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)
October 7th, 2008 at 10:37 pm
mas maganda kung habang buhay pa ang mga parents, napag-uusapan na ng buong pamilya, it is a very hard decison to make whether to cremate or do the traditional way. noong una, agreed sila sa cremation, later, baka maisip nila na they want it the traditional way, mabuti na lang dito flexible ang contrata, whether to cremate or not to cremate when the time comes. I had a friend who bought their memorial lots more than 30 years ago, when they needed the money to improve their residence, ipinagbili nila, so they have their Father’s ashes in their living room.
October 5th, 2008 at 8:29 pm
The best way to go really is to be cremated, imagine dying the normal way and paying for all those expenses you guys mentioned.
My Dad is with me at home, in his little urn.. i get to visit him everyday, clean his place up everyday without even spending a single centavo.
October 5th, 2008 at 2:30 am
I wish to share too for those who are in San Francisco, CA, I bought ours after my Mother got sick,
approximate in US$
$12,000, memorial lot for 2 bodies
$5,000 funeral services
$3,000 niche for ashes
$2,000 direct cremation
$150.00 urn for ashes online
Hope this helps families here in San Francisco who wants to lighten the burden during those times when you are in need of these services. I even advise that Filipinos who are migrating to US would even discuss this topic even before they leave the Phils since it is very expensive to fly back your relatives body
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.
November 5th, 2007 at 2:38 pm
hi hachiko, cremation at The Heritage Park inside The Fort is also expensive. I guess in this type of investment, location and “brand” are also factored in the price. Personally, and I’m sure you will agree, I would go for the more expensive one if it means the company will still be “alive” when I die! :-p
October 31st, 2007 at 8:45 am
When I was young I thought my parents had gone crazy when they bought their memorial lots. Now that I understood their reasoning, it was a good move.
October 30th, 2007 at 10:35 pm
Now, I’m thinking…Maybe, I should start investing in a memorial lot?
I prefer cremation though 
October 30th, 2007 at 8:16 pm
I totally agree, salve. dying has become so expensive over the years. our family have survived two deaths (grandparents) in the family in a space of 5 years. And the cost have escalated so high it has really kept up with inflation.
Our saving grace, if you may call it that, is the fact that we are from the province. The cost is relatively lower than the metropolis.
Recently, I went to my hometown in Davao. And one of our luncheon discussions was the rising cost of funeral expenses having related it to the news of a family friend’s demise. Somehow, am glad that my parents have the sense to prepare for the eventual death of everyone in the family, monetary-wise.
It may sound morbid to many but we all think of it as a fact of life. Therefore, we talk about it in practical terms.
And I, myself have expressed my wish for a cremation. It’s more hygenic (i think?
and practical.
October 30th, 2007 at 8:14 pm
[...] DUPLITO blogs about dying in style in Money [...]
October 30th, 2007 at 5:51 pm
Burial in cemeteries is fast becoming a luxury in a country of 88+ million in need of precious space for housing and farming. Supply/demand figures and the price tag confirm this. Cremation should be the way to go for future generations. And it’s more dignified than (gasp!) vertical graves. I’m aware cremation is compulsory in Japan and Korea (and even China I think) which are all densely populated.