Learn how to negotiate bills and lower expenses with expert tips that will help you save money and manage your finances like a pro.
Introduction
In today’s economy, many Americans are feeling the pinch of rising prices and struggling to make ends meet. One area where people could potentially save money is on their monthly subscription bills for services like streaming, internet, phone lines, and WiFi. According to a survey from the Federal Reserve, two-thirds of Americans have reported that rising prices have negatively impacted their financial situation. However, by taking a proactive approach and negotiating with service providers, individuals can potentially lower their monthly bills and ease some of the financial burden.
Expert Tips for Lowering Monthly Bills
Experts recommend that individuals take stock of the services they are paying for every six months and cancel any subscriptions that they no longer need. This can help to eliminate unnecessary charges that may be adding up over time. Additionally, taking the time to call service providers and negotiate for lower rates can lead to significant savings. It’s important to be persistent and willing to speak with a manager, as they often have more discretion and ability to issue credits or lower bills.
Here are some tips for how to lower your monthly bills:
– Take stock of the services you are paying for every six months and cancel any subscriptions you no longer need
– Be persistent and willing to speak with a manager when negotiating with service providers
– Mention specific deals you might be entitled to, such as student or military discounts
– Consider mentioning that you are looking to switch providers, as companies often want to retain customers and may be willing to negotiate on price.
Understanding Your Bills
When it comes to understanding your bills, it’s important to take a proactive approach. Many people are not fully aware of the charges coming out of their checking account, which can lead to overspending and unnecessary expenses. Taking stock of what services you’re paying for every six months and canceling what you no longer need can help you gain a better understanding of your bills and potentially save money. Additionally, being aware of any potential discounts or promotions you may be entitled to, such as student or military discounts, can also help you better understand your bills and lower your monthly expenses.
Key Tips for Understanding Your Bills:
– Take stock of the services you’re paying for every six months and cancel what you no longer need
– Be aware of potential discounts or promotions you may be entitled to, such as student or military discounts
– Keep track of any changes in your bills and be proactive in addressing them with your service providers
– Consider making a personal connection with your service providers, especially when facing personal circumstances such as job loss or medical hardship
– Be upfront about your financial situation and communicate any difficulties you may be facing in affording your bills
By understanding your bills and taking proactive steps to manage them, you can gain better control over your finances and potentially save money in the long run.
Proven Negotiation Strategies
When it comes to negotiating your bills, there are several proven strategies that can help you lower your monthly expenses. One effective approach is to be upfront about your personal circumstances, such as a job loss or medical hardship. Making a personal connection with the representative on the phone can encourage them to go above and beyond to help you find savings. Additionally, consider asking about specific deals you might be entitled to, such as discounts for students, military personnel, or veterans. By highlighting your individual situation and exploring potential discounts, you may be able to secure significant savings on your bills.
Strategies to Consider:
– Be upfront about your personal circumstances
– Ask about specific deals for students, military personnel, or veterans
– Make a personal connection with the representative
Another effective negotiation strategy is to mention that you are considering switching providers. Companies are often eager to retain customers and may be willing to offer you a better deal in order to keep your business. By expressing your interest in exploring other options, you can signal to the provider that you are open to making a change if necessary. This can prompt them to offer you discounts or incentives to stay with their service, ultimately leading to potential savings on your monthly bills.
