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Smart Negotiation Strategies to Save You Money

When it comes to saving money, most of us know the drill: negotiate the price of a new job offer or a car purchase. But there are many other areas where you can negotiate your way to significant savings. Here are five essential items and services to target for a better deal.

Rent: Don’t Pay Full Price

If you’re moving to a new place, did you know that landlords often quote different rents for the same floor plan? When shopping for a new apartment, try negotiating the monthly rent by $50-150. If they’re firm on the price, ask about waiving move-in fees or reducing deposit amounts. You can also try locking in a better rate for an 18- or 24-month lease instead of the standard 12-month one.

Medical Bills: Know Your Options

Receiving an unexpected medical bill can be a shock. But what you may not know is that rates are often negotiable. Take a close look at your bill and insurance plan to see what options you have for an appeal. If appealing isn’t possible, talk to your healthcare provider’s billing department to work out a monthly payment plan or reduce the amount owed. You might be surprised by how willing they are to work with you.

Auto Repairs: Get an Itemized Estimate

Before any work begins on your car, ask for an itemized estimate of the repair cost. Review it carefully to identify areas for negotiation on parts or labor. For example, if you can replace a headlight bulb yourself, do so and save money. Every little bit counts!

Gym Membership: Get the Best Deal

If you’re one of the many Americans who don’t use their gym membership, consider canceling it altogether. But if you want to keep your membership or switch to a better gym, negotiate the cost. Research the best rates and introductory offers, then tour the gym and talk to a sales associate or manager. Name your budget and see if they’re willing to negotiate. If not, ask about free guest passes or other perks.

Credit Card Interest Rates: Lower Your APR

If you’re carrying a credit card balance, a high interest rate can make it difficult to pay off the debt. However, you can negotiate a better rate. Call your credit card company and explain that you’re trying to pay off the balance and would like a lower APR. Let them know you’re considering transferring your balance to another card with a lower rate and see if they’re willing to match it. Most companies would rather keep an existing customer than lose business to a competitor.

The Power of Negotiation

Remember, sales associates and billing departments often have flexibility when it comes to pricing. Don’t be afraid to ask for a discount or better rate. Even if the answer is no, you’ll know you got the best deal possible. So, go ahead and negotiate your way to significant savings this year!