Keep more of your hard-earned cash through careful negotiation.
There are a lot of good reasons why you need to start saving money. By having ample savings in your bank account, you can achieve financial independence and escape the vicious paycheck-to-paycheck cycle. It can also help you pay off your debts so you can finally enjoy a debt-free life, and have enough money stashed away in case of emergency.
Unfortunately, 26% of American adults living in the continental US have no emergency savings while 24% have less than three months’ worth of expenses safely tucked away for a rainy day, according to the results of Bankrate.com’s June 2014 Financial Security Index survey. So, what should you do to save more of your hard-earned cash, and build a financial safety net and a more comfortable nest egg for your future? Try honing your negotiation skills.
Negotiate Your Way to Bigger Savings
Why pay for the amount stated in the price tag if you can have it for less? You may feel sheepish about it at first but by mastering the art of negotiation, you can get a nice discount on almost everything. Here are some ideas that can help you get a better deal on some of your most common purchases.
Subscriptions and service plans
Keep in mind that most companies will give you a discount on your subscription and service plans rather than lose your business to the competition. Call the company a month or two before renewing your subscription and ask if they can give you a better deal. There is a great chance that they will.
You can likewise avoid paying certain fees by simply asking your bank if they can waive a particular item. Since this is an extremely competitive industry, most banks would probably yield to your request.
If you don’t have health insurance or are currently between insurance plans, consider asking your doctor if she can somehow lower her rates. You should also ask to discuss the items included on your bill, especially if you are not sure what the fees are for.
Professional services and contractors
Whether you need the professional services of a law firm or an accountant, or need to hire a contractor for your plumbing, electrical or home remodeling project, getting multiple quotes and asking your preferred providers if they can come closer to the lowest bid can actually help you get a better deal.
Don’t be afraid to ask for discounts or negotiate your way to a better deal. After all, the worst they can do is say ‘no’ to your request.