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The New Financial Wellness Mantra: All Expenses Are Negotiable

The word ‘negotiation’ is all about big business but everybody loves to negotiate. Some are adept at the art of bargaining for a better deal while peace-lovers may wish to avoid it at all costs.

Despite our negotiating spectrum position, some expenses are often assumed as non-negotiable, and we pay up the amount asked without considering whether the price is fair. The Golden Rule is that everything is negotiable. Should you avoid negotiating some major expenses, you are guilty of leaving your cash on the table. Here is a fresh look at a few expenses you think are not negotiable, but actually are:

Rent Payable

It is always assumed that what is asked for a rental unit is non-negotiable and the rent fixed is fair. But many owners are not averse to compromising a bit. This is achieved by simply requesting for a lowered fee or by offering some sort of service in exchange of reduced monthly payment. You may offer to prepay a few months of rent in advance, for example, providing 6 months of rent up front, for an apartment in exchange for a 10% reduction in the monthly rent. Also, the landlord could waive the security deposit.

One negotiating ploy which can be used is that you could offer to take care of the lawn or similar maintenance works. Many landlords are willing to offer better terms to tenants who request a longer lease term with a fixed rent component, or tenants who might offer to repaint the house, landscape the gardens or even renovate the bathroom. Landlords love the stability offered by someone prepaying rent or relief from regular maintenance duties, so they could make reasonable modifications to your rent payments.

Dental or Medical Fees

Are you hit with a large dental or medical bill? Before settle the bill, ask to check if the fees could possibly be negotiable. Many dentists, doctors and hospitals often knock off some amount from your bill if you pay in a single installment, or make an all-cash payment, or even when you don’t delay the payments. This can lead to significant savings. Some dental care providers can honor a discount, which is in-network and also by settling the payment with a check and not a credit card.

Some persons could considerably reducemedical bill expenses significantly by successfully negotiating lower costs for multiple surgeries. Direct negotiations with the surgeon are helpful and the surgeon may accept the fees from the health insurance company and no out-of-pocket expenses need to me made. At times, anesthetist can discuss various options and they at times are flexible enough to remove their charges entirely, enabling considerable savings for patients. This is because there are so many patients defaulting on medical bills that it is often possible to successfully negotiate your fees, proving your sincerity in paying bills and this becomes a win-win scenario for the team of Doctors and the patient. Most insurance providers are motivated to work along with their clients as payment is guaranteed.

Automobile Repairs

Auto repair shops make good profits, especially car dealers or repair chains, so assume there is negotiating space in their quotes to you. Service writers are often offered additional preventive maintenance services for free in order to close sales. If not, some often add a coupon or promo to reduce the overall repair bill. Whether getting the usual maintenance job or even major repairs, request the mechanic to give better prices and you will find most repair shops will cooperate with you.

Interest Rates

A lot of us probably think that the interest rate offered to us on our credit card is final. But a call to your credit card company could just get you a lower rate. It is possible to lower high-interest rates on plastic cards with a phone call and reduce the minimum payment by upto $80 every month. Student loan servicers can offer a 0.5 % reduction if you choose to auto pay your bills. This enables savings over the entire loan period.

Everything Is Negotiable

The results achieved may differ in varying situations as your negotiating ability depends squarely on the extent of flexibility and willingness shown by the other party. Do make an honest attempt and who knows… you could in in for a pleasant surprise with the achieved results. What’s the worst that could happen, you just get a resounding no. Adopt the Golden Rule that everything is open to negotiations and this is a good way to approach your expenses, too; you end up never paying more than you need to.

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