• Rent a dress. For $50-$100, promgoers can have a designer dress shipped to their front door from genius website Rent the Runway. Wear it to prom, put it in a pre-paid envelope the next day, and send it on back — no dry cleaning or major investments required. Tip: check our RTR on Facebook for exclusive fan discounts on Fridays.
• Participate in a Prom Dress Swap. Area high schools across the country are teaming up for prom dress swaps, giving their gently-used formal gowns a second chance to stun.
• Go vintage. Want to stand out? Swing by a thrift or consignment shop and pick up a one-of-a-kind vintage suit or dress. If you’ve got a sense of humor, a dorky prom getup from decades past will turn heads and let your personality shine.
• Getting a tux? Call around. Even though many proms are less formal and a suit will do you just fine, if you’re going for the full tux, don’t be afraid to call around to different formalwear shops to find the best price.

Glamorize and Accessorize Wisely

• Paint your own nails. A manicure can cost upwards of $35. Know this: nobody will be looking at your nails. Paint them yourself!
• Don’t splurge on your hair. Ask your stylist for a simple sleek blowout instead of a stiff updo. Even better: enlist a (trusted!) friend or relative to wield the curling iron — and do a trial run before the big night.
• Rock shoes with personality. If you’re a Converse All-Star guy, pair chucks with your prom getup. If you’re a glitzy heels type of girl, pick up a glittery pair with personality for under $20 at a discount retailer like Forever 21.
• Do makeup on the cheap. YouTube is rife with excellent makeup tutorials, with step-by-step instructions for everything from dramatic lips to smokey eyes. Don’t trust your own hands to do a bangup job? Most department store cosmetics counters will give you a complimentary makeup application (with the expectation that you make at least one small purchase).
• Supermarket flowers. Hit your local grocery store’s floral department for corsages and boutonnieres at slightly lower prices than you’ll find at a specialty flower shop.

Keep the Pre-Prom Festivities Under Control

• Skip the photographer. Shareeke Edmead-Nesi of The Conscious Spender advises: “take your own photos and share them instantly on Facebook and Instagram” — and skip the professional photog.
• Dine somewhere fun, not fancy. Save the multi-course meals at an upscale restaurant for your graduation celebrations! Try going out to a local landmark, like a famous barbecue joint or dive diner, for a pre-prom meal that’s a special treat, not a splurge. Or organize a backyard barbecue or potluck (and kick the parents out after picture time).
• Arrive in style. You know how your Uncle spends all his time fixing up that vintage car? Ask (nicely) to borrow it for the night — and forgo the flashy limo.

So, can a young woman attend prom for under $200? Absolutely. Let’s assume she splits the dinner bill with her date and that she pays for her own dance ticket.

Dress, $64.95 – Rented from Rent the Runway (including shipping)
Manicure, $0 - Done at home, using her own nail polish
Hair, $25 – Salon blowout
Shoes, $19.80 – Forever 21
Makeup, $14.50 – Free application (department store), $14.50 lipstick purchase
Boutonniere, $10 – Supermarket
Dinner, $15 – BBQ joint
Photographs, $0 – Snapped using Instagram
Dance Ticket, $50
TOTAL: $199.25

How are you planning to save on prom costs?

[Image: wishymom via Flickr]

In our latest infographic, we take a look at Mother’s Day spending vs. Father’s Day spending. Enjoy.

Click image to see a larger version

Like this infographic? Use the code below to embed it on your site:
<a href="http://blogs.hrblock.com/2012/05/11/the-dollars-we-drop-on-mom-and-pop-infographic"><img src="http://blogs.hrblock.com/wp-content/uploads/2012/05/Mothers-Day-vs.-Fathers-Day.jpg" alt="Mother's Day Vs. Father's Day" width="600" /></a>Source: <strong><a href="http://hrblock.com">H&R Block</a></strong>

The ascent of the Mommy Blogger has been rapid, and her wild popularity, power and influence cannot be ignored. According to CBC, “five years ago, toy companies handed out 98 percent of their samples to TV stations, newspapers and magazines. Today 70 percent of those free samples go to bloggers.”

And of the almost 4 million Mommy Blogs in North America, a handful have considerable power and reach. In our latest infographic, we take a closer look at the top 10 Mommy Bloggers — and we’d like to be the first to wish them a happy Mother’s Day.

