The following post is by Kevin Fullerton. Enjoy!
It’s easy to fall into that fateful cycle – your wages pop into your bank account, then instantly plunge to zero again as you buy a glut of products you don’t need.
Indeed, in a recent survey from finance news site This is Money, it was revealed that one in three people deliberately overspend on nights out so they don’t appear cheap to friends. We’re collectively wasting money just to keep up with the Jones’s.
But there’s one thing more important than saving face – having money set aside for your passing.
That’s right – while a large sum of people are willing to splash out on an evening, few have savings set aside for those autumn years, and even fewer are taking precautions such as funeral plans to ensure a good send-off.
Why should I? you might be thinking as you shell out for your next holiday or luxury item.
From a financial point of view, a funeral plans are one of the soundest purchases you can make, ensuring that your family aren’t lumbered with debt upon your passing.
Saving at any age
As a rule, these plans are marketed squarely at the over-65 market, but that doesn’t mean you can’t start saving and planning your funeral at any age.
And saving has become an imperative, especially if you want a touching tribute.
With funeral costs rising year-on-year, national newspaper The Daily Mail claims that the average service (including clergy, medical, casket, wreath and burial fees) costs around £7,600 – and that price is only set to increase.
However, with a plan from a trusted provider, you’ll be able to make a series of monthly payments that won’t leave you out of pocket before your wages come in.
The fate of the pauper
What’s the alternative if you don’t pay for your funeral? The perfect way to answer that is to tell you about a man called Chris Sievey.
The creator of beloved cult figure Frank Sidebottom, Sievey tirelessly focussed on his oddball creations, songs and stage shows. He pumped so much of his cash into his creative ventures that he had none left for actual living.
When he died of cancer in 2010, it was feared that this icon of eccentricity would be left with what’s known as a pauper’s funeral. A basic funeral subsidised by the government, Sievey narrowly avoided this fate thanks to donations from entertainers like Jason Manford, Jon Ronson, Phil Jupitus and many more.
But not everyone is quite so lucky, and this imaginative entertainer is just one cautionary tale on the value of effective planning for your passing.
While you’re out with friends or planning a major holiday, it’s easy to ignore those nagging thoughts of your mortality. But with an effective amount of money set aside, you won’t leave your family in the lurch.
