Do You Pride in Knowing Everything about Financial Freedom?

For majority of young adults, the most common New Year resolution is to earn financial freedom. Unfortunately they fail to achieve what they set up as a goal on the New Year day. This is because; they have vague idea about what financial freedom is all about. For most of us, financial freedom means having enough of money that enables us to spend on whatever we want. While earning a lot of income and enjoying control over expenses are important financial objectives but those cannot be a true definition of financial freedom.

Financial Freedom

The exact definition of financial freedom is not a universal one as several ones from us have different takes on the subject matter. Here is what I think about ‘Financial Freedom’.

Winning Fear

It is a general and genuine fear of not having adequate amount of money to purchase groceries or pay bills. Going bankrupt is never fun and the same is true for those nearing the edge. Having a good flow of income, clearing debts or controlling expenses will do a lot for fear elimination. But what if you lose or are robbed while carrying money? Having financial security will instill freedom into you.

Surpassing Stress

Money is one of those elements causing stress leading to both physical and mental problems. Now do you think that overflow of money will keep money-related stress away? According to research, problem of depression is high in the richest countries of the world. Studies also claim that earning a $75,000 a year takes you to the point of happiness and beyond that, stress build up.

I want to offer psychoanalysis of the findings. If you have more, you will demand more. And then you will suddenly realize you don’t need all these but need something else. It will go on and on in a vicious circle which is very much depressing. Money cannot buy happiness and that proverb rings truer always!

Getting over Greed

Having plenty of money makes you greedy – isn’t that what you think? According to economics, people with low or middle income roof have a tendency to overspend when they start earning a handsome figure. But marginal propensity to consume is less in higher income group.

As far consumption is concerned, earning more will help you get over greediness because you have already enjoyed so much in your life. And you will amazingly discover yourself seeking opportunities for investment. However, you need to make efforts to overpower the greedy self hiding within and you can do so by contributing to social events, charitable activities and helping others who were not born with a silver spoon in their mouth.

Final Words

It is possible to enjoy freedom from greed, stress and fear at any point across your financial spectrum but then it also depends on your view about money and life. Now it is important to analyze your financial character. Are you in fear of going financially bankrupt? Are you feeling stressed out due to your pursuit of an improved financial condition? Do you find it hard to manage your desire for more that you currently cannot afford? Try to figure out the answers and you will come up with a customized definition of financial freedom.

How to Effectively Handle the Debt Collectors

If you are in debt and failed to pay it back, you are likely to get bothered by the debt collectors. It is important to pay off the debt and as rule, the debt collectors do have the right to get back the money. But, sometimes things can get really out of hand and it can turn into harassment.

Debt collector

It is important to deal with such a situation more effectively. There can be various reasons for failing to pay off the debts and you need to communicate this to them. But, not every debt collector is the same. It is important to know what you should do when the situation arises.

Here are some steps you can take to protect your rights:

1. Understand your Rights

First of all, the best way to protect yourself from being harassed or mistreated by debt collectors is to know and understand your rights as well as the statute of limitations. Just because you are over-indebted does not mean, the collectors can push you around. To handle such collectors properly and effectively, you should be well aware of what they can and cannot do.

For one, collectors are only allowed to call at certain times of the day. Moreover, the collector should respect your privacy. They are not allowed to call you at work especially if your employer does not allow it. And they cannot inform anyone else about your debt situation.

2. Take Appropriate Actions

In case, you receive continuous calls beyond the limits as set by law, you can file a complaint against them. This does not mean however that you are excused from dealing with the debt. It merely serves as a way for you to keep the debt collectors at bay.

You can also actually make a written request for them to stop calling you. Once the letter is sent, you should, the calls should stop. The debt collectors should take legal action if necessary to get back the owed money.

3. They Need to be Respectful

Furthermore, if a collector contacts you over the phone, he should not make false statements to simply force you to settle the debt. In addition, they should talk to you in a respectful manner and not in a way as if you have committed a crime. It is prohibited for them to use abusive words or make any threats of violence. If they do use abusive words, you need to let them know. If things you out of hands, you need to seek help from the appropriate authorities in this regard.