Click image to see a larger version

Like this infographic? Use the code below to embed it on your site:
<em>Click image to enlarge</em><a href="http://blogs.hrblock.com/2012/05/08/mommy-blogging-by-the-numbers-infographic"><img src="http://blogs.hrblock.com/wp-content/uploads/2012/05/024_IG_TechMoms_FINAL_FULL-01.jpg" alt="Earth Day 2012" width="600" /></a>Source: <strong><a href="http://hrblock.com">H&R Block</a></strong>

While I ended up learning money management skills the hard way, H&R Block is working to ensure today’s high schoolers can get a head start on financial fitness. H&R Block Dollars and Sense was created to help high school students across the country learn practical, real-world financial skills before they’re even out of high school — and the program has awarded nearly $3 million in personal finance curriculum and scholarships to high schools and students since its inception in 2009.

Among the most innovative and engaging components of Dollars & Sense is the National Challenge, a face-off of financial wits between students from high schools across the U.S. and Canada. Battling for more than $55,000 in college scholarships from H&R Block, competitors are tasked with navigating an avatar through multiple financial situations to accumulate virtual wealth. This year, more than 3,600 teams competed online in the simulation challenge to earn one of the coveted 16 spots in the live National Challenge Finals, which took place in Salt Lake City earlier this week.

In the end, Mary Davidson, Juan Castillo and Amanda Pita from Southwest Miami High School each earned a $10,000 scholarship for their first place win, accumulating more than $98,000 of virtual wealth in the final round of the competition. Second place went to fellow Southwest Miami students Alex Sanchez, Sergio Salazar and Tristan Coll, who each took home a $5,000 scholarship. An additional $8,000 in scholarships was awarded to the third and fourth place teams.

To execute the national challenge, H&R Block partnered with DECA and Knowledge Matters, two leaders in the education field. For more information about the program, visit www.hrblockdollarsandsense.com or www.facebook.com/hrbds.

Though last year’s taxes may be out of sight and out of mind, Future You will certainly be grateful that May 2012 You planned ahead, got organized and stayed ahead of the game before the stress of tax time came back around.

Our friends at the IRS just released a list of helpful tips to help you get a jump on next year’s return. Some of our favorites:

Adjust your withholding. Why wait another year for a big refund? Now is a good time to review your withholding and make adjustments for next year, especially if you’d prefer more money in each paycheck this year. If you owed at tax time, perhaps you’d like next year’s tax payment to be smaller. Use IRS’s Withholding Calculator or Publication 919, How Do I Adjust My Tax Withholding?

Prepare to itemize deductions. If your expenses typically fall just below the amount to make itemizing advantageous, a bit of planning to bundle deductions into 2012 may pay off. An early or extra mortgage payment, pre-deadline property tax payments, planned donations or strategically paid medical bills could equal some tax savings. See the Schedule A instructions for expenses you can deduct if you’re itemizing and then prepare an approach that works best for you.

Strategize tuition payments. The American Opportunity Tax Credit, which offsets higher education expenses, is set to expire after 2012. It may be beneficial to pay 2013 tuition in 2012 to take full advantage of this tax credit, up to $2,500, before it expires. For more information, see IRS Publication 970, Tax Benefits for Education.

One of the most important tax-related projects you can take on today is to revisit (or establish) your organization system for tax documents and important applicable records. If the ol’ shoebox or accordion folder has been working for you, by all means, stick with it — but if you had some difficulty wrangling your receipts and records this year, now is the time to look into other options. Our favorite modern solution: Evernote, an ultra-easy app that keeps your documents organized on your smartphone or mobile device. Find out how you can use Evernote to organize your tax documents here.

What are you doing to get a jump on next year’s tax return?

In honor, we asked some of our favorite financial bloggers to share their own true stories of climbing out of debt and establishing healthy financial habits (see part one here). Enjoy.

David Bakke, Money Crashers

When did you realize that you needed to take better control of your finances?

I bottomed-out financially about a year after I graduated college. I signed up for credit cards at a young age, and I was far too immature at the time to handle the responsibility. Before I realized it, I had amassed over $30,000 in credit card debt. It was at that point in time that I knew I had to do something, or my credit card debt would hinder me for the rest of my life.

What helped guide you to change/teach you better budgeting and spending?

First and foremost, I was motivated by the fear of being mired in debt for the rest of my life. Next, I realized that no one was going to fix my finances for me. How I got started was researching the best ways to create a budget and how to reduce spending. I read books on these topics and also used the Internet.

How did you manage to overcome your debt?

The approach that I took was pretty basic and centered on some common-sense strategies. I vowed to spend less than I made, reduce or eliminate unnecessary purchases, and to save money on anything that I could. Once all that was complete, I got to work on establishing an emergency fund and saving for retirement.

Any other quick tips you can share with our readers that will help them get out of debt?

