All Bills You Can Discuss Right Now
Even if you are feeling reasonably fit for life during the global pandemic (or have been doing so before this week ), there is a good chance your finances will need a little extra attention. If you’re struggling to make ends meet, or just want to save money during unstable times, there may still be opportunities to cut down on some of your biggest recurring bills.
We talked about this a few weeks ago when personal finance author Ramit Sethi joined us on The Upgrade podcast. He named five top spending areas that you can turn to to cut your monthly expenses and set aside some cash – whether it’s an emergency fund or running expenses.
Let’s take a look at five Sethi bills and what you can do with each one. Then I’ll add a sixth to watch out for.
Remember, you cannot receive what you do not ask for.
Mobile phone bill
Wireless operators have implemented various customer assistance programs to make life easier for customers who cannot pay their bills in full or on time. Many also increase the amount of data that customers can use at no additional cost, or waive data surcharges.
Keep a record of when any promotions you use expire so you don’t have to pay to exceed your data limit later on to turn your home into an office or classroom. And while you do, review your bill to make sure the services you pay for are the services you actually use. You may be able to change your services or switch to a more flexible prepaid plan for long term savings.
Cable TV bill
Your cable and home Internet probably seemed like essential services during your stay at home. These companies also provide flexible payment options and, in some cases, expand service options at no additional cost.
But chances are good that your cable or internet service provider is still offering low prices to attract new customers and may charge you more for similar services.
This happened to me recently – my internet bill increased after the end of the advertising period. I managed to persuade the company to give me a price for a new client for a package that included the same level of internet and home phone. I don’t need a home phone line, but I will definitely take a savings of $ 15 a month.
Credit card
Credit card opt-out programs are still available, so if you are running low on cash, you can ask your issuer to waive your payments for a few months, although interest will continue to accrue during that time.
While you may have heard that card issuers are tightening their wallets these days, that doesn’t mean they’ve stopped doing business entirely: you can still ask for a lower interest rate, and you can still shop around for zero. the percentage of the translation proposal. (If you do the latter, keep in mind that the Commission for a balance transfer at a rate of 3-5% will be added to your balance.)
Student loans
Federal student loans are automatically deferred and interest is not charged until the fall, while private loans offer conditions for borrowers who find it difficult to make payments. This means that if you are in trouble, there is a good chance to free some money from those loan payments in order to channel them towards other expenses.
If your income is expected to be lower than usual for a while, you can upgrade to an income-based repayment plan when federal loan payments resume in October. You can even switch to a different payment plan regardless of your income, which can put more money in your pocket now that you can set aside for any unexpected expenses that may arise.
Rent
Yes, even your rent is negotiable – and even during difficult times. If you find it difficult to pay rent, you may be protected by an eviction moratorium in your area. It is best to notify your landlord or property manager as soon as you expect you to have difficulty paying rent in full or on time. You may have the option of paying rent in installments or deferring late fees.
What if your lease is about to renew? Before auto-signing for next year, ask the landlord if it is possible to renew without a rent increase, or better yet, get a discount. This tactic tends to work if you’re a cooperative tenant who pays on time (barring a pandemic, of course), and even better if you’re willing to take on additional responsibilities like mowing your lawn or weeding your garden beds.
While this conversation with the landlord can make you nervous, remember that you are just running a business. It is usually cheaper and easier for a homeowner to retain an existing tenant than it is to attract a new one, which requires apartment renovations, advertising, organizing tours, and screening potential tenants.
Car insurance
Sethi didn’t include this on his list, but I think it’s important to mention it. Car insurance companies have begun to provide customers with discounts and reimbursements during the pandemic. Because driving activity dropped so suddenly in the spring when the stay-at-home orders went into effect, there were fewer accidents, which meant that insurance companies could share some of their savings with customers.
But this is an automatic discount if your carrier offers it, and this is not the only way to save money. Think about your driving habits and how they might change in the next few months: Your office may be considering continuing to work remotely, which means you don’t have to commute to town every day for work. Updating this status with your carrier can lower your premium. Your mileage (yes, I said that) may differ, but it is definitely worth comparing coverage based on how much you plan to drive this summer and fall.
What else would you add to this list? If at this strange time in our lives you have successfully negotiated any major expenses, let us know in the comments.