(MoneyHippo.com) – Whether the country is experiencing high inflation or you want to trim your budget for other reasons, you don’t necessarily need to cut out that daily Starbucks addiction. Instead, concentrate on lowering your bills through the power of negotiation. Most creditors will work with you on everything from how much you pay for television to the amount you shell out for the gym.
Here’s how to get started.
- Write it Down: If you don’t have one already, make a list of all your bills. One at a time, research other companies and how much you would pay if you switched to their service. That will give you a baseline and negotiating power. Consider how long you’ve been with a particular company and write that down as well.
- Call the Creditor: With all your information at the ready, call customer service and tell them you need to lower your bill as much as possible. Remember, kindness will lead to more cooperation on the company’s part. Ask them to help accomplish your task and see what they offer. If they can reduce your bill and it’s comparable to your research, great! If not, keep trying, going up the ladder as necessary.
- Quit: One effective tactic in negotiation is walking away from the table. If you don’t get a deal you want, be ready to cancel your service. If the provider doesn’t offer a good deal, be willing to walk away. Many times that will trigger the person to give you an offer, but sometimes not. So, you may have to follow through on the threat.
Remember, businesses don’t want to lose customers, especially good ones. Use that to your advantage while negotiating.
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