4. Verify they are the right Debt Collectors

When you receive a call from a debt collector, it is essential that you request for verification. Most of the time, the creditors will contact an agency to handle debt collection on their behalf. However, it is in your best interest to check if the agency indeed has the right to collect payment for your debt. Ask the important questions and make sure to verify from the original lenders if they have assigned the work to an external agency or not.

5. Learn to Negotiate

Third, you have to learn to negotiate. After settling the issue on whether the debt is accurate and the collection agency is rightfully assigned for collection, you should make an attempt to negotiate with the collectors. Start by offering a payment less than what you can actually afford, this shall give you room for adjustment in case the collector tries to deny your offer.

Keep in mind that timing is everything. If you are feeling like the collector is acting firm, unfazed by your attempts for negotiation, then perhaps you can try to make a deal at the time they are more likely to bite into your offer which is usually by the end of the month. After making a deal, make sure that you have everything properly documented. Secure the agreement in writing. Such is important even before you send any form of payment.

6. Don’t get Defensive

Do not act defensively when you receive a call from a collector. Remember, they are only doing their job. If everything goes well, then you can come up with a favorable arrangement. Otherwise, you may consider filing a complaint against the debt collectors that keep harassing you and acting beyond boundaries as set by the law. Dealing with debt collectors can be very stressful. You need to keep a calm head to deal with such situations.

The Bottom-Line

You have certain rights and that should be considered when you fail to pay debt and the lenders are after you. You need an effective strategy to keep the debt collectors at bay while you think of a way to pay the debts. Take a cue from the above methods and keep the debt collectors from making your life difficult.

Buying vs Renting – What Makes a Better Choice?

There is a good number of Americans who dream of owning a house. But is it the right time to buy a home? Many are dragged into believing that buying is a good option than renting as the later is often believed to be akin to draining out thousands of dollars.

However, the problem is property value is floating into notoriously high level, spiking up with every passing day. It is getting really difficult – especially for the people with middle to low income ceiling – to buy a first home. And that explains why renting is still preferred to buying for a certain section of people.

Buying vs Renting

Housing Fees

Let us face the things straight! It is not that you always throw away your hard-earned money while paying rent. The same notion may also be true if you are making a buy. Every month when I pay a few thousand dollars to my landlord, it makes me think that I could have spent that much into my own apartment. But then when I take a look at the current property prices, I don’t have to force myself into believing that I’m throwing money but in a better way.

More Flexibility

As a 20+ young guy, I’m yet to experience many things in my life. Though I love my current city a lot, I’m not adverse to the idea of relocating if right opportunity comes on my way. And it is needless to say that relocation comes with a lot of headache, especially if you own a house. Renting is more flexible an option and gives you a lot of convenience. Flexibility and convenience cannot be measured in money but the abstract feel means a lot to the adults and people like me who have just started out to earn their bread and butter.

No Unforeseen Expenses

Majority of those who want to own a house often forget a host of responsibilities and expenses that come with proprietorship. Cost of maintenance is most important of all, with others being expenses for insurance, closing, selling etc. And then you will find yourself always spending money on repairing or fixing things. Many roofing companies offer competitive pricing, it can still be expensive if you’re not prepared for it.”. You will also have to take care of ground maintenance and lawn work. But if you are paying rent, you don’t have to take all those into your head.

Price Location Wise

Buying can be a preferred option if compared with renting but that depends on where you will live. Location is what plays the key role here. There are several cities in America where property prices are insanely high and appreciate more quickly than what is experienced in other parts of the country. Given my current salary slab, it will take me years to make that much investment. But until then, I’m happy with my rented apartment and won’t mind spending money in someone else’s apartment.

Personal Choice

Last but not the least, it is up to one’s personal choice whether to buy or rent. Others’ view is not the sole thing when it comes to consideration because your choice must be based on your own needs. Preference, income, flexibility, lifestyle play a big role in deciding whether you should go for a buy or renting.

5 Smarter Ways To Save Money With Economic Gift Ideas

Human beings are social creatures and to stay in a society you have to follow certain norms. Being a social creature means staying in a group. Usually, humans do not like staying alone and to stay in a group you have to maintain a good relationship with the other members. To foster relationships among society a number of occasions are celebrated. These occasions are nothing but reasons for getting together and maintaining relationships.

