If you need your retirement income to stretch a bit further, you might be able to reduce your monthly bills. You can take steps to negotiate lower prices and ensure you are not being taken advantage of by your current service providers. Here are some tips and tricks that will help you control your retirement expenses.
Make productive complaints. Successful conflict resolution requires a friendly persona. When you have been wronged, being friendly is the last thing on your mind. But if you can curb your angry reaction, you can begin the process of resolution from a reasonable starting point. Many times, the individual who will help you work through your issue is not the person who wronged you. If you cannot speak rationally about the subject during your exchange, come back to the issue after you have calmed down.
[Read: 12 Ways Retirees Pay Their Bills.]
Collaborate with the customer service representative. Your goal is to persuade the company representative to be on your side. You might want to take the time to explain that your frustration or anger is due to the situation and is not directed toward the person on the phone. Instead of venting, aim to work together to find a solution.
Know what you want. Do not call or write a complaint email unless you know the result you are expecting. Complaint actions can be cathartic, but the exercise does not provide economic value unless you have a goal of what the resolution should be.
Be concise with written complaints. It is not uncommon for written complaints to turn into a rambling manifesto of what is wrong with the company. This mistake causes the complaint to be ineffective because it overwhelms the reader with complaining and buries the resolution you are asking for.
Document everything. Filing a complaint may turn out to be a multi-step process. It will benefit you if you record the date, time and person you spoke to on each interaction. It also adds weight to your complaint if you can provide specific facts when you follow up.
Watch for price creep. Some industries provide lower rates to new clients. Phone, TV and internet companies as well as home and automobile insurance providers frequently offer promotional rates to new customers. Since most existing consumers will take the path of least resistance and allow their services to automatically renew, there is an incentive for providers to increase prices over time. When your bill increases, take a look at what competitors are charging. You might be able to lower your rate with just a few simple phone calls — especially if you are getting mailers from your service provider’s competitors.
[See: 10 Costs You Can Eliminate in Retirement.]
Get price quotes from competitors. Check out what other providers in your area are charging new clients or use a website like AllConnect.com to look at new customer pricing for a variety of services. Many providers will match new customer pricing for existing customers who are willing to take the proactive step of calling to request the deal.
Consider bundling your services. Utility providers might charge you a lower rate when you use them for multiple services including TV, internet and mobile phone. The same is true for insurance providers. It may make sense to work with a single insurance provider to activate additional discounts on your home, auto and umbrella coverage.
Shop for new insurance providers. This will require a bit of homework and preparation, but the savings opportunities can be big. Track down and review your homeowner and automobile insurance coverage. Take a look at the summary page that describes the deductibles, coverage limits and what the policy covers. You can use this data to price and compare your current service provider to others.
[See: 10 Tax Breaks for People Over 50.]
Look for discounts. If you are part of a trade organization or affiliated with the military you could qualify for special access or discounts. People over a specific age might also be eligible for senior discounts.
You will be better able to live comfortably on a fixed income if you stay active and engaged with your personal finances. These simple tools and tips can help you keep more money in your pocket.
Brian Preston and Bo Hanson are fee-only financial planners who host the podcast, “The Money-Guy Show“.
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How to Negotiate Lower Monthly Bills in Retirement originally appeared on usnews.com
