We don’t like to think about what will happen after we pass on. However, a funeral can cost thousands of dollars to hold, which is money that your family will be responsible for if you don’t plan accordingly. Even the least expensive send-offs will still put a huge dent in any budget, and no one needs the added stress at such a terrible time. Remember, every small detail added to the event tacks on more to the bill!
Before this day arrives, put together a plan that will help you and your loved ones save money on funeral expenses. Here are four ideas to use when you don’t want to spend everything you have on your funeral.
1. Prepay for Your Funeral
The first way to prepare for the big day is to face it head-on. Decide what you want to happen when you pass on, and make an appointment with the funeral home of your choosing. Yes, you can sit down and plan your own funeral, as morbid as it may sound. It’s a sound financial decision that will save money while making it easier for your family when the time comes. If you wish to be buried, choose your casket and plot and pay for it upfront. If you would rather be cremated, this can be prepaid for, too. Pick the urn you would like and then order it to keep somewhere safe until needed. Talk to the funeral home about any discounts for prepayments. And of course, get receipts and keep them safe.
2. Choose a Life Insurance Policy
One of the best ways to save money on a funeral is to have a life insurance policy in place. Even the least expensive policies will help your loved ones pay for funeral costs when the time comes. When you choose a policy, inform your beneficiary right away. Keep copies of your policy where your loved ones can find them easily, or make sure your significant other or children have all of the important information. When the day comes, your loved ones will breathe easier knowing your policy will cover some or all of the funeral costs.
3. Buy a Headstone Now
Most families are not aware that most funeral costs do not include the cost of a headstone. In fact, many funeral homes simply recommend local monument companies to their customers. Some funeral homes and monument companies will offer discounts on headstones if you use them both. A standard-sized headstone can cost $10,000 and up to design, build, and place. Choosing your own and paying for it upfront will save your family a great deal of money in the end.
4. Start a Specific Savings Account
A great way to save money on your funeral later is to start a special savings account today. For example, say you set aside a mere $10 a week in a savings account specifically designated for your funeral arrangements. In 20 years, that account will have grown to more than $10,000, plus interest. It’s a very simple way to make sure your funeral costs are well taken care of in the future.
Above all, make sure your significant other, children, and other close family members are aware of all of your decisions. If you prepay for anything funeral-related, have copies of each receipt safely set aside. Make sure your beneficiary can easily assess your life insurance agency and any bank accounts you have made specifically for your funeral. With just a little time and planning, your funeral costs will be much lower for you in the end, making things just a little bit easier on your family during their time of grief.