How to Negotiate Your Recurring Bills and Save Big

Life continues to get more expensive. Many of your bills have likely increased in price over the last few years. When this happens, your bank account balance is impacted. If you want to reduce your spending, it can be worthwhile to negotiate some of your recurring bills.

Your service providers may agree to lower the cost of your bills. If successful, you could free up more cash, which you could use to pay off credit card debt, build an emergency fund, or invest for your future. Here's how to negotiate your recurring bills.

Decide what bills are worth negotiating

Before you get started, assessing your current financial situation can be beneficial. Review your credit card bills and bank statements to see your expenses and determine which bills might be worth negotiating. Here are a few bills that you may be able to negotiate:

• Internet
• Cable
• Mobile phone service
• Gym membership
• Home security subscriptions

Research plans and prices

You want to come to the conversation well-prepared. Once you've decided which bills you'll attempt to negotiate, make note of the current plan and the price you pay. Then, research the available options. Your rate may not be the current advertised price.

Some companies have special promotions available to new customers. Even if you're an established customer, it's worthwhile to research deals like this. The company may be willing to extend a new customer offer to you to keep your business. Knowing current rates and offers can help you during the negotiation process, because it shows you're informed.

Be patient and kind

Now you're ready to contact your service provider to ask if your current rate can be adjusted. You can do this by phone, or if the company has an online support feature, you can chat this way. Remain patient and kind throughout the entire discussion -- even if the conversation doesn't go as you hope. The customer service representative is only doing their job. They'll be more likely to work with you to find a solution if you remain calm and friendly during the chat.

Try again another time

If a biller won't budge, don't give up. Your success could vary depending on who happens to be on the other line. If you're told that your rate can't be reduced, try again at another time. You could have better luck speaking with another customer service representative.

Here's what to do if you can't get a rate adjustment

Unfortunately, not all companies are willing to negotiate their rates. If you don't get a rate adjustment, you'll need to decide what to do going forward. One option is to remain a customer and continue paying the same rate. But if you need to reduce your spending, that may not be the best solution. Here are some other options to explore:

• Stay with your current provider, but switch to a less costly plan
• Switch providers to get a more affordable rate
• Cancel your account and have another adult in your household sign up as a new customer to get a discounted, new subscriber rate

Try your luck at lowering your bills

If you're looking for a way to save money, you may want to see if your service providers will give you a discount on your bill. It's always worthwhile to ask -- the worst thing that can happen is you're told no. Taking a few extra minutes out of your day to make the call could result in significant savings. For additional ways to save money, check out our personal finance resources.