We all want to live comfortably, if not with an affluent lifestyle. But not all of us think about how to exit this life in style. Just today, I learned how that requires quite a lot of money!
A family estate at Loyola Memorial Plans, for example, now costs at least P5 million complete with an air conditioned family mausoleum. Five years ago, the same lot cost P3 million, quite a big jump in price. I think it was business columnist, author and public speaker Francis Kong who said one of his favorite investments is funeral lots! You know what they say about obstetricians and gynecologists – they are never out of business.
At The Heritage Park in Fort Bonifacio, a family estate costs P3.4 million – and that’s the cash price. The same lot goes up to P3.7 million if you pay in installment.
A stately funeral service will start with the cost of a casket. That will set you back P50,000 to P90,000. When you are grieving, the last thing you want to do is to have to deal with financial stuff.
Our Take Charge of Your Money article today says:
Consider this: nice caskets alone cost P50,000 and up, depending on the type (wood or metal). A three-day wake in a funeral home may cost P6,000 and up. There’s also the cost of embalming, food and drinks for mourners during the wake, and the cost of burial and/or crematory services. And the memorial plot or columbary space costs another P50,000 at least. Clearly, a family can expect to spend at least P100,000 for a nice decent funeral for a family member today. And since inflation is part of life, expect this amount to go up in the future.
On top of coping with the loss of a family member, a family has to bear the financial burden of meeting funeral expenses too. It is then wise to set aside some money for this purpose so the family will not be so burdened in the future.
Read the rest of the article here:
http://business.inquirer.net/money/personalfinance/view_article.php?article_id=97638
How about a memorial lot for a pet? 
(Source: PDI Photo)
November 5th, 2007 at 6:35 pm
mzkukuro, one of the hardest things to do is to teach parents something. It’s not very easy for any parent when the tables are turned :-). It sounds like the foundation is there, though. At their age, (I’m guessing they are seniors already), it will not be good for them to invest in bonds anymore. Mutual funds pa siguro especially if early redemption fees are not that steep. Definitely, stocks should be out of the picture. If there’s one thing experts agree on, it is for seniors to be extra careful with their savings because there’s no more leeway for mistakes. But you, it looks like you are educating yourself pretty well! Take advantage of free seminars and books, but always remember never to be pressured by anyone. Do what works for you. Regards
November 5th, 2007 at 4:02 pm
Hi Salve, sana totoo sinabi mo pero hindi pa e hehehe. Aside from being frugal (they are great savers) and the memorial lots they bought, my parents really need to learn how to be financially literate. Sayang talaga savings nila, nasa savings account lang. Well some are in TD, but not enough. I really cant have them invest in bonds or mutual funds kahit ano gawin ko. And they stopped their insurance too.
November 5th, 2007 at 2:49 pm
mzkukuro, your parents are another example of good financial discipline :).
November 5th, 2007 at 2:45 pm
hi nina, some say you can pay for that cost if you don’t lack coverage in your insurance policy, but others prefer investing in memorial lots as well because of the huge increases in price. In fact, I think you can also resell at a profit
November 5th, 2007 at 2:42 pm
Hi sheng, sorry to hear about the deaths in your family. Kudos to your parents for being prepared. I can’t imagine having to deal with finances during times of grief.