Gone are the days when this event was viewed as just a smart farewell party. Today’s red carpet affairs can cost up to R50000 if you get carried away with hiring a vintage or expensive car and line up top designers, hairstylists and make-up artists.
It may be tempting to give in to all the peer pressure and indulge your teen’s Kardashian fantasies but it’s the kind of temptation you need to resist. More than ever, parents need to demonstrate responsible financial behaviour. It’s possible to look and feel fabulous without breaking the bank. The best approach is to put a realistic budget in place, plan ahead and find affordable solutions.
Here are five practical money-saving tips for parents planning for their child's matric dance:
1. Set a clear budget and involve your son or daughter. Let your teen be part of the planning particularly in the beginning stage when the budget is set. Encourage them to earn additional income so they can contribute financially. A portion of their allowance can also be set aside for an agreed period to help meet matric dance costs. This makes the whole exercise educational and fun at the same time, as it gives you the opportunity to discuss with your child how important it is to plan ahead and live within your means.