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If he is attending the event, he can pay for it. Our formal usually cost about $400 out of pocket (dues didnt cover it) plus spending money (alot). I would save my paycheck for the few months prior and would also ask for money instead of gifts for christmas. Formal was just that fun. Don't worry about paying for anything. The only times my dates ever paid for anything was when I wasn't there to pick up the check. For example, we stopped in McDonalds on the way home and I was in the bathroom and she went ahead and ordered. I tried to pay her back but she said she felt bad for me paying everything.
As far as the whole sleeping situation goes I can only tell you about my experiences. We would share a room with another couple and it was pretty much expected that you would share a bed. I know girls who werent comfortable with that and they told their dates, who were usually accomodating, although they thought it was wierd. I took girls I dated and ones I didn't-even one who had another boyfriend. We were usually too drunk to do hook up or anything other than sleeping (one night I didn't even make back to my own room and woke up fully dressed in my tuxedo in the same bed with one of my pledge brothers- we both thought that was wierd). If you aren't comfortable around the guy just dont get really drunk(still have a good time), and tell him you won't hook up with him.
All in all it should be a really fun time, just be smart and safe, and you ought to have a great time.
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