In order to spend less than you make, you’ll need to get yourself on a budget. It doesn’t have to be anything fancy. In fact, it can be simply a sheet of paper with your income on one side and all monthly expenses on the other. Then you just need to pare back spending in all categories to get your expenses under your income to produce positive cash flow.

TeacHer, TeacHer Finance

When did you realize that you needed to take better control of your finances?

I was in my second year of teaching and had taken out a personal loan to pay off my credit card debt; the interest rate on my credit card had shot up to 29.99%, so the 17% rate that I was offered on the personal loan seemed pretty decent. The original plan had been to take out the personal loan, pay it off, and be done with credit card debt. But within 2 months of taking out the loan I had racked up another $1,500 on my credit card all over again! I realized that I was just spending at a level that was unsustainable and needed to make some changes.

What helped guide you to change/teach you better budgeting and spending?

I got really into reading personal finance blogs! I was amazed that there were so many people out there making modest salaries who were doing amazing things like buying homes and going on great vacations. I took in a LOT of great budgeting and saving tips and eventually decided to start my own blog. Entering the personal finance blogging community has provided constant support and motivation as I move towards becoming debt free.

How did you manage to overcome your debt?

The first and most important step was figuring out exactly how much I owed. I got out my credit card statement, my car loan paperwork, my student loan statements and added it all up. I was in over $30,000 in debt. That number was scary, but I finally knew what I was dealing with. The next step was to STOP CHARGING. I went cash-only for a year so that I would get back in touch with my money and be sure that I wasn’t adding any new debt. Then, I started earning more. I tutored, wrote curriculum, taught summer school….anything to boost my income to pay off that debt! Eventually the cumulative effect of all these steps started to work and that big, scary debt total started going down.

Any other quick tips you can share with our readers that will help them get out of debt?

First, quit acquiring new debt! You won’t get anywhere if you’re still using your credit cards. Then, analyze your spending habits to see where easy cuts can be made. Next, earn more money. Earning more money is VERY motivating because suddenly it gets so much easier to throw a lot of extra money at your debts every month. Finally, don’t give up! Getting out of debt can be a long, slow process. Acknowledge this reality and be patient. If you’re spending wisely, earning extra money, and throwing all your extra cash at your debts you will start seeing big progress.

Ready to take your first steps toward financial wellness? Learn more about Financial Literacy Month and the 30 step program here.

In honor, we asked some of our favorite financial bloggers to share their own true stories of climbing out of debt and establishing healthy financial habits. Enjoy.

Trent Hamm, The Simple Dollar

When did you realize that you needed to take better control of your finances?

In April 2006, my wife and I were struggling with so much debt that we no longer were able to pay our bills. We had maxed out credit cards on top of student loans and other consumer debt. The threat of losing our home and our basic services shocked us into taking action.

What helped guide you to change/teach you better budgeting and spending?

We hit the library. We checked out a bunch of personal finance books and read them cover to cover. We spent a lot of time talking about our situation and sharing with each other what we’d learned.

How did you manage to overcome your debt?

We simply tried every tactic we could find. Some tactics work well for some. Others work well in other situations.  Eventually, we found that living lean wasn’t a bad thing, as it reduced stress and improved our finances without taking away the thing we valued most – each other.

Any other quick tips you can share with our readers that will help them get out of debt?

Be patient. This won’t be fixed overnight. Also, know that you’re not alone in this struggle. It can be done. Others have dug themselves out of debt.

Shawanda Greene, You Have More Than You Think

When did you realize that you needed to take better control of your finances?

Back in late 2007, I checked my savings account and saw there was only $54 it. At the time, I earned $75K a year in my job. With an income like that, it just didn’t make sense for me to have such a small amount saved. So, I made my finances make sense.

What helped guide you to change/teach you better budgeting and spending?

Dave Ramsey. He’s the master when it comes to teaching people how to get out of debt. I would listen to his podcast every day for encouragement. Before discovering Dave Ramsey, I’d never prepared a budget. After listening to him talk about budgeting day in and day out, I was like “Fine, I’ll create budget!” I was amazed to see how much money I had available to put towards debt.

How did you manage to overcome your debt?

I made my mind up. Once I committed to getting out of debt, I knew it was only a matter of time before I was completely debt free. The length of time required to accomplish my goal was totally up to me. Changing my spending habits was a lot easier once I changed my mindset. I realized that my life was good and that I didn’t need to spend so much money to improve it. I was content. I wanted less. I needed less. The cash I freed up by the shift in my attitude from entitlement to gratitude went to pay off my debt.

Any other quick tips you can share with our readers that will help them get out of debt?

