Loss is one of the only things we all share in life. It doesn’t get spoken about enough, particularly from the point of view of what happens after losing a loved one. Nobody talks about the grief you feel – but they also never discuss the financial burdens that come when you lose a family member. The closer that person is to you, the more financial pressure you feel after their loss.
Sure, they may leave behind money or assets in a will, but you could still have a host of new expenses on your plate that weren’t a concern before. Instead of two salaries handling everything, you only have one. Or, in some cases, you go from relying on someone’s salary to now having no income source. Bills become a struggle, mortgage repayments are hard to keep up with, and everything feels like it compiles and gets worse.
It’s a truly devastating time for your family, so hopefully you can gain some solace from this blog post. Here are some ideas and tips to help you deal with your new financial burdens after losing someone very close to you.
Avoid Overspending On Funeral Costs
This can seem abhorrent at first, but think about it logically. Would your loved one truly want you to spend money on a big funeral or a fancy coffin if they knew it would hurt you financially? According to MoneyHelper, the average basic burial is just over ÂŁ4,000 – and that factors in funeral costs all over the country. In some places, you’ll be paying closer to double that.
Opt for something far more affordable – direct cremations help you honour your loved one and cost around half the average cost of a burial. Please don’t feel like you’re dishonouring your loved one; they would never want you to end up in a worse financial position because of them.
Look For Any Financial Support
As much as it may pain you to do so, don’t be afraid to seek financial support. This starts with your own family members – people will be happy to help out, at least until you’re in a more stable position. If that’s not a possibility, then consider the benefits and financial support available from the government instead.
To give you a basic idea of what’s available, you could be eligible for:
- Bereavement Support Payments
- Child Benefits
- Guardian’s Allowance
- Universal Credit
- Statutory Parental Bereavement Pay and Leave
Talk To A Financial Advisor
Head to your local bank branch and speak to a financial advisor there. It is free for you to do this, and they can give you all sorts of advice to help in this situation. From simple ideas, like how to save money on groceries, to more long-term tips for a healthier financial future.
Financial advisors help you see your finances from a broader lens and become aware of what is and isn’t possible. They also offer guidance on how to maybe apply for some of the benefits mentioned above, or what the safest steps are moving forward.
Listen, nobody talks about the financial strife that comes with loss, but it’s something we all go through at some stage. Use this guide to set you in the right direction and find ways to deal with any newfound financial burdens.
