Is it an exotic car show? Is it a fashion show? No, see those onlookers over there? Those are the parents from the local high school, here to see their kids arriving for the matric dance. They got here in that battered sedan. I bet their daughter will come in a car that’s worth five times her father’s yearly take-home pay.
This scene, or hundreds like it, plays out across the country yearly as matric learners in designer threads strut their stuff down red carpets into luxury venues while chauffeurs stand by gleaming vehicles and look on.
“You don’t have to look far to find out just how serious the annual matric fever is,” says John Manyike, Head of Financial Education at Old Mutual. “Google Rolls Royce and matric and up will pop a picture of a Rolls Royce Phantom, which has a retail price sticker of around R 8.3 million, that is for hire.”
“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.”
Traditionally, says Manyike, 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 R 13 000, considering that the dance partner is shelling out for the Rolls and the tip for the driver.
Meanwhile, realising that letting their son or daughter down is out of the question, parents stay in the background seeing their annual holiday budget disappearing in one short but glittering evening.
What is needed is a touch of realism, says Manyike, who points 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 forgivable. 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.”
But, Manyike points out, there is a way around the problem.
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 parents of your child’s Matric Dance partner to share expenses.
Amongst all the finery and glitz, there will always be those who dread the arrival of the matric dance. Bringing a touch of realism and reminding young women that their worth transcends a dress in the Cherry Blossom Project, says Manyike.
“Supported by some major companies and individuals, the project helps girls with no financial means share the matric dance experience. Over the years, it has brought joy to hundreds of girls by lending them dresses and shoes for the special occasion.”
“So, instead of taking that gown, wrapping it in tissue paper and pushing it into a dark corner of the closet, give it another chance of strutting down the red carpet again. It will give another young lady the opportunity to create great memories and add to a spectacular evening.”
“Another option to consider in order to cope with the costs of some of the most significant occasions of our lives is easier when they are planned for. As a child nears matric, the dance will become a topic of conversation and anticipation. Having a matric dance account and making regular deposits into it will reduce potential financial stress. Taking the attitude that it’s better to ‘Pay Now and Dance Later’ will make life simpler and the event more enjoyable,” says Manyike.
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