4 ways to make matric dances easier on your wallet
Make sure your teen gets the matric dance they deserve. All it takes is a little planning.
By Old Mutual
All across the country, parents of teens face the same challenge of managing the expectations of their young ones. Peer pressure and modern-day hype have raised expectations about matric dances, leading to parental panic attacks over the cost of acquiring designer outfits and hiring sports cars or even stretch limos.
Article originally in Parent24
No parent wants to deny their children a memorable evening, especially if they’ve studied hard all year and their friends’ parents appear to be blowing their budgets on tiaras and tuxedos.
Many parents will be torn between wanting to spoil their youngsters and wanting to resist the extravagance of handing over thousands of rands for a dress or suit that will be worn only once.
John Manyike, head of financial education at Old Mutual, offers parents the following practical tips:
Tip 1: Make budgeting a family affair
Sticking to a budget isn’t just the responsibility of one tight-fisted parent, but something every family member should contribute to. Explain the bigger picture so that the teenagers can see the benefits of sensible spending. Is it really worth forfeiting a holiday on the coast for the sake of riding in a sports car for a few minutes? Set a budget of what you’re prepared to spend on your son or daughter’s matric dance and get them to help find a way in which to look stunning within that budget.
Tip 2: Give your teenagers tips and opportunities to save and generate extra income
For example, they could offer to wash their relatives’ cars over the weekends for a fee. Selling biscuits during lunch breaks at school is also a good way to make money. By encouraging this, you will cultivate an entrepreneurial spirit in your children while teaching them about wise money management.
Tip 3: Make it relevant
Some youngsters might not be too interested in the implications of “double-dip recessions”. But they will relate to the idea that lowering their expectations of one night’s partying might enable them to save towards, for example, the deposit on a second-hand car. The advantage of having their own transport while their friends remain dependent on lifts can help shift their expectations.
Tip 4: Get planning!
Use Old Mutual’s free on the Money programme to help your family develop planned, clear and specific short, medium and long term visions that are realistic, achievable and inspiring.
Because a matric dance is such an exciting and memorable occasion, the lessons you teach your teenager about handling money during this time will be remembered and should even last longer than the photos.
Article provided by Old Mutual
How are you planning for your teen's matric dance?