Recurring expenses take a large chunk of your budget monthly. It does not help when these bills are high. However, your cash outflow does not have to be higher than it has to be. In fact, you can lower your monthly bills just by negotiating with your provider. Below are five to start with today.
- Auto insurance
If you watch enough TV, you will quickly realize that multiple companies are vying for your auto insurance premium. This gives you bargaining power to lower your car insurance costs. Shop around and get quotes from multiple insurers. Also, consider paying for car insurance by the mile or dropping comprehensive and collision coverage if your premium is 10% or more of your car’s value.
- Credit cards
Paying the monthly minimum on a high interest card would definitely not cut it. This is why it is important to talk to credit card companies and ask for lower minimum payments, interest rate, and even the total balance owed. Review your bills to start and decide what monthly payment you can realistically commit to. Add this to your monthly budget and negotiate with your card provider. If you have an overwhelming amount of debt, consider getting help from a credit counselor.
- Cellphone plans
Cellphone plans can be expensive, especially with unlimited data. To lower your bill, check your plan and monthly usage. Eliminate or reduce services that you do not use. Also, check the rates from your provider’s competition. Consider switching companies if they offer better rates. You can also call your carrier and ask for a rate reduction if you are a tenured customer. Be willing to leaver current carrier if you are not satisfied with their offers.
Cable providers are more eager to retain customers since the unstoppable rise in popularity of streaming services. Before calling your cable provider, research other companies with lower prices and use it as a leverage in bargaining. If your provider agrees to better rates, remember to check your monthly statements to ensure the reduction has been applied. If your cable company does not negotiate, consider leaving them.