My formal is coming up and I'm a bit scared of asking this boy I like to my formal. I have heard from people that he likes me to.

Should I wait for him to ask me

Or

Should I ask him before he is taken? (how would I mention it to him?)

Times have changed and girls do ask boys to major events like a formal. What can happen? He will either say yes or no. Nothing ventured, nothing gained.

Have you had much conversation with him? You can state something simple like the formal coming up and ask if he is going. That opens the door for you. Good luck.

I have to agree with shygrneyzs.

If you really like him, why don't YOU ask him. The worst thing that can happen is him saying no! I know it can be really hard but like shygrneyzs said, nothing ventured, nothing gained. Just imagine if you were in the same state as the guy you like he would feel pretty awkward too. So give it all you got! ;)

Good Luck!:D

Good answers above.

If your concern that he may already have a date to the formal, then I would do the thing that is mentioned above about seeing if he is going to the formal, and then asking him if he has a date. If he doesn't, then suggest that maybe the two of you could go together.