Strategies to Consider:
– Mention that you are considering switching providers
– Signal to the provider that you are open to making a change
– Prompt the provider to offer discounts or incentives to retain your business
Saving Money on Everyday Expenses
After having a baby in August 2020, Loren Jerae and her partner realized that quitting her job to stay at home with the baby would be more affordable than paying for daycare in a big city like Charlotte, NC. But the switch was an adjustment. “We took a pay cut,” Jerae told TIME. “I stopped working and then we were on a single income household and so from there, it was just what ways can we cut back? What ways can we save money?” Her mom recommended she take a look at her bills and call the various companies to ask if they’d be willing to lower her bills. It worked. It’s a tactic she now uses like clockwork every six months. Though inflation shows signs of lowering, many Americans are feeling the pinch of high prices. A survey from the Federal Reserve released in May found that two-thirds of Americans said that rising prices have made their financial situation worse. Read More: How To Actually Buy Groceries Right Now But there’s one area where many Americans could actually be paying less: subscription bills. When it comes to services like streaming, internet, phone lines, and WiFi, companies are loath to lose business to competitors and often more than willing to cut customers a break when it comes to prices– as long as you know what to ask for. “All these companies…really want your service. They’ll figure out some ways to sweeten the deal,” says Jerae, who posted a TikTok earlier this year sharing her experiences negotiating her bills.“A lot of people just don’t know [that] because they don’t want to take the 15 minutes to call.” Here are some tips for how to lower your monthly bills: Experts tell TIME that most people aren’t on top of their spending and budget. “Half the people aren’t even aware of the charges coming out of their checking account,” says Stephen Roth, a financial planner with Limestone Financial Group. A 2021 study from West Monroe found that the average American spends $273 on subscriptions each month—but is less aware of how much they spend on subscriptions compared to years past. Experts recommend you take stock of what service you’re paying for every six months, and cancel what you might no longer need. “A lot of the little charges add up,” adds Roth. Read More: How to Reset Your Thinking Around Spending Money, According to Experts Though many people might be phone-averse, taking a few minutes to sit down and call your providers can lead to big savings. Know that it might take some time to be connected to someone who can help you. If you mention you’re looking to switch providers or cancel your subscription, the representative will transfer you to a client retention department. “Usually the first person that answers isn’t the right person,” says Michelle Gessner, a financial planner with Gessner Wealth Strategies. Once you’ve been transferred, ask to speak with a manager. “A manager almost always has more discretion and more ability to issue credits and lower your bill than a regular representative who you come to first contact with,” says Gregory Guenther, a financial planner with GRANTvest Financial Group. There are a few strategies you can take when trying to get your bills lowered. Jerae usually just mentions that the bill is getting too high for her to afford. “I call them and say, I’ve been with y’all for X amount of years. I love y’all. I love the service, however, just based on our bills, I’m reworking my budget, and I just can’t afford it anymore. What can y’all do?” She’s had success on many occasions: she had her phone bill lowered from $110 to $87 for three lines—making one of the lines virtually free. She also recently received a $10 discount on her internet bill and was able to get a $1 promotional deal from Hulu when she mentioned she was considering canceling her subscription. And even when providers were unable to give her a cash discount, they helped her out in other ways, she says. Once, when her phone provider was unable to lower her bill, they gave her a free Netflix subscription—saving her money on another expense. Be upfront about your personal circumstances—whether that be a job loss, or medical hardship. “If you make a personal connection, especially when you have a decision maker on the phone, that encourages them to go above and beyond a little bit more,” says Guenther. Consider asking about specific deals you might be entitled to—students, military personnel, and veterans are often eligible for certain discounts. And of course—mention you’re looking to switch providers. “They usually want to retain you as a customer,” says Roth. “So there is room for negotiation.” Though taking the time to sit on hold might feel like a chore in the moment, the savings have the potential
Long-term Financial Planning
Long-term financial planning is essential for achieving financial security and stability. It involves setting specific financial goals, creating a budget, and making strategic investment decisions to build wealth over time. This process requires careful consideration of various factors, such as income, expenses, debt, and future financial needs. By developing a long-term financial plan, individuals can better prepare for retirement, unexpected expenses, and other financial milestones.
Creating a Budget
One of the key components of long-term financial planning is creating a budget that aligns with your financial goals. This involves tracking income and expenses, identifying areas for potential savings, and prioritizing spending based on your financial priorities. A well-structured budget can help individuals allocate funds towards savings, investments, and debt repayment, ultimately contributing to long-term financial stability.
– Track income and expenses
– Identify areas for potential savings
– Prioritize spending based on financial goals
Strategic Investment Decisions
In addition to budgeting, long-term financial planning also involves making strategic investment decisions to grow wealth over time. This may include investing in retirement accounts, stocks, bonds, real estate, and other assets that align with your risk tolerance and financial objectives. By diversifying investments and taking a long-term approach, individuals can work towards achieving their financial goals and building a secure financial future.
– Diversify investments
– Align investments with risk tolerance and financial objectives
– Take a long-term approach to investing
In conclusion, negotiating bills and lowering expenses is an important skill that can save you money in the long run. By being proactive and persistent, you can make significant reductions in your monthly costs and improve your financial situation.