Some occasions require you to exchange gifts like birthdays and weddings. But such occasions like weddings, birthdays, christening and so on are costly affairs for the hosts as well as for the invitees. As invitees, you need to get gifts for the occasion and in general, every family has to attend plenty of such occasions in a year. Just calculate the amount you spend on gifts each year than.

Economic Gift Ideas

But that does not mean you will throw away your money on gifts. There are ways to save money on gifts without compromising on quality. All you need to do is spend a little time in place of money and you can have good and unique gifts that are economic too.

Here are some of the ways to save money on gifts:

1. Birthday Gifts

If the occasion is that of birthday or anniversary of a close friend or relative, you can bake a cake instead of spending a fortune in buying an expensive gift. Rest assured that a cake baked by you would be more precious to the receiver than anything you buy them. This way you not only save money but also impress the receiver by showing your love and care for them.

If cooking is not your area of expertise, you can always go for some other self-made gifts. Handmade gifts never fail to make any receiver happy since it is a fact that in this fast forward age, the best gift you can give anyone is time. A handmade gift goes to show that you have spent a lot of time in creating it.

2. Gifts for Acquaintance

If the occasion is an official one or of a distant acquaintance and you are not particularly eager to spend any time making a gift, still you can be economic and save money on gifts. All you have to do is plan ahead and research a little instead of just going to a shop just before going to the occasion and buying anything you can put your hands on. You usually end up spending more if you are in a hurry while gift shopping.

3. Use a Gift Card

The gift is another way to save money on gifts. A gift card for online shopping or spa is an amazing way to make someone feel cared for. Usually, the gift cards are of many types and you can choose them based on your budget. The best thing about the gift cards is that you can give them to anyone – your friends, family, colleagues, and anyone of your acquaintance.

4. Stock up on Sales

When things go on sales, don’t forget to buy extra stuff if your budget allows. Some of the same things will cost twice more in normal circumstances. Special occasions like Valentine’s Day, Christmas, and others bring a lot of sales. You can stock up on a lot of things like clothes, accessories, chocolates, gifts pack and more. When it’s time to gift someone, you can look into your stock and find the perfect gift without spending a lot of money.

The reason why this works is that you already know people in your life. You know what they like, and you can buy them at the stores at a reduced price. Plan ahead and keep in mind the coming occasions like birthdays and make a list. Then buy things at a reduced price and save money later on without compromising on the quality.

5. Use Cash, Not Credit Card

When you use a credit card, you don’t usually see how much you owe to the bank. This can affect your financial health. Use cash for payments or other pre-paid methods where the cost of the gift does not add to the debt. This is one of the best ways to ensure that your gift-giving doesn’t go overboard and you stay within your spending limits. Make sure you keep your credit card debt under control.

The Bottom-Line

Giving and receiving gifts are not only societal norms that help us to maintain relationships, but they also spread happiness. But like it is said, money cannot buy happiness and hence you do not need to spend huge amounts on gifts just to make your loved ones happy. Being economic in every aspect of life is a part of good personal financial planning and buying gifts is no exception.

Payday Loan Is an Options in Fulfilling One’s Needs

Special institutions of finance serve special type of loans commonly known as payday loans. These loans are offered in order to help the people so that they can manage and clear their emergency requirements of cash. Payday loan is even regarded as short term loans as well as quick and compatible loans. When an immediate urgency of cash is required and a person do not attain much saving in that case payday loan is the best option. This Payday loan is a user friendly loan as it helps the borrower in sorting out the credits. Moreover this loan is considered as a fast and convenient loan because it helps an individual in a certain period of time. Many financial institutions offer this payday loan facility so that the people facing any credit issues can immediately repay it. The charges of payday loan are generally higher than other type of loans generally 15% of the amount borrowed.

