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How to Review and Negotiate Your Recurring Bills

When it comes to budgeting, it’s crucial to consider how you plan to use the money left over after covering all your necessities. While it’s easy to cut back on dining out and traveling, reducing recurring charges like streaming subscriptions can be more challenging.

The good news is that you can negotiate some of your regular bills and subscriptions. Here’s how often you should evaluate your bills, identify which ones you can negotiate, and the process to achieve your goal.

When to Review Your Recurring Bills

It’s generally advisable to evaluate your bills at least once a year. This timeframe allows you to determine which bills are necessary and which aren’t. Additionally, service providers may offer different pricing tiers that could benefit you.

However, a quick check every few months can ensure you’re still using all your subscriptions and memberships. If you find that you’re paying for services you rarely use, it might be time to reconsider those recurring costs.

Which Bills Can You Negotiate?

While some bills are non-negotiable, there are still ways to save money. Here are some common bills you might be able to negotiate or alter:

• Memberships: You may not be able to negotiate a lower price, but paying annually instead of monthly can save you money. For example, Amazon Prime costs $139 per year or $14.99 per month, saving you $36.88 annually if you pay the yearly rate.
• Subscription Services: While negotiating a lower monthly fee for services like Netflix or Spotify is unlikely, many offer different tiers that can save you money. For instance, Spotify Premium costs $9.99 per month, but a family plan for up to six people is $15.99 monthly.
• Utilities: If you have multiple energy providers to choose from, you can negotiate your utility bills by shopping around. Look at your internet, cable, cellphone, and other utility bills for opportunities to save by adding lines or bundling services.
• Auto Insurance: Shop around and compare auto insurance rates at least once a year to ensure you’re getting the best deal. Changes in your situation, like driving less or moving, might qualify you for a better rate.
• Credit Card Bills: If you have credit card debt, you could negotiate a lower interest rate or request the removal of a late fee. Consider downgrading your card if the annual fee isn’t justified by the benefits you use.

If you’re unsure which bills are negotiable, don’t hesitate to reach out to your service providers and ask.

How to Negotiate Your Bills

The negotiation process can vary depending on the type of bill. For memberships and subscriptions, you may simply need to determine which ones you still use and either cancel or downgrade the services you don’t use often enough to justify the full price.

For bills like insurance and utilities, start by checking alternatives and getting price quotes. Use that information to negotiate with your current provider or switch to a new company.

For credit card bills and some other services, you may need to call and speak to a representative to start the negotiation process.

If negotiating bills yourself seems too time-consuming or intimidating, O1ne Mortgage can help. Our expert negotiators can handle the process for you, ensuring you get the best deal without spending hours on the phone. Call us at 213-732-3074 for any mortgage-related needs.

Make Bill Negotiation a Priority, But Don’t Do It Too Often

Reviewing and negotiating your bills can take time, so it’s a good idea to wait at least a year in most cases. Evaluating and negotiating too often may not yield many opportunities for saving.

Remember, it’s not always about negotiating a lower bill. Consider what you’re getting out of a service you pay for regularly and whether it’s still worth the cost to you.

Improving your credit score can also help save you money when applying for a loan or credit card, and it could mean a lower deposit when signing up for new utility accounts. Free credit monitoring can help protect your credit score and set you up for success in achieving long-term financial goals, such as buying a car or a house.

For any mortgage-related needs, don’t hesitate to call O1ne Mortgage at 213-732-3074. We’re here to help you navigate your financial journey with confidence.

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