It is evident from social media posts and pictures matric, dances are a flashy affair with expensive cars and designer threads.
John Manyike, head of Financial Education at Old Mutual said that people don’t have to look far to see how serious matric dance fever they just have to Google Rolls Royce and matric and a picture of a Rolls Royce Phantom will pop up.
Parents not wanting to disappoint their kids will fork out a lot of money to pay for chauffeured cars, expensive ball gowns and suits as well as elaborate flower corsages not forgetting the after party that is growing in popularity.
Here is a look at how parents can plan for their child’s matric dance.
Plan with your child
The first step is to speak to your child about matric dance planning and ensure that those discussions happen well in advance so that you have plenty of time to plan properly.
This can also be an important financial lesson that parents can share with their kids about budgeting and saving.
Parents can work with their kids in creating a matric dance budget can participate in the process by sacrificing some of their allowances, or getting a part-time job to earn extra money for the event.
Nelisiwe Mbara, certified financial planner at Alexander Forbes said that parents creating a budget with their child will show them that spending money affects how much money they have left after their spending.
“This will teach them to live within their budget and track how much money they have coming in and how much money is going out and how much money is available for saving,” Mbara said.
Explore cheaper alternatives
Without making sacrifices for the sake of appearances, that ‘designer’ outfit or something close to that your child has their eye on, can be created by a local dressmaker or tailor.
Go local
Instead of going to that expensive make-up artist or fancy salon, check out the local beauty schools. They are always looking for models on who their students can practice their skills.
Or check out the lady that the works at the make-up counter at your local mall and compare the prices.
Ask of any of the above services if they will do a trial before the big day so you have an idea of what the final look will be.
Going out after the dance
Consider getting a group of friends together and sharing the cost of the limo, matric will enjoy the experience of travelling to the after party together plus their parents will be happy too.
Or parents can contact the parents of their child’s matric dance partner to share expenses. One set of parents can handle the transport expenses to the dance and the other parents can pay for the transportation back home or to the after party.
Start saving
At the start of the year, people set savings goals one of which can be their child’s matric dance. Parents can make contributions on a monthly or weekly basis towards a savings fund for their child’s matric dance.
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