Payday Loan

Payday loan works in a very simple manner. The borrower borrows a certain amount from the lender, at this very time lender asks for post dated cheque from the borrower which has the principal amount plus the fees. When the date approaches to repay the loan the borrower can both pay in cash along with the fee and get the cheque back or he can ask the lender to present the cheque at the bank and get it cleared. In case if the cheque is not cleared the borrower is charged with the cheque bouncing fees plus sum other fee levied by their particular bank. The payday loan is not very expensive it can range from 100$ to 1500$ and the time of credit is generally small maybe a month or less than that. It is widely used by persons who have no savings or are financially unstable.

There are certain procedures as well as terms and conditions that are required for the processing of this loan. This loan asks for borrower details and information such as identity proof, permanent income and salary slip so that the further process can be executed. Furthermore taking payday loan is very simple and easy as it does not asks for much long procedure of verification. Besides short term or quick loan there are several other terms too that are used by financial institutions and these are such as costly cash, check advance loan, mortgage and repayment. Some banks even acknowledge payday loan as post dated check loan and deferred deposit check loan.

Now days one can even apply for loan or look for money lender at few reliable and trusted online sites. Even one can browse at online site that offer the facility of loan and at certain rate of interest. Also this site holds numerous reliable and efficient money lenders that serve loans to the borrowers. Before taking loan from any financial institution or online from this site one must make complete research about the company as well as the money lenders.

4 Secrets to Know for Becoming a Successful Stock Market Trader

A lot has already been told and written about success in stock market and trading. Here we’ll try to get answers to few common questions about share dealing by learning 4 secrets about successful stock market trading.

Discussed herein are a few crucial aspects like stopping losses and learning different trading strategies. While these rules or secrets are important to know, it’s crucial to understand that profitability usually starts at a more basic level. Let us take a look at the 4 secrets that you must know of.

Successful Stock Market Trader

1. Begin with Understanding Yourself:

People/investors often ignore this fact and they like to believe that profitability in trading is directly related to only their trading strategies and nothing else. While, the latter might be true as executing the right strategies is a must in the trading world but the scale of your profit is often the reflection of what you are; at least, this is what the veterans say about trading. If you are looking for long term success in trading you need to analyze yourself, your needs and desires, your characteristics and personality and above all your weaknesses and strengths.

2. Sound Knowledge of Market, trading, Investing and Economy:

Just like anything else in the world knowledge is your biggest strength even in trading. The ones who have succeeded over a period of time truly understand the huge significance of continuous learning and growth of knowledge. The objectives you have personally server as a framework for how you improve your knowledge and awareness. Over a period of time you must develop a knack for appreciating the opposing forces that affect the prices in the market. Along with this you must develop anticipating skills to foresee the changes in stock market as per different factors like economy and money.

3. Design a Strategy that Suits your Needs:

You must have a blueprint when you start playing with money. Never gamble blindly without any proper plan in place, unless of course if you are not interested in truly succeeding in the long term. The blueprint must encompass important factors like your personal needs, lifestyle objectives and financial strength. It should also talk about financial and market products that you plan to use for generating profits. Remember that you don’t need to limit your blueprint to just investing and trading in stocks. Make a broader and balanced plan that includes various instruments such as bonds, property, stocks or ETFs.

4. Market Exposure and Experience:

Yes – this is no secret for a beginner. Experience and exposure only comes with time and there are no short cuts here. That being said, you can always work towards fast-tracking the process by honing your skills and improving your knowledge. You can find a mentor who has enough experience and you could be easily getting some real insights not available to others with no one to guide.

Alternatively, you can also choose to be a part of huge investment group. That way, the chances of your profitability are higher, and you also learn a lot in a very short span of time.

Daniel Palmer is a seasoned stock market trader with over twenty years of experience in stocks and shares. He also enjoys traveling and spending time with his family and friends.

3 Things You Should Know About Credit Card Balance Transfers

Credit card balance transfers refer to the act of transferring the outstanding balance of one of your credit cards into another card with a lower interest rate. Pretty simple concept, right?

Many people think of balance transfers as very beneficial in their attempt to reduce their monthly payments and get themselves out of debt. Which it can be. However, it’s not always a positive step. Just like most debt reduction plans, it will work for some situations, but not others. So consider all the benefits and drawbacks before you use balance transfer as your debt reduction strategy.

