Our final moments conclude the life we have led. In line with this, not many people adequately plan for their end-of-life arrangements. What happens then is the burden gets passed on to their loved ones. But there are ways you can plan ahead and take care of everything before you go, even on a budget.
Here are some ideas for end-of-life planning on a budget:
1. Write Down a List of Your Final Wishes
Since we all have different beliefs and values, we also have a different vision of the best end-of-life ceremony. When making your list, make sure to include everything from the ceremony type, material aspects, send-off celebration, etc. Then, in your list, determine which are necessary and which are niceties.
Making this distinction will help you compute the base amount for the spending.
2. Opt for Cremation
When on a tight budget, cremation is the most economical end-of-life route. It offers endless possibilities.
If you prefer getting laid to rest by burial, cremation also offers this possibility for you. But other options rising in popularity are keeping the ashes in a decorative urn or opting for cremation jewelry. These pieces of remembrance art and jewelry offer a meaningful way to remember your life.
3. Consider Prepaid Funeral
Of course, some would prefer the traditional way to go—a funeral. While a funeral is a more expensive option, there are still ways to plan it under a budget.
Make sure to research several funeral homes and compare costs and packages. For this, it would be best to get prepaid funeral insurance or a funeral trust fund. With a funeral trust fund, you can fund it through cash, bond, or life insurance. These policies allow you to pay for your funeral arrangements in advance at today’s price.
These policies would generally cover all the basic service fees, including necessary paperwork, body preparation, facilities, casket, vehicle, burial, etc. You can arrange the inclusions of the plan directly with your funeral service provider and negotiate the agreement.
While the payment you make is usually already “locked-in,” make sure to clarify any extra charges and hidden costs.
4. Purchase Materials on Your Own
Another option to save money for your end-of-life planning is to purchase the materials on your own. While funeral service providers offer convenience with complete packages, remember they are still looking to make a profit. They would buy the materials at a low cost and then price them higher in their packages.
Thus, in actuality, purchasing the materials separately on your own will help you save a lot of money. Plus, you can choose your preferred design of urn, casket, flowers, etc. It can be quite tedious, but it’s a smart way to plan when on a budget.
5. Seek Financial Advice and Get Insurance
Finally, sorting through your finances can be stressful and challenging. That’s where a financial advisor comes in. They can help you with the complexities of insurance and superannuation policies.
Another route is to appoint someone you trust to make financial decisions on your behalf when you pass. Make sure this is someone who knows you by heart. That way, they can make the best decisions based on your wishes and values.
Your end-of-life planning need not be expensive. With the proper approach, you can carry out the final moments in your life without breaking the bank.