For many people, lowering debt and reducing it is one of their priorities. They may be looking for ways to repair what they owe. One of these methods includes lowering monthly spending. While cutting back on wants versus needs such as discretionary spending like clothing purchases or dining out might be a step they take. You can do a lot more to significantly improve financial health. You can also go with negotiating your bills. Anyway it’s important to put a plan in place in order to achieve the goal of becoming debt-free. Check those finance tips to learn more about what you can do!
Keep in mind that the sooner that the credit card bill is paid off, the sooner that you will be free from unnecessary interest freeze. This means there’s more money to spend on things that you want such as a vacation or the coolest new tech gadget.
How to Negotiate Your Bills
There are a lot of ways to save money, some of them you already know about, but it doesn’t hurt to freshen up your memory. We came up with some ideas for you so read carefully and try them out. Let us know if you manage to save money and negotiate all those bills!
Cut those Monthly Subscriptions
The first step to take control of your personal finances is to take a close look at recurring expenses and monthly bills. Go through your bank statements and see if there’s anything that is being charged that can be removed or refunded. Negotiating your bills requires patience and persistence. Memberships that aren’t being used, such as for the gym or online services, should be canceled. When you’re ready, you can sign back up, but for now, it’s important to pay down the debt.
However, there are many necessities that you need to pay for that lowered by negotiating your bills. Not everyone knows how to haggle for the best rates, so it is crucial to find the courage to call and ask for a discount. There’s a lot that you should know to secure a discount. These strategies will help you is successfully negotiating debt.
When you’re negotiating your bills, you can start small and then scale up to bigger wins. Begin by learning how to go to the lower monthly bills. Learn to be organized. Keep track of your usage and your monthly fees. If it’s possible to downscale or downsize, do so.
The first step that you can take is to pick up the phone and call. Many people think that the price that they pay monthly for certain services such as phone bills or cable is not negotiable, but these fees are not set in stone. Actually, it’s possible that you could be paying a lot more than the people next-door for the exact same packages. Because of this, it’s essential to take the time to call your providers. At least once a year, take the time to sit down with the phone and talk to somebody about the prices that you’re paying and seeing if it’s possible to negotiate a lower fee.
Try to Bundle
One example is that you can discount your cable and internet by asking to bundle the two services. There are other ways to get lowered prices. Opting for paperless billing or setting up an auto-pay can reduce the costs. Negotiating your bills is possible if you know what your options are. This list shows the companies that are most likely to negotiate, so you know where to focus your energy and time with your negotiating efforts.
Take note in your calendar about special promotions and be sure to renegotiate before the price goes up. This can help you to avoid unexpected fees and rate hikes. Negotiating your bills can be simple if you know where to start.
Try to Call Them
Many times if you call and say that you want the service to be discontinued, they will offer a lower rate to get you to continue to be a customer. You can try this and see if it works.
If you’re unhappy with how a customer representative treated you, and take the time to file a complaint. The companies don’t want to lose your loyalty and will do a lot to compensate for your experience. You can complain by calling their customer support hotline. Many businesses also have live chat options where you can detail your experience and how it was unpleasant. Also, you might find that reaching out on social media such as Twitter or Facebook could be effective. They will offer rebates or discounts to secure your loyalty and to make up for the bad experience.
A recurring customer is one of the most valuable things for a business, and they will do a lot to make sure that you are satisfied and to try to deter you from saying any bad publicity about them. Try to let them know how you feel and be sure you’re asking to have your needs met when you’re communicating with the company that you are working with.
With your insurance payments, for example, see if you can lower the deductible. If your TVs don’t need DVRs, you can take these off. The $3 or $6 that you save can add up in the long run.
The A La Carte Method
When you are trying to reduce costs, using a little bit of consumer psychology can save you a lot of money in the long run. For example, when people have to fill out forms to enroll in their 401K, about 37% of them chose to. When it was automatically deducted from their paycheck, then more than 85% of them contributed.
We’re more likely to do things when there is no involvement necessary. Use this method for your advantage. For example, instead of paying for a premium cable service or Netflix, you can buy one episode at a time on iTunes.
When you go to the gym, you can choose to buy a day pass instead of a monthly subscription fee. The a la carte option works for a few reasons. The first is that you are probably already overpaying. With gym memberships, people on average go 4 times a month, which would be about $17 a visit. A day pass makes this cost a lot less.
A second reason why the a la carte method works is that it forces people to be conscious about their spending habits. Making this small change can reflect in other ways they are spending their money every day that they may not have put too much thought in before. Using the a la carte method helps you to value every penny that you’re saving. Even saving as little as $10 a day can turn into $300 dollars a month… and more than $3500 a year.
That’s a big chunk of change. It can be put into paying down debt or in saving for your future. See how you can use the a la carte method in your everyday life, and see the big changes that reflect in your finances. While it might not be the most convenient way to pay for things, it will set better spending habits in your life that will eventually pave the way to your financial spending. You’ll learn to appreciate every dime that you have and think more about where your money is going by switching to this method of purchasing.
