Budgeting is an important step in the process of planning for your end-of-life financial needs. The more accurate your budget, the more likely it is your final expense insurance will cover those needs. Some costs are unpredictable, such as the potential need for hospice care. 

However, others are easy to predict with a little planning. For example, you can choose between cremation and burial. Then you can budget accordingly. You may also want your final services handled through a specific funeral home. Any other planned end-of-life celebrations also come with semi-predictable costs.

When budgeting for final expenses, the first decision to make is whether you prefer cremation or burial. Burial can cost $6,000 or more. In fact, $12,000 is a fairly common price for burial. Cremation typically costs $3,000 or less. In some cases, the cost for cremation is less than $1,000. However, either option may also come with additional expenses. Some common expenses related to final expenses include:

• General Funeral Home Fees and Service Charges

• Embalming and Other Viewing Preparation Services

• Transportation of the Body to Locations, Such as a Church or Cemetery

• Travel Costs for Funeral Attendees

• Expenses Relating to Celebration of Life Receptions, Such as Meal Costs

You may wonder if there are ways to save money on the above costs or make it easier for your loved ones to make sure your final expenses are dealt with easily. There are. One way to save time and trouble for your family later is to make your arrangements well in advance. In fact, it is possible to prepay for many of your funeral or burial expenses. Often, there are discounts associated with paying for those services early.

Many traditional funerals include viewings, church services, and burials. They may also include other types of memorial services. One way to save on end-of-life expenses is to consider a less traditional alternative. For example, you could opt to have a burial without a viewing. Cremation can also save you money, as well as simplify end-of-life procedures for your loved ones. You may also opt to have a simplified post-burial reception or no reception at all.

Ultimately, one of the best ways to budget for your end-of-life expenses is to know as much as it is possible to know about what those expenses are. That means taking early steps like selecting a funeral home yourself long before you pass away. Compare rates offered by local funeral homes to find one you can afford.

Doing so helps your loved ones have more peace of mind and less stress. It also allows you to discuss specific costs with a funeral home staff member. Once you know those costs, you can budget accordingly and select an appropriate final expense insurance policy.