Every year matric students are jumping onto the trend of turning up to their matric dances in flashy cars and designer threads but with each passing year the clothing and cars get more and more expensive. Picture: Pixabay
Matric students are jumping onto the trend of turning up at their matric dances in flashy cars and designer threads, but with each passing year the clothing and cars get more and more expensive.
“You don’t have to look far to find out just how serious the annual matric fever is. Google Rolls Royce and matric, and up will pop a picture of a Rolls Royce Phantom,” John Manyike, head of Financial Education at Old Mutual said.
“The simple question that potential teen users ask is ‘How Much?’ It’s a done deal - the car is wanted, and the customers are waiting. All that is needed is a fat cash deposit, and the uniformed chauffeur will be on his way.”
According to Manyike, its traditional for boys to check out limo prices while the girls look for their dream dress therefore female students tend to focus on picking that designer dress knowing that their partner is taking care of the car and the tip.
Nowadays, students do a solo arrival choosing to spend the night with friends doubling the cost of the night for both the clothing and the car.
Parents, not wanting to let down their son or daughter down, see their annual holiday budget disappearing for just one glittering evening.
People have taken to social media to talk the high costs of matric dances.
A parent on Twitter said that her daughter was horrified that she was not willing to pay R7000 for a dress when other parents were spending R17,000.
My daughter is horrified that I’m horrified not to spend 7K on her matric dance dress, when parents are spending 17K?! I need to come down to earth! Thusang! Covid come back pls!!!😩
— Pauls (@Pauls32764008) October 18, 2022
Another Twitter user said that African parents spend all of their money on paying for a matric but don’t have money to pay for university registrations the following year.
African parents have money for matric dance but have no money for university registrations the following year 💔😭
— #VintagePicnics10Dec (@uMooseMaseko) October 16, 2022
This user said that her mother had to save for an entire year to pay for her and her twin’s matric dance expenses.
My mother is single parent ad she had to save for a whole year to buy everything for me ad my twin that we needed for matric dance seeing this just bring me to tears we are indeed blessed to have mother's like this.may God bless her
— Ntombizodwa (@Ntombiz54659982) August 15, 2021
Manyike said that a touch of realism is needed, pointing out that matrics are breaking the first rule of personal finance with parental blessing.
“They are being taught that it’s okay to live far beyond your means and that overspending to impress others is unforgivable. 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,” Manyike said.
Here is the way around the problem:
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, plus your parents will be happy too. Or parents can contact the parents of their child’s matric dance partner to share expenses.
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