Golden Asp, a leading authorized prom dress retailer, has announced that the cost of prom in 2014 is projected to hit levels never seen before, with the average cost at more than$1,900 per boy/girl couple.

In 2013, the cost for a boy to attend prom was $325 on average, which includes items such as a haircut, tuxedo, and boutonniere, whereas girls paid nearly double that. The cost for a girl to attend prom in 2013 was $633 on average, which includes the cost of hair, make-up and nails, the dress, jewelry, corsage, and shoes. Shared costs for things like the limo, tickets, photos, and after-prom festivities equal about $487, bringing the total per couple to $1,445.

"We're finding that the average cost of prom has been rising 34% per year since 2011," said Jon Liney, president ofGolden Asp. "Based on that rate, this year, parents and students are projected to spend an astonishing $1,949 on prom - roughly $500 more than last year."

There are many ways that teens and their parents (who, according to a 2013 survey by Visa Inc., foot nearly 60% of the bill) can cut the cost of prom without sacrificing the significance of their special night:

Save on Florists: Shop for flowers at your local grocery store.

Save  on Hair: Instead of visiting a salon, try styling your own hair with tips and tricks found on sites like YouTube or Pinterest.

Save on Accessories: When looking for accessories, see what you have in stock first, as you may already own the perfect necklace or bracelet. If not, try shopping the discount racks at department stores, or hitting up thrift stores for some treasures.