Credit Card Balance Transfers

First, you should not just transfer the balance of one of your credit cards into another card that has low introductory rate without reading the fine print. This means that you have to be careful in choosing a credit card company that allows you to transfer your credit card balance to ensure that you will be getting a good deal. You need to consider the fees for making the transfer. Usually its worth it if the low interest period is at least 6 months. But it’s a good idea to figure out how much you will be paying, how much you will be saving each month, add it all up, and make sure you will be coming out ahead.

Second, you need to make sure you are able to pay on time. Usually you lose the low interest rate if you are more than 30 days late on one or two payments. If you tend to miss payments frequently, then you lose the benefits of the balance transfer. And the new rate may end up being higher than your old rate. So make sure that you have a system for paying on time so you don’t end up on the wrong side of the equation.

Third, it is also important for you to remember that credit card balance transfers don’t get rid of all your debts on their own. The concept behind the transfer is to lower your interest rates. And that can be a big savings, especially over the course of several months. But you are still required to keep paying your balances. So you need to write down all of your debts, factor in the new interest rates, and come up with a plan for paying them all off.

In your search for the best balance transfer card, it is important for you to read the agreement first so you know exactly what you are getting into. Check out the length of the introductory rate period, the annual percentage rate, the annual fees, the balance transfer fees, and the penalties if your payments are late.

If you want to get the best balance transfer card, then it is advisable for you to go for one with a zero percent balance transfer period. But sometimes you can get a slightly higher rate, for a slightly longer time period. So once again, write down all of your debts and do the math to figure out which option is better for you.

Finally, make sure to know when the low rate will end, so you keep transferring balances if needed, and save the most amount of money!

How to Choose A Financial Adviser? Your Quick Checklist to Choosing a Financial Advisor

Finding a financial adviser is a big step, and there’s no “one size fits all” option.

Your own specific set of needs and criteria will determine the best FA for you, but do you really know what you’re looking for? When it comes to selecting a financial adviser, there are some questions you should ask yourself to ensure you’re connecting with the right person for the job.

Finance Advisor

Handling the finances isn’t everyone’s cup of tea. Some need help while others can handle it on their own. No matter what your requirements are, a good financial advisor can always help you.

Looking for advice on how to find a financial advisor for your specific needs? Here are some important things to consider:

Do they offer independent or restricted advice?

As of December 31st 2012, there are new regulations in place dividing FAs into two categories. Independent advisers can offer advice on things like stocks, life policies and pensions, and must not be subject to any influences that could affect their recommendations or service. They have to know the full range of products, and make a fair analysis of them before recommending them to you. A restricted adviser can only make recommendations about a select number of financial products, and they have to specialise in these products.

It is essential to choose a financial advisor that can deal and advice on a wide range of products rather than focus on just one or two. The kind of advisor you choose will depend on your unique needs

Do they come recommended?

You may want to begin your search for a Financial Adviser by asking friends and family for referrals. While punching your search request into Google or scrolling through the phonebook will undoubtedly give you a lot of choices, working with someone that’s had a positive referral from someone you trust will likely prove less of a gamble, and can save lots of time.

One of the most common tips on how to find a financial advisor is getting recommendation as it is one of the easiest ways to find. It saves you time and also you don’t have to go into details to verify them.

How much will it cost?

Cost is an important factor when it comes to choosing the right financial advisor. Everyone has a budget and would want to hire someone within that budget. Fortunately, you have plenty of choices when it comes to choosing the right advisor.

While financial advisers used to work on a commission basis, new regulations implemented in January mean they now charge fees upfront. This can be an hourly fee, a fixed fee for the work undertaken or a percentage fee charged on implementation.

Financial advisors are now more flexible and can work in any budget. Look for advisors who charge fees upfront so that you know how much it is going to pay. Stick to your budget.

Do they specialise?

Some financial advisers specialise in working with newlyweds or recent graduates, others have lots of experience with retirees, while some FAs specialise on specific investment types or strategies. If you’re looking for specific advice on something like interest-free savings or stock options, you may be able to find an expert in this area that can help you realise your intentions.

