How to Budget for a Funeral

Two people standing over a coffin image on Tegeler's website

Recent data shows that funerals cost between $7,600 and $12,000 in 2021, and over $10,000 in Maryland. Given additional expenses, such as a monument or memorial marker for your loved one and cemetery costs, the expense of a funeral in Baltimore and beyond can tap into anyone’s budget. Financial planning is required to ensure that your departed loved one receives the most appropriate remembrance possible. While Tegeler Monument Company does not accept payment for future work, we can provide helpful tips on how to budget for a funeral ahead of time.

Funeral Costs to Consider

Along with the funeral service itself, those mourning the loss of a loved one have other costs to consider. Embalming, cremation, casket, and hearse transportation to the cemetery all add to your expenses. You will want to consider a lasting monument of remembrance, or perhaps a granite grave marker. A custom cemetery bench, mausoleum, or columbarium may also be in your plans. There is also the cost of the cemetery plot itself, and incidental costs add to the list. These may include:

  • Assisting travel costs for family out-of-state
  • Flowers
  • Reception
  • Recording of services

For those experiencing the grief of loss, planning the arrangements may be difficult. Furthermore, taking in the costs can become overwhelming. That is why proper financial planning of funeral expenses and related costs is critical. While these factors may add up, some simple research and preparation can offset most or all of your funeral expenses and related costs.

Research Funeral Service and Burial Expenses in Advance

First, look at your local funeral home and local cemetery plot options. Weigh aesthetics, location, and services over prices. While these prices may change over time, they will provide a solid starting point for your budget. Consider whether embalming is necessary, and if cremation is the better, lower-cost choice for you and your family. Likewise, consider the various options in quality materials for your loved one’s memorial such as granite or bronze.

Investigate Available Funding Options

Multiple means of funding all or most of your funeral expenses are also available. Life insurance planning remains the easiest and most common. Research life insurance benefits carefully in how much of the funeral expenses they cover. Consider upgrading your insurance plan if your current one does not meet estimated costs.

Other potential sources of financing for a funeral include a prepaid plan with the funeral home of your choice. Check with the director for options to set money aside in advance. Also, look into retirement plan options, as well as Social Security funeral assistance and veterans benefits. Even groups such as fraternal organizations may assist you with your expenses.

Make Up the Funeral Cost Difference Ahead of Time

Upon investigation, you may still find that your total costs are still not quite met. You want a beautiful funeral, and you certainly want a quality memorial that not only lasts, but that makes a statement for generations of remembrance. Plan ahead with an exclusive savings account to cover unmet funeral expenses, and plan what you can deposit there on a weekly or monthly basis. You can likewise open a CD or Pay On Death Account to alleviate costs not quite met by insurance.

Finally, if the passing of your loved one comes unexpectedly, and you are caught short of funds, consider alternative payment options. For instance, crowdfunding sites such as GoFundMe and Fund the Funeral may assist you. Countless families in need have relied on their communities through these crowdfunding to assist them in a time of loss and need.

Contact Tegeler Monument Co. for Burial Memorial Planning

Tegeler Monument Co. and Loeblein Memorials have served families in Baltimore County for more than 124 years with artistry in craftsmanship. We provide lasting monuments, markers, and specialty work made with the quality materials, care, and craftsmanship deserving of the memory of your departed loved one.

Contact us online to describe your memorial needs, or simply call Tegeler Monument at (410) 944-0300 or Loeblein Memorials at (410) 284-7404.