Money-saving hacks have never been more relevant. But, it almost doesn't matter about our current economy. Whether it's 2021, 1923, or 2150, people will always want the next best way to cut costs.
But in 2021, finding every angle that solidifies your financial security means that much more. If we've learned anything, it's that you can't be sure what tomorrow brings. While we can't predict the future, finding ways to keep money in our pockets may offer that steadiness and ease we crave in the meantime.
Remember, you work hard for your money. You owe it to yourself to follow the hacks discussed below to hold onto every possible cent:
1. Use an App to Streamline Your Finances
Finances are stressful primarily because there are so many moving parts. It’s hard to track all the money coming in and going out.
Fortunately, it’s the digital age and various financial apps like Truebill have been developed to help you manage and track your finances all in one place. Having a complete picture of your current financial standing gives you insight into what strategies you need to follow and what changes must be made.
Truebill actually has a team of expert negotiators who can renegotiate your price. It’s like having a personal money assistant that works to help you save money. The app can help lower bills by up to 20%. The average person who uses Truebil saves around $720 per year! With all the millions of users who use Truebill, think about all the money that’s being saved!
And what can you do with all that saved up money? That’s right; you can invest it and let it grow!
2. Lower Your Monthly Bills with a 20-Minute Phone Call
Many people don’t know it’s possible to save drastically on backbreaking monthly bills, such as:
● Cable/Satellite TV
● Satellite radio
● Home security
● Car insurance
● Newspaper subscriptions
● Gym memberships
No, you aren’t guaranteed to lower your bills through negotiation. But it’s always worth a shot because you actually have nothing to lose. Furthermore, the chances are that you’ll be able to lower at least one of your monthly bills just by asking the question.
Some people are hesitant to take this approach because it seems “wrong.” But nothing is saying you can’t vie for better rates. You aren’t going to get a knock on the door from your local police or banished from a subscription service because you inquired about saving money.
These companies charge higher rates, assuming you’re going to negotiate them down. This fact isn’t necessarily well-known, meaning many consumers settle for unfavorable pricing.
With all that said, there are protocols you should follow if you’re going to successfully negotiate your monthly bills:
● Research what competitors are charging to keep reps on their toes. Knowing someone else charges a lower rate gives you the upper hand.
Call during standard business hours.
● Lines are jammed during the weekends or after work. It’ll be hard to get through, and even if you do, reps will feel rushed.
● Reps won’t be as overwhelmed between 9 to 5 on weekdays because they won’t be inundated with calls.
Tell Phone Reps You’ll Cancel Their Service.
● The moment you tell a company’s automated phone assistant you’re going to cancel a service, you’ll be taken to a customer retention specialist.
● These employees offer the best discounts because that’s what their job revolves around. Meaning they can access more deals.
● These retention specialists are also savvy salespeople and will use this opportunity to sell other services, defeating the purpose of your initial discount:
● For instance, a cable company will try to get you to add a landline, claiming it will lower your bill. They don’t give you the complete picture here (e.g., prices after-tax), so don’t fall for it.
● Customer service reps are people too. You’re going to need to charm them...or at the very least, avoid rubbing them the wrong way.
● If you start barking and making demands, they’re just going to tell you they have nothing better to offer.
● “No” now doesn’t mean “no” forever. A phone rep might tell you there isn’t a better price they can offer and be outright lying about it. There’s no harm in calling back to verify there isn’t a preferable offer on the table.
● If you do agree on a better price, call back to double-check that the information was processed. Don’t wait until your next bill to find out you aren’t paying what was agreed upon.
Now, if you don't want to go through the hassle of trying to negotiate your bills yourself, you can use Truebill. Their experts will handle the process from start to finish.
3. Seek Out Family Plans for Services
Everybody’s stuck at home right now, so services like Spotify, Netflix, Microsoft 365, or Nintendo Switch Online are more popular than ever.
In a vacuum, these subscriptions aren’t all that expensive. But $12 to $20 per month begins adding up when you’re paying for 12 different services.
You don’t need to cut down on the number of subscriptions you have--after all, these are now a vital part of life. Just be more creative in how you pay for them. Family subscriptions allow you to subscribe multiple people to one service, lowering the cost drastically.
This requires a tit-for-tat approach. For example, you can pay for Netflix while your mom or dad pays for Spotify. And your friend can cover Amazon Prime. As long as everyone is happy with the setup, you’ll all save significantly on premium subscriptions by sharing the load.
4. Use Your eCommerce Cart “Wishlist” to Get Discounts.
Here’s a terribly kept secret about eCommerce companies: they really want you to shop with them. In fact, they’re so eager for your business that they’re susceptible to this one savings tactic:
Loading up items into your digital shopping cart and leaving the page will get an eCommerce company’s attention. While this isn’t a guarantee with everyone, many retailers will send you a discount code to close the sale and ensure your future business.
Also, while Amazon isn’t likely to send a discount code after you’ve abandoned your cart, you’ll get a notification when the price does drop.
As we close in on the end of this blog, it’s worth reiterating the main takeaways:
By merely using financial apps like Truebill, negotiating your bills, leveraging family subscriptions, and abandoning your eCommerce carts, and, you can find your hidden wealth. These simple hacks will help solidify your financial future.
These are all minor efforts that can make a significant financial impact when combined with a broader budget-forward approach.