Save Money by Negotiating

February 19, 2020
Usually, when we think about saving money, what comes to mind are sales, rebates and clipping coupons. But did you know that there is another way that you can benefit from lower prices on many goods and services? Yes indeed. Many people have managed to save a great deal of money by learning the fine art of negotiating.
Save Money by Negotiating

Just the word itself – negotiation – might sound intimidating. However, all it entails is for you, the potential buyer, to have a discussion with the person who is trying to sell you a good or service. The purpose of this exchange is for the seller to lower the asking price to your advantage, while still making a reasonable profit. This way everyone wins. 

Here are 4 examples of things that you can very likely successfully negotiate:

Insurance

When the time comes for you to renew an insurance policy, shop around to make sure you are getting the best possible price for the coverage you need. If and when you do find a lower price than what you have been paying, make this known to your present provider, asking them if they can beat this price. The odds are they will make you a better offer because they will want to keep you as a customer.

Credit Card Interest

Would you like to lower the interest on your unpaid credit card balance? It might be as easy as calling your credit card company and simply asking them to do so. However, they might need a little incentive. So, the next time you get a zero-interest credit card offer by mail, you can use it as leverage when asking them to lower your interest rate. 

Purchase of a Car

Whether the car you are looking to purchase is brand new or used, know that car dealers can usually go much lower than the price they are asking for. How much of a better price will you be able to negotiate for yourself? This depends on many factors such as the car itself, the salesperson, the dealership’s policies and your preparedness. So, make sure you do your homework. Research the true worth of the vehicles and the options that interest you. This way you will look like you mean business and you’ll have a sense of what prices and whatever extras you can ask for when negotiating.

Rentals

The rent terms of a house, an apartment, or a vacation home can all be negotiated. When it comes to a home rental, for instance, even if the owner won’t budge in the direction of lowering the asking price, you can often get them to modify the terms of the lease. For example, they might agree to waive the parking fee or accept to pay to have the home re-painted at their expense. 

In this article, we have seen only four areas where negotiating for better prices can save you big bucks. But really, the possibilities are endless. Why not come up with a few of your own, and take them up one by one? Practice negotiating. You’ll see that money you save will be well worth the effort.

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