When a loved one dies, it takes a huge emotional toll. Not only do you have to deal with the loss of your loved one, you also have to deal with planning a funeral and taking care of any outstanding debts they may have left behind. Funeral services and burial costs can be a huge financial drain, with the average cost being between $7,000 and $8,500. In such a delicate emotional time, it is difficult to think clearly, and you might end up making decisions that can drive the cost much higher than you can afford. Here are some tips on how to save money on burial costs while still honoring the memory of your loved one.
Comparison Shop
You do not have to choose the funeral home closest to you, simply because it is the closest. You have options. Licensed funeral homes are required to provide you with a general price list that breaks down their costs. Ask for lists from different funeral homes and compare the prices and what each place offers.
Purchase a Casket Elsewhere
While funeral homes sell caskets, you do not have to purchase one through them. Metal caskets can cost over $2,000. Higher end caskets can be in the five-figure range. There are many other places where you can purchase a casket, including online retailers, and funeral homes have to accept them. These caskets typically cost much less than what you will find at the funeral home. Additionally, funeral homes cannot charge a handling fee for receiving a casket that you have purchased from another retailer.
Consider a Cremation
More Americans these days are opting for cremation over a traditional burial. A cremation with a viewing can eliminate a couple of thousand dollars from your cost. You can reduce the cost even further by asking for an alternative to the cremation casket. Funeral homes have to offer an alternative. These are very basic and generally made from unfinished wood or fiberboard. You can also provide your own urn for less money than buying one through the funeral home.
Skip Embalming
Embalming is a process that preserves the body, and is typically done when there is to be a viewing. However, if you hold the funeral service within 24 to 48 hours after death and do not have a viewing, embalming, which can cost around $700, may not be necessary. You can ask the funeral home about refrigeration rather than embalming, which will cost you significantly less, even if the service cannot be held right away.
Have a Simple Service
The cost of the funeral home facilities, printed materials, and the staff required for the service and viewing can add up very quickly. You can, however, cut costs by choosing only the services that you need instead of purchasing a complete package. You could choose to hold the memorial service elsewhere, such as your church or your own home.
Purchase Funeral Insurance
The costs of a funeral service and a burial are expensive and add up very quickly. Not only do you have to deal with these costs, but you are then also left with any debts that your loved one may have left behind. Funeral insurance can help. Funeral insurance is specifically designed to help you to pay for the costs of a funeral and burial. You can custom tailor the policy to help pay for unpaid debts as well. This can remove a huge financial burden from your shoulders when your loved one passes.
Donate to Science
Another possibility is to have the body donated to science. With this option, there are generally no costs involved. The medical school handles the costs, including those of transportation and handling. Donation does mean that the body would not be present for an immediate funeral service however. Once the study is complete, which takes one to two years, the body is cremated and returned to the family.
While death is a difficult subject to deal with, talking with your loved ones about their wishes before they pass can be a great help. Discussing beforehand can potentially save your family thousands of dollars. You can still honor your loved ones after they pass without having to break the bank and leaving yourself financially unstable.
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