A matric dance is one of the fun events that matric pupils appreciate attending during one the most stressful years in their schooling career, but the cost behind it can be threatening to their household budget.
Head of Financial Education at Old Mutual, John Manyike, said the annual matric fever is unmatched and the cost is never mentioned thereafter.
“You don’t have to look far to find out just how serious the annual matric fever is,” he said.
He said traditionally, while the boys check out limo prices, the girls are looking for dress designers.
“Definitely nothing off the peg for this once-in-a-lifetime event. The price? Not bad at around R13 000, considering that the dance partner is shelling out for the Rolls and the tip for the driver,“ he said.
He said parents stay in the background while seeing their annual holiday budget disappearing in one short but glittering evening.
Manyike said that matric pupils are breaking the first rule of personal finance with parental blessing and said what is needed is a touch of realism.
“They are being taught that it’s okay to live far beyond your means and that overspending to impress others is forgiveable. The point is that spending thousands on something that lasts for a few hours and will end up as a picture in an album that isn’t looked at doesn’t make financial sense,” he said.
Furthermore, Manyike pointed out a way around the situation:
- Planning with your child
“The first step is involving your son or daughter in planning for the matric dance and making sure the discussions take place well ahead of the event. This means a budget can be set, and the child can become part of the process by sacrificing a portion of their allowances or finding a part-time job to earn money for the event.”
- Explore cheaper alternatives
Without sacrificing appearances, that “designer” dress or suit (or something close to it) can be run up by a local dressmaker or tailor. The style will be there, and the bill will be manageable.
- Go local
A fancy hairdo, makeup, and nails? Check out the local beauty schools. They are always looking for models on whom they can hone their skills. Or what about that makeover lady at the cosmetic counter in the mall? Maybe she wants to earn some pin money after hours.
- Consider clubbing together
What about the car? “The best thing to consider here is getting some friends together and splitting the costs of a limo. Share the car, it’s more fun than being on your own, and the bill can be shared. Mom and dad will also be happy.”
Consider partnering with the parents of your child’s matric dance partner to share expenses.