Lower My CellPhone Bill.
When you’re negotiating your bills, start with your cell phone bill. Take time to compare rates on other carriers. Write down the cost of each, including the amount of minutes or data as well as any other benefits such as adding on other family members or free phones. Call the company that you currently have a contract with. Be polite and see if they have better plans that they can offer you.
What to Say
You can use this script:
You: Hi, my name is (your name). I am taking a look at my plan and it seems to be too expensive. Can you please tell me whatother plans that are available that can potentially save me money?
Them: Sure. (they will discuss your current plans, and talk about plans online)
You: Are there other plans available that are not listed online?
Them: No, what is available is listed on the website. You are on a contract, and there is an early contract ending fee of $XXX.
You: Ok, yes, I understand. But if I switched, I could be saving more than that XXX cancellation fee. I have been comparing my plan with other companies, and there are options available that will cost a lot less.
Note: They might decide to switch you over to the customer retention department. This group works to keep customers by providing free deals that make staying with that company more enticing. You can also request to be switched to the customer retention department directly, or play the game and hope that when you ask for cancellation, you will be transferred to the retention department.
Once you’re on the line with the customer-retention department, ask for plans. Then, discuss the competitor’s prices and see what they can do to help you save money.
This method is especially effective if you are a loyal customer. They appreciate your business and want to hold on to your business. This method is especially effective if you are a loyal customer. You will be in a much stronger position if you are actually willing to switch to another plan and walk away. When you’re talking to them, avoid yes or no questions and instead ask leading questions. Don’t be worried if you get through to the cancellation department that your plan will automatically be canceled. You can be on the phone for hours, and it won’t lead to cancellation until you give the final go-ahead. Use this to your advantage.
A similar method might work when you are talking to representatives about your cable bill. The first step is to research the competition and
see what they have to offer. Call your cable company and mention that you were looking into paying less money, and their competitors are offering a plan at a more desirable price. Think about what channels you actually watch, and find a plan with fewer channels that you would like to have.
Some families find that they can do without cable altogether. They will choose to have an internet streaming service or even make use of the local library. If you can do without television, that is hundreds of dollars of savings every year.
Shopping around and comparing insurance providers is crucial in saving money. You can find some serious deals by taking the time to go online and search companies that offer lower rates. Often, the ones that you see commercials for advertising they have the lowest rate don’t, and they put the extra money you’re spending into their marketing budget.
Bundling insurance policies can help you to pay less every month. Another option is to look into paperless billing.
Many times when your insurance is up for renewal, they might decide to arbitrarily hike up the costs banking on the potential that you won’t want to search around for another deal or look into competitors.
Take the ten minutes that it might take to log into a website that compares insurance costs, and be amazed at the hundreds of dollars a month and thousands of dollars a year that you can save simply by taking the time to do a little research. You can also see what extras you can do away with and work with the minimum coverage you need if that’s what it takes to save more money.
See what discounts you’re eligible for. There are many auto insurance discounts available that you can ask for that will result in more savings.
To avoid fees, it’s important to pay bills on time in full every month. However, sometimes you might find that you need to pay behind the due date. This might incur a late fee or another penalty. If this is the case, you can Collett the customer service representative and ask if they can waive the fee for a one-time courtesy. You can use this strategy for your mortgage monthly bills bank account or other services. You can save hundreds of dollars by asking to waive the fee first.
Outsourcing help might be the next step to take when you’re negotiating your bills. There are a few different services depending on your needs. Some people specialize in lowering debt and can help with any number of debt-related issues. They’ll work with subscription services as well as try to help you raise your credit score so you can meet goals such as buying a new car or a new house. Asking them for help might save you time and get you better deals than you would have gotten on your own.
These services specialize in negotiating your bills, so they know all of the techniques to use to cut costs. They’ll know what to say and who to talk to and might even have a few industry connections that will all be willing to work with you, so you’re paying less at the end of the day. Their job is to help you save money, so you should ask them and see how your situation can be improved with their services. Some offer great money-back guarantees so you won’t be spending a dime if you’re not saving money.
There are services you can sign up for that will do the work of negotiating your bills for you. One of these is bill fixers. The website states that they can help you to save up to 30% on your monthly bills. Wow! There is also a no-risk guarantee for customers. This service can also help to lower early cancellation fees by as much as 50%.
They split the cost of savings with the customers, which makes them motivated to help increase the savings. They work on almost any recurring bills that you have. These include newspaper subscriptions, home security and alarm services, landlines, internet, cell phone, and cable. Sometimes, they might be able to get free upgrades like faster internet or extra cell phone data.
They will also reach out to you if the service is being downgraded. They also work with businesses to help cut down on business costs. This includes waste management or software packages. It’s simple to use and involves uploading your bills so their team can get to work on them. You can also call your providers and add them as an authorized user.
