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Inflation’s Impact on Memorial Plans: Navigating the Rising Costs of Funeral Expenses

Posted by Golden Future Life Plans on May 3, 2023

Memorial preparations are an important part of life because they provide solace to loved ones who are left behind after a person dies. However, the rising cost of funeral expenses due to inflation can make adequately preparing for this important event difficult. In this article, we’ll look at how inflation affects memorial planning and offer advice on how to deal with escalating funeral costs.

Understanding the Effects of Inflation on Funeral Plans

Inflation is defined as the progressive rise in the price of goods and services over time. Funeral expenses are not immune to inflation’s effects. The rise is attributable to a variety of causes, including rising labor and material costs, as well as an increase in demand for more expensive memorial ceremonies.

Price Range of Funeral Expenses

Mid-range funeral services may cost up to 250,000 pesos while a high-end funeral package may start at around 300,000 to half a million pesos. 

Tips for Dealing with Rising Funeral Expenses

Despite escalating funeral costs, you can take efforts to ensure that your memorial plan is both inexpensive and satisfies your expectations. Consider the following suggestions:

  • Plan beforehand: One of the greatest ways to deal with rising funeral costs is to plan ahead. You can avoid price increases by pre-planning your memorial service. Furthermore, planning ahead of time allows you to make informed decisions about the type of service you want, and the costs associated with it.
  • Consider cremation: Cremation is becoming a more popular option for memorial ceremonies, and it is frequently less expensive than traditional burial. According to the National Funeral Directors Association, the median cost of a cremation funeral in 2019 was $6,260, compared to $7,640 for a burial funeral.

    When planning a memorial service, it’s critical to compare prices from various funeral homes and cremation providers. This allows you to get the best value for your money and avoid overpaying for services.

Finally, the rising cost of funeral expenses due to inflation can make adequately preparing for a memorial service difficult. However, by planning ahead of time, considering cremation, shopping around, and looking for assistance programs, you can navigate these rising costs and ensure that your memorial plan is affordable and meets your needs.

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