When to Review Your Recurring Bills

It’s generally a good idea to evaluate your bills on an annual basis at a minimum. This gives you enough time to determine which bills are necessary and which aren’t. In some cases, it can also give service providers time to offer different pricing tiers that can work in your favor.

However, you may also want to do a quick check every few months just to make sure that you’re still using all of your subscriptions and memberships. If you find that you’re paying for cable or a streaming service just in case you want to use it but you never actually do, it might be a good idea to rethink that recurring cost.

Which Bills Can You Negotiate?

Some bills are truly non-negotiable, but even with these types of bills, you may be able to take steps to save money. Here are some common bills that you may be able to negotiate or alter in order to save money:

Memberships

You may not be able to negotiate a lower price on memberships. But in some cases, you might be able to save money if you pay annually instead of monthly. For example, Amazon Prime costs $139 per year or $14.99 per month, which comes out to $179.88 annually. If you can afford to pay the annual rate, you’ll save $36.88. You could try something similar with your gym membership, association memberships and more.

Subscription Services

As with memberships, it’s unlikely that you’re going to be able to negotiate a lower monthly fee for Netflix, Spotify and similar services. But many of these services offer different tiers that can work out in your favor. For example, Spotify Premium costs $9.99 per month, but if you have multiple people in your household, you can get a family plan for up to six people for $15.99 monthly, or just a two-account plan for $12.99 per month.

Utilities

If you live somewhere that gives you the choice between multiple energy providers, you may be able to negotiate your utility bills by shopping around and comparing multiple options. You can also look at your internet, cable, cellphone and other utility bills for opportunities to save money by adding lines, bundling services and more.

Auto Insurance

It’s a good idea to shop around and compare auto insurance rates at least once a year to ensure that you’re still getting the best deal. This is especially important if your situation has changed since you first bought your policy. For example, if you’ve started driving less, you’ve moved or you’ve purchased a new car, it’s possible that you might get a better rate elsewhere. In many states, improving your credit may net you a better rate.

Credit Card Bills

If you have credit card debt, you could potentially negotiate a lower interest rate. You may also be able to request that the card issuer remove a late or returned payment fee. You might also consider asking to downgrade your card if it has a hefty annual fee and you don’t feel your use of the card’s benefits justifies it.

If you’re not sure which bills are negotiable as you review them, don’t be afraid to reach out to your service providers and ask.

How to Negotiate Your Bills

Depending on the type of bill, the negotiation process can vary. With memberships and subscriptions, for instance, there may not be a formal negotiation. Instead, you may simply determine which ones you still use and either cancel or downgrade the services you don’t use often enough to justify the full price.

In cases where you have the chance to shop around and compare things like insurance and utilities, start by checking with alternatives and getting price quotes. At that point, you can either use that information to try to negotiate with your current provider, or you can simply move to the new company.

Finally, with credit card bills and some other services, you may need to call and speak to a representative of the company and start the negotiation process that way.

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

Reviewing and negotiating your bills can take time, which is why it’s a good idea to wait at least a year in most cases. If you evaluate and try to negotiate your bills too often, you may not find many opportunities for saving.

And remember, it might not always be about negotiating a lower bill. Depending on the situation, you may also consider what you’re getting out of a service you pay for regularly and whether it’s still worth the cost to you.

Contact O1ne Mortgage for Expert Mortgage Services

At O1ne Mortgage, we understand the importance of managing your finances effectively. If you’re looking to save money on your mortgage or need expert advice on mortgage services, don’t hesitate to call us at 213-732-3074. Our team of experienced loan salespersons is here to help you navigate the complexities of mortgage management and find the best solutions for your needs.