Planning ahead for anything in life can benefit you, it’s true. But when it comes to pre-planning and saving for your funeral, it’s often something that we never think about doing, or even consider talking about with loved ones.
That being said, taking the time to pre-plan and setting up what we like to call a “funeral fund” can help save you time, money, and give you peace of mind when the time comes. Here are our top five tips for starting your own funeral fund and managing your money.
Unlike many things, a funeral fund is actually a realistic goal that is entirely achievable. The truth is that most funerals have a general cost that you can aim for. Most funerals across North America cost between $7,000-10,000, and if you’re looking to save money, you can further reduce that hefty price tag -- check out our list of easy ways to make your funeral more budget-friendly here.
In fact, some options such as Eirene offer services that start at only $1,900 CAD, and offer the flexibility to choose how you would like to remember your loved one.
Really, from there, the hard work is done. Now, it’s up to you to keep contributing by finding ways to squeeze even just $5-10 extra dollars a month out of your expenditures to bank away.
One of the hardest parts of a funeral fund is being patient as your money accumulates. And there is an added benefit: the more you save, the less burden will be on your loved ones as they plan your end-of-life arrangements - and if you save more than your funeral costs, they will be left with a little extra cash to help them through a rough time.
Need help planning? Check out our free planning checklist ebook for some more direction on how to prepare. Download it here.