2. Don't overspend on the tuxedo. The average cost of renting a tuxedo is $141, according to WeddingStats.org. You can cut the price if you don't order the deluxe packages that can include such things as a pocket square and vest.When my son went to proms, he saved a considerable amount of money by picking the no-frills tuxedo.roms are expensive, but I didn't realize how much until I read a story in USA Today that estimated the average prom outing costs $1,078. For teenagers living in the Northeast, the cost is close to $2,000! However, it is possible to shrink prom costs to a more manageable level.