When you are thinking how to find a financial adviser who is right for you, go for someone who specializes in the niche you are looking for. Experience and expertise in the field will help you get the right help.

Do I really need a financial adviser?

Lastly, think about your financial plan for the next five to ten years, and ask yourself if you can realise this plan on your own. If you have experience or knowledge about investing you may feel comfortable without expert help. However by working with an FA, you may learn about new financial products or investment opportunities that you weren’t aware of before, plus you can be steered towards those that are right for your particular situation, not just the newest or most popular product.

If you’re taking a serious look at your financial future for the first time, you may well want to consider the help of a financial adviser to get your affairs in order and put in place a plan for success.

The Bottom-Line

Hiring a financial advisor can be a good move in more than one way. Apart from helping you get out of the financial rut, the will also advice you on maintaining a healthy financial habit. Some people need the help of financial advisers more than others. Weigh the pros and cons of hiring financial advisors before hiring one.

If you are looking for independent financial advisers in Cardiff and South Wales, Bartholomew Hawkins has a high level of knowledge, relevant expertise and, most importantly integrity.

Investing in Buy to Let Property in the UK

Buy to let was coined as a term in the UK in 1995, but the practice of taking out mortgages on a property with the express intention of privately letting it had existed for some time before then. The 1988 Housing Act introduced ‘assured shorthold tenancies’ and overrode much of the legislation contained in the Rent Act eleven years earlier, reducing security of tenure for tenants and removing many restrictions on landlords. The prospect of becoming a landlord became more attractive and the number of buy to let mortgages has since increased significantly.

Investing in Buy to Let Property in the UK

Lending peaked between 2006 and 2008, but the subsequent shrinkage of the market has not been indicative of lack of returns – simply of stricter lending criteria curbing the abundance of loans. Recent years have seen a small but steady growth, as demand from both buyers and renters continue to push house prices and rent up. This progression is particularly prevalent in the capital; Rightmove’s October 2012 House Price Index notes a 6.2% increase in house prices in London over the past year (comparing against a regional change of 1.5%; all regions have demonstrated an increase since September, with only the South East and Yorkshire-Humberside showing a decrease since October 2011). The popularity of buy to let can be attributed in part to its potential yield in both the long and short term; with rent set at 125% of the interest-only aspect of the mortgage repayments, landlords can generally make a profit through rental income (the margins increasing in line with the size of the property portfolio) before selling the property after it has appreciated in value.

As of 2012, the number of buy to let loans in effect stands as 1.4 million (up 17% from last year). Detractors of buy to let argue that the number of properties being bought for private rental is a contributory factor to the continued rise of house prices, but the ratio of buy to let investors to first time buyers over the last decade is less clear-cut in determining a causal relationship; high demand for the relatively low supply of properties in the UK is likely the largest determining factor. Those who support buy to let claim that a greater profusion of rental properties gives tenants a wider choice, and thus higher quality, of properties; this also means that landlords have it easier to attract the ‘right tenants’ for their property.

The average gross rental yield for UK property currently stands at 5.4%, ranging from 3.9% (in Belfast) to as high as 8.4% (in Liverpool). Whilst these figures might not represent as high a return as other investments, property is certainly performing better than the equity market, and demand is unlikely to decrease in the coming years. This means that rent will likely continue to appreciate in line with inflation.

This return is in addition to the tax breaks that buy to let landlords in the UK can enjoy. The UK is very popular with both local and overseas ‘jet to let’ investors because many expenses incurred in the running of a property can be offset against their income tax bill, including professional fees (letting agents, solicitors and accountants, for instance), travel, insurance premiums, mortgage interest rates, repairs and maintenance and losses on the sale of the property.

However, one should bear in mind that property is far more ‘hands-on’ than many other types of investment. Thorough research of an area, including development and local rates, is required, as is knowledge of the target demographic. A sound marketing strategy and an idea of projected monthly income and outgoings are advised. Whether or not a letting agent is employed in the day-to-day running of the property, a landlord needs to be well-versed in relevant legislature and know their rights and obligations.

Written by Brian Godfrey on behalf of TurnKey Landlords, the specialist buy to let mortgage arm of TurnKey Mortgages. TurnKey Landlords provides an expert buy to let mortgage brokerage service and a dedicated advice and guidance resource for landlords in the UK.

