TIME TO CUT COST.....Negotiating and Cutting Expenses

Many of you reached out to me regarding my BUDGETING blog posted on 2/11/16 http://www.sovereignrealty.net/blog/budgeting letting me know how much of an eye opener it was for you. I am very happy the Income & Expense tracker was of good use.

Now that you have created a budget, it's time for you to start negotiating your monthly "fixed" expenses and cutting those "flexible" expenses. Are you ready? Awesome, it's do this! 

1. CREDIT CARDS
High balances - call your credit card company and ask for a rate reduction. Chances are, if you are paying your monthly bill on time, they may be willing to negotiate. Avoid late charges by paying your bill on or before the due date. Alternative, stop spending using your credit card until you're financially stable.

2. CABLE AND INTERNET
Let's be honest here, many of you have the premium cable package that cost an arm and a leg and you barely even watch television. Internet is important I get it, especially with kids - homework, assignments, streaming, etc. Call your provider and find out what deals and discounts they're offering and how you can tap in to it. Perhaps, you may want to consider downgrading from premium to basic cable and keep the high speed internet. Also, if you’ve had a disruption to your cable or satellite service, call and ask for a credit/refund! The goal here is to save as much as you can so do your homework first before calling your service provider.

3. CELL PHONE BILL
Ask yourself how much you really use your cell phone. Let face it, many of you have individual cell phone plans - I'm talking about husbands and wives and other family members living under the same roof. Talk to your carrier and find out whether or not a family plan will fit your needs depending on your monthly usage. Also, take advantage of company discount.

4. PAST DUE & COLLECTION ACCOUNTS
At some point in life we are faced with hardships. Some of us managed to get out ok and rebuild while others struggle to simply understand where to start. The process can be overwhelming, and it is nothing to be ashamed of. For those of you with past due and collection accounts such as; credit cards and medical bills it's time for you to stop running/hiding from them and start taking action. Call up each of the collection agency and/or the creditor and ask for a reduction on the balance, tell them what you can afford to pay - then ask for small monthly payments. For most hospital medical bills, financial assistance is available for low income families. Start with one account at a time, and eventually you will get to the finishing line.  

If you or someone you know need assistance with PAST DUE AND COLLECTION ACCOUNTS, please do not hesitate to give me a call http://www.sovereignrealty.net/blog/are-you-or-do-you-know-someone-who-is-facing-financial-hardship

5. INSURANCE - Home & Auto
One the biggest mistake many homeowners make is not understanding the different types of property insurance and not knowing what type of policy they have. You may also be eligible for discounts and may not even know it. If you're guilty, please call your insurance broker or insurance company to find out. 
Also, you may want to start shopping around for some quotes on your home and auto insurance. Ask yourself if you could live with a higher deductible or different limits, and make sure you are taking advantage of all the discounts available to you (security system, fire extinguisher, new roof, etc). If you can save a substantial amount and maintain your current level of coverage or get better coverage, it’s well worth switching to another provider — but give your current one a chance to match their quote. Most insurance companies also offer a good discount if you bundle your homeowners and auto policies together. If you currently use two separate insurers, ask what kind of discount each would offer if you bundled the policies together. Now is the time to shop around for home and auto insurance, especially if you're in good standing. Remember though, that cheapest does not always equal the best.
http://www.sovereignrealty.net/blog/renters-insurance-why-you-need-it

If you’re a Bank of America customer, take advantage of their CASH BACK DEALS - earn cash as you shop & SPECIAL OFFERS like free museum and zoo admission the first weekend of the month. Check their website for a listing of participating museums / zoos.

With your flexible expenses, you can find ways to reduce or eliminate them altogether. We get consumed by the idea that certain luxuries are necessities. Stop making impulse purchases! Get in the habit of asking yourself if it’s a need or a want.  It is very important for you to have discipline and set goals that are actually important and will add values. By simply cutting down on your flexible expenses, you can put the extra savings to good use such as down payment on your home, kids college funds, starting a new business, etc. Here is another way to save http://www.sovereignrealty.net/blog/the-52-week-money-challenge

Trying a few of these strategies could lead to huge savings down the road. Meanwhile, trying all of them could literally transform your financial future. Simplify your life as much as possible - you'll be happier.

PS. Don't forget to leave your comments or helpful tips you may want to share. Thank you.