I’ve got two:

1) Stay lean. In other words, keep your fixed expenses low. For instance, I could’ve lived in a $2,000 a month apartment. Instead I paid $800 per month to live with roommates until I reached my objective. That decision gave me the flexibility to put an extra $1,200 each month toward my debt. From car insurance to cellular phone service to equipment leases, stay lean. If you can, avoid contracts altogether.

2) Stop buying stuff! Everyone wants to know how to negotiate the best deals and find the biggest discounts. They’re great techniques when you need to spend money. But, remember, you still have to spend money.

Ready to take your first steps toward financial wellness? Learn more about Financial Literacy Month and the 30 step program here.

Would you put your entire nest egg into a single stock or investment and then hope it pans out over the course of a few decades? Of course not, so why should you treat your future tax burden the same way? The reality is we simply have no idea what our tax code will look like in twenty, thirty, or even forty years from now. Rates may go up. Rates may go down. Traditionally tax-free distributions may suddenly be taxed, or 401(k) and IRA distributions may be given preferential tax treatment. It’s just hard to say, which is why having all of your money in a single type of tax-advantaged account could make things difficult in retirement.

One mistake I often see when helping people navigate their retirement planning is simply sticking to one type of account and putting everything into it. Now don’t get me wrong, contributing to any retirement account is a good thing, but the problem lies in having the means to spread the money around, but failing to do so. For example, I’ve worked with people who put thousands of dollars away into a 401(k) or traditional IRA each year, yet completely ignored the Roth IRA even though they still qualified to make contributions. While this still builds up a nice nest egg, the reality is come retirement, you have no choice but to take money out and be taxed however the tax code is set up at the time.

Because we don’t exactly know what the tax landscape will look like in the future, it pays to spread your investments around. When you have money in various vehicles that offer different tax outcomes, you can strategically plan your withdrawals in retirement in a way that saves you the most money. If everything was simply in a 401(k), you’d be stuck paying taxes on those withdrawals and have no other options.

So, consider your main options: employer-sponsored plans, traditional IRAs, Roth IRAs, and taxable investment accounts. Here is a brief comparison of each:

• Pre-Tax Employer-Sponsored Plans and IRAs: With your employer-sponsored plans and traditional IRAs, you receive a tax break up front on the contributions you make, and in return you don’t have to pay taxes until you withdraw the money. The uncertainty lies in how much you will be taxed in the future.
• Roth IRAs and Roth 401(k)s: When compared to the traditional counterparts, the Roth versions are just the opposite. You do not receive any tax break on contributions, but in return you receive tax-free withdrawals on qualified distributions. This can be a good hedge against higher future tax rates.
• Taxable Investment Accounts: Your basic taxable investment account doesn’t offer any retirement-specific tax breaks, but you have a lot of control as to how to structure your taxes. Long-term capital gains and dividends currently receive preferential tax treatment compared to earned income. In addition, you can even invest in tax-free investments such as municipal bonds.

So, when you’re saving and planning for retirement, keep taxes in mind. There’s no single account that’s the best, and without a crystal ball to tell us what the future holds, there’s no way to know which account would provide the greatest benefit down the road. But if you diversify your investments not only across different asset classes, but across different types of investment accounts, you can rest a little easier knowing you’ll be prepared for anything once it’s time to retire.

Jeremy Vohwinkle is a Chartered Retirement Planning Counselor who blogs at Generation X Finance. He is also behind About.com’s financial planning guide, where he covers all personal finance-related matters.

Oh, and you might be pleased to find that those small acts of green will save you a little green, too.

Like this infographic? Use the code below to embed it on your site:
<em>Click image to enlarge</em><a href="http://blogs.hrblock.com/2012/04/20/earth-day-go-green-and-save-money-infographic/"><img src="http://blogs.hrblock.com/wp-content/uploads/2012/04/earthday-final.png" alt="Earth Day 2012" width="600" /></a>Source: <strong><a href="http://hrblock.com">H&R Block</a></strong>

You can still file. All hope is not lost. In fact, if you’re due a refund, there is no penalty for filing late (but keep in mind that there’s a 3-year window before you forfeit your refund, so be sure to file before April 15, 2015).

You’ll be subject to a late filing penalty: 5 percent of your unpaid balance per month, or part of a month, up to a maximum of 25 percent.

If you didn’t pay additional taxes owed by April 17, whether you filed an extension or not, a late payment penalty of one-half of one percent (0.5%) will also accrue each month or part of a month until the balance is paid in full.

Conclusion: if you owe, the sooner you file, the smaller your penalty. If you’re due a refund — well, what are you waiting for?

[Image: l'ethan via Flickr]