There is a process to canceling accounts that they work with you, and there is plenty of information available on their website that you can use to start negotiating your bills. Most negotiations can be handled within one billing cycle so you can get started on saving money fast. This service does have its limitations.
There are many services to learn about your bills out there and you should use technology when ever possible.
Smart Money Tip!
There are times when it is smart to take out a loan to reduce your monthly expenses and lower rates. It’s never a good idea to go further in debt, but personal loans can be used in a smart way to lower debt!
If you’re interested in getting a loan, we have some lender suggestions for you. That’s right, no need to go anywhere, you can get offers right here and right now. Just fill out this form and we’ll get back to you shortly:
They do not work with medical bills, insurance bills and claims, mortgage and rent payments, car payments, legal fees, debt services, and credit cards. They use a secure encryption system so you can trust that your data will be safe all while you will be putting more money in the bank. Another limitation is that they will not work on bills that are past due.
Talking Down Medical Bills
Medical bills can be a source of debt for many people. Even if you currently have enough to pay the bills in full, it makes sense to talk them down in order to put more money in your pocket. Many hospitals are strapped for cash, and they will take even a partial payment in order to get some capital in. Insurance companies will negotiate bills all of the time. Asking won’t hurt, and the results can be amazing.
One example of a discount you can get is if you pay in full over the phone. You might see savings up to 30% by doing it this way. A short phone call can actually help you to save hundreds or thousands of dollars when negotiating your bills, including your medical bills. Do more research and see your options. They will be willing to work with you to pay your balance at a price that you will both be happy with.
There are a few steps you can take when you are talking down your bills. One in three families has difficulty paying these off, and there are a few steps you can take to negotiate a better solution.
The first step is to keep your bills low from the start. You can do this by exploring options, such as sliding scale clinics or different physicians. Rates vary among doctors and finding one that you can afford can be the key to having medical bills that you can afford. There are also health clinics that offer services such as vaccinations that are more affordable than at a primary care physician. When you switch facilities, make sure that it’s in your insurance company’s network.
Another way to have lower medical bills lower is to wait a few weeks after receiving the bill. Don’t let it go to collections, but give them time and then ask for the ability to pay a reduced cost. When you call, do it in the morning. The person on the other line will have a fresh approach and might be more willing to go above and beyond to assist you. Once you’re on the phone, put on a happy voice and ask to speak to a supervisor if necessary. Asking for a discount to pay cash now instead of in installments might also work.
Interest Rates on Credit Cards
If you’re not happy with the interest on your credit cards, then you might want to think about searching for one that has better rates. You might not need to switch cards. You can also call your credit card company and see what they can do to help you to secure a lower rate on the card you have.
With a history of responsible credit use, this can show that you deserve a line of credit that has better terms. Also, be willing to walk away. If you show them that you might switch to a different credit card company, then they might be more willing to negotiate lower terms with you.
Interest rates on credit cards can make paying them off be a feat, so it’s important to do what you can about the interest rates on these cards. Whether you’re going to use a different credit card company or stick with the one you have, you can try to talk to them to get them to lower the amount that you are paying every month. This can be a big step in paying less every month and taking control of your finances. Simply asking can actually make a big difference.
If the credit card company just doesn’t want to lower their rates, you can always credit card shop for new provider.
Monthly Rent Payments
If you have a long history of living in one place, you might be able to talk down your cost of the rent. Renters who are clean and reliable, might be able to negotiate their cost of rent down. This is especially true if you have a solid track record of paying on time, being nice and friendly, accommodating their needs, and get along well with them in general.
Rent prices are not set in stone, especially if you are renting from a private owner. Talk to your landlord about your current rent price. See if they are willing to have you pay less. Emphasize how you are looking to stay for longer, and say that you can sign a longer-term lease agreement if that means that you can pay less in rent. It costs the landlord less to have a reliable and clean tenant that pays the rent on time than to try to find another one. Let your landlord know that you can stay for longer and see if they will let you pay less. If anything, it doesn’t hurt to ask, and you might like what they say.
Combining techniques can help you to save up to $500 a month or more on your bills. Taking efforts like stocking up on groceries from the food pantry or freezing foods can cut down on the grocery bill. Stocking up ahead of time will save money on gas as well as time by choosing nonperishable foods. Other ways include cutting down on electricity costs by using a programmable thermostat. You can also get rid of a landline if you still have one to save money.
All of these methods might add up to big savings for you! Negotiating your bills can result in many big savings.
Ethan founded Goalry, Inc in Dec 2016 with the mission to build the world’s first and only Financial Goal Mall. One place to reach financial goals and comparison shop for any money matter. Taub invents the IP for the finance stores within the mall, while overseeing various aspects of the company. He also has orchestrated the company’s earned media across the finance stores: Accury®, Billry®, Budgetry®, Debtry®, Cashry®, Creditry®, Loanry®, Taxry® and Wealthry®. This includes over 1200 blogs, 400 videos, thousands of social post and publications that have been featured across the web.