NOTHING comes cheap these days. Over and above normal school expenses there are things like matric dances – and that special event can cost up to R45 000!
The matric dance season is drawing closer by the day and becoming more costly as the years progress.
According to John Manyike, head of Financial Education at Old Mutual, parents often feel they had to provide the grand experience that they were unable to have while growing up.
“They want to splurge and congratulate their child finishing school . . . and this leads to them spending beyond what they can afford, feeling financially drained after the party,” he said.
Tuxedos, evening dresses, make-up, hair, accessories, luxury cars and spa treatments are all expenses that should be planned for.
“Teens learn by observing their parents’ behaviour. Parents should model the right financial behaviour if the country wants to change its poor savings culture,” he said.
He said a matric dance was a milestone social event that offered a teachable moment which could become a point of reference later in life.
“It is important to keep in mind that your teen can still have the best on their special night at a reasonable cost. They must be involved in planning,” he said.
So, where does one begin?
Start planning for the dance two or three years in advance.
Agree on responsibilities. This is the ideal time to get your teen to take saving seriously. Don’t wait for grade 12 enrolment to start planning.
Suggestions to raise money include washing cars, dog walking, or shopping and cooking meals for the elderly. Anything that will bring in some extra cash.
For parents planning for this year’s matric dance, have a frank and open conversation with your teen about what is practically possible from a budget point of view. Avoid competition. Highlight the need to live within your means – a key financial lesson.
“Make comparisons and weigh your options. If your son or daughter doesn’t want to compromise on the designer suit or dress, perhaps renting one may be an option. Do your research and ask around where a good place is to rent. Consider using a local dressmaker too.
“Split the costs between your teen and their partner so it is not just a financial burden on only one family,” he advised.
