Every month, Canadians watch money come out of their accounts to pay for everything from cell phone plans to streaming services, but as the cost of living squeezes finances, renegotiating some of those could help you find savings.
According to Barry Choi, personal finance expert at Money We Have, many services that you’re paying for can often be renegotiated. But to do that negotiation, the first thing he says you need to do is scan the market to know what’s available.
This means checking websites or message boards to know what kind of deals people are getting.
“When you eventually call your service provider, you can quote them and say this is what I’m getting, if you don’t give it to me I’m going to switch over,” he told Global News.
He cautions there is the possibility customer service representatives could “call your bluff” when you suggest you’ll move companies.
But if that happens, Choi said it may be best to make the switch to save money especially in the case of cell phones, where you get to keep your number.
Lesley-Anne Scorgie, founder of financial education company MeVest and personal finance author, told Global News that often presenting factual information like what other companies are offering can be successful if the company you’re with wants to keep you as a customer.
“Almost every single time the current provider has said, ‘We’d love to keep your business, let us match that offer,'” she said of experiences renegotiating in the past.
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She added that having a collaborative conversation can lead to more success, so avoid yelling or threatening recourse.
Choi added if you’re having not much success with one representative, don’t be afraid to thank them, hang up and call back as you could have better luck with someone else.
In addition to knowing what deals are out there, Scorgie said Canadians should consider looking at their credit card and bank statements “line-by-line” to understand what bills they are paying out. This may also help people find items they didn’t realize they had, such as a subscription you purchased during the COVID-19 pandemic, but forgot to cancel.
“Once you know, you can then do something about it,” she said. “If something’s not feeling like a good use of your money, that’s an easy one, you’re going to nix that and cancel it.”
Not everything can be negotiated, however, as bills for hydro or water are typically more set out by energy boards or commissions.
It’s why Scorgie said people should consider calling their energy providers, as sometimes they can give you options on how to reduce your energy consumption. As well, while it may take some time to see the savings, even a call to your energy company could provide you with advice on what you can do to save such as replacing windows.
Those conversations with your banking institutions also should not be avoided, as Choi notes discussions can be made to potentially lower your fees with certain financial institutions. Those deals might require things like keeping a certain minimum amount in your account at all times, or finding a discount through a bundle with the bank.
“You should always be looking to see if you can get your fees waived or some kind of discount and quite often it’s actually clear as day on the websites and sometimes you just need to ask,” Choi said.
When you’re trying to renegotiate or find ways to save, Scorgie said people look at things like finding bundles like cell phone plans that come with a streaming service discount, or even switching gas stations to earn more points.
“This is about being resourceful and my heavens, we all need that right now,” she said.
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