Pre-planning Your Funeral, a Wise Financial Decision

Some people will avoid this subject like the plague, but planning ahead is often the most financially responsible decision you can make. Many people may think their life insurance policies are enough to cover these final expenses. This is not always the case, and planning ahead spares bereaved families from dealing with minute details.

Many people may not feel comfortable making these plans ahead of time, but try to keep in mind that getting all of these arrangements planned actually gives families a little peace of mind. Not having to worry about final expenses takes a lot of stress out of families who are already dealing with other difficult situations. Families do not usually have an extra $6000 in the budget when an unexpected death occurs. Paying for these services ahead of time takes this added stress out of an already difficult time.

Let’s start with a quick pre-planning funeral checklist to make your life easier

  • Plan and make arrangements with a funeral establishment directly. You can discuss the specific items that you would need and compare the prices with other funeral service providers. Discussing these minute yet important details will save your relatives and close ones a lot of time, hassle, and effort.
  • Another need to be included while pre-planning your funeral checklist is where the remains will be buried. You don’t want your relatives and family members scurrying from one cemetery plot to the other in a whole lot of mess and confusion. Buy cemetery plots before you need them.
  • To keep up with the dynamic prices, it is good to review and revise your decisions every few years. Because you are making arrangements in advance, you must also consider the chances of increased expenses for the same in future. You are planning maybe years ahead of time. Also, make sure your family is aware of your pre-planned funeral decision.
  • Write out your preferences and make sure to give away copies of that to your family members and concerned relatives. Avoid putting a copy of your preferences in a locked safe deposit. Your family must be able to access the document while making arrangements for your funeral.

If you are thinking, ‘Why pre-plan a funeral?’, let me tell you that life insurance policies rarely pay out in time for families to cover funeral costs. Making funeral arrangements in advance allows families to pay for these services when they can afford them. Sometimes, payment schedules are available for families who are on a budget. When all of these details are discussed ahead of time and everything is planned, there are no surprise expenses. Deaths can occur when families are unprepared, adding more stress to grieving loved ones. Depending on how elaborate they are funerals can cost tens of thousands of dollars. Having these arrangements made prior to a death is a great way to spare a family serious financial hardship and unnecessary grief.

Why preplan a funeral?

Funeral Homes

To opt for a reasonable and affordable package

Pre-planning a funeral also gives people the option to shop around for different rates on cremation services and funeral homes. In many instances, following an unexpected death, families are distraught and unable to make good financial decisions. Having a clear mind to make financial decisions ahead of time saves families money. Most funeral homes even offer specials on paying for services ahead of time. Having a plan in place makes the bereavement process go so much smoother and families can focus on emotionally supporting one another.

To eliminate redundancies and guesswork

Planning ahead of time also gets you what you want out of your own funeral. Often times family members have a difficult time deciding what their loved one would have wanted. Having a plan already in place takes all of the guesswork out of the situation. Pre-purchasing funeral services leave the decisions to the person who is planning the event. Many families will mistakenly pick out the most expensive casket because they are not sure what their deceased loved you would have wanted. Pre-planning can eliminate this type of unnecessary expense. This can save the family a lot of money in the long run.

To avoid excruciatingly high funeral costs!

It’s obvious that most people hate to deal with this subject, but funeral costs are too high to ignore. Making a plan for this expensive service helps to save families hundreds, if not thousands of dollars. Pre-planning ultimately gives you peace of mind. Not worrying about final expenses makes the business of living so much easier. Financially, pre-planning your funeral is an incredibly smart decision. I know we’ve beaten this topic hard enough, but I just can’t say enough that in addition to saving money, this can greatly reduce added stress to a family in mourning.

In the end:

Pre-planning your own funeral may seem like a morbid task, but there are so many benefits to exploring cremation services and funeral homes before it is too late. Most people make last-minute arrangements easier for families with pre-planned funeral checklists that would serve a greater purpose in the end. Yes, you might not be around later but you can surely make it easier for your family to deal with your loss by pre-planning your funeral and reducing the burden on your close ones.