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How to Get the Best Deals on Your Monthly Bills

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How to Get the Best Deals on Your Monthly Bills

January 12th, 2020

Let’s face it: monthly bills can be a significant drain on your finances. It’s easy to lose track of where your money is going, and those recurring payments often feel unavoidable. However, with a little effort and the right strategies, you can dramatically reduce your monthly expenses. This guide will walk you through several ways to get the best deals on your bills and start saving money immediately.

1. Audit Your Current Bills:

  • Track Everything: The first step is to understand exactly what you’re paying for. Gather all your bills – internet, cable, phone, insurance (auto, home, renters), utilities (electricity, gas, water), subscriptions, and any other recurring charges.
  • Identify Duplicates: You might be paying for the same service through multiple providers. Look for overlapping features and see if you can consolidate.
  • Note Payment Amounts: Write down the exact amount you’re paying for each service. This will help you gauge potential savings.

2. Negotiate with Your Providers:

  • Don't Be Afraid to Call: Surprisingly, many companies are willing to negotiate, especially if you’re a long-term customer. Simply calling and stating that you’re considering switching providers can often trigger a discount.
  • Mention Competitors: Let them know you’re looking for better deals and that you’ve received offers from other companies.
  • Ask About Discounts: Inquire about loyalty discounts, senior discounts, student discounts, or any other promotions they may be offering.
  • Threaten to Switch (Seriously): This is a classic negotiating tactic for a reason. Let them know you're prepared to switch if they can't meet your needs.

3. Shop Around for Better Rates:

  • Internet & Cable: This is an area ripe for savings. Compare prices from different providers in your area. Websites like BroadbandNow, Wirecutter, and HighSpeedInternet can help you compare plans. Don’t just look at the base price; consider installation fees and contract lengths.
  • Insurance: Get quotes from multiple auto insurance companies and home insurance providers. Online comparison tools like NerdWallet and Policygenius can streamline this process.
  • Utilities: While you can’t always change your consumption, look for energy-saving tips on your utility company’s website. Some offer rebates for energy-efficient appliances.

4. Cut Unnecessary Subscriptions:

  • Review Your Subscriptions: Take a critical look at all your monthly subscriptions – streaming services (Netflix, Hulu, Disney+), gym memberships, magazines, apps, etc.
  • Cancel What You Don't Use: Be honest with yourself about what you actually use. You might be paying for services you haven't touched in months.
  • Share Accounts: If possible, share accounts with family or friends to split the cost.

5. Consider Generic Brands & Alternatives:

  • Internet: Some providers offer less-branded internet services at a lower price.
  • Insurance: Bundling your auto and home insurance can often save you money.

Resources:

Do you have any tips for saving on monthly bills?