South Africans Borrow Money to Pay for a Funeral
South Africans are already heavily indebted, and this is across all income groups. Even South Africans who have been reducing their debt for years have a nasty blow waiting for them. Death has a nasty sting to it, and you may have to borrow money to pay for a funeral.
Today, grieving people in South Africa have to borrow money to pay for a funeral. And that’s just to give a loved one a decent send-off. Soaring funeral costs are forcing people to take out high-interest loans. And others are being forced to look at pauper funerals. Funeral costs are escalating beyond the reach of average South Africans. There are just a handful of people who have the cash available on the spot to pay for a funeral.
Before You Borrow Money to Pay for a Funeral
Get an idea of what your ideal funeral will cost. An ordinary funeral in South Africa can cost anything from R8 000 and sometimes much more. That is because of religious rituals, customs and cultures. An average headstone can cost in the region of R7 000.
So this gives you an idea of what a funeral can cost, seeing that one item costs so much.
Some funeral plan websites have a free online tool where you can calculate how much a funeral will cost you. These free calculators ask users questions and then provide a price for a funeral based on the answers.
In South Africa, the National Bureau of Economic Research has published a study which reveals that almost 25% of the people surveyed said that they had had to borrow money to pay for a funeral. There are still many South Africans who believe in hosting lavish funerals. These same people believe in feeding the many people who come to pay their respects. That is when funerals can cost 40, 45 and R50 000.
A Funeral Plan Takes the Sting out of Death
Salary earners who wants to avoid the high costs of a funeral should have a funeral plan.
By paying an amount of R25 to R120 a month, depending on your plan, you can have a decent funeral without having to break the bank to do so.
In South Africa, you have to be 18 years or older to take out a funeral plan. In fact, anyone who is earning a salary should offset the massive costs of funerals by having a funeral plan.
Make the Funeral Transition Period Easier
FuneralPlansGuide.com is a useful site and has been established to provide valuable information about planning a funeral for a loved one. You’ll find they even discuss costs involved in planning a funeral and what it takes to ensure that future funerals run smoothly and without panic.
Planning a funeral in South Africa and any other country can be fraught with difficulties, but a funeral plan that was out before you pass away can make things a lot easier in the future. These plans will ensure your family and friends don’t have to be anxious about where the money will come from to plan a funeral.
These funeral plans can cover burials, cremations or ‘green’ funerals, and the plan will pay for everything that the deceased particularly wanted for their funeral. Even our last great event on earth costs a fortune, but with a good funeral plan, you can sail into the afterlife with no bitterness left behind because of financial difficulties.
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All info was correct at time of publishing