Money Expert Martin Lewis: How 5 Minutes Can Help You Save More Money Each Year

Everything is expensive these days. Housing, utilities, groceries, and more all cost more than they used to , and it’s easy to feel financially squeezed on all sides. To add to the expenses, there are also so many streaming services, subscriptions, and memberships that we all pay for. It can be easy to forget or keep track of how much you’re really spending each month.

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Luckily, according to money saving expert Martin Lewis , there’s one simple trick — as The Sun detailed — that can save you a ton of money each year and it only takes about five minutes: Log into your bank or credit card account and review your direct debits and other recurring charges from your recent statements. You might find that you’re spending hundreds of dollars a month on services or products that you no longer use, don’t need anymore, or simply forgot about.

In five minutes or less, you can identify these charges and cancel the products and services that are no longer necessary. Hundreds of dollars a month equates to thousands of dollars a year, which is no small chunk of change.

After you’ve canceled your unnecessary subscriptions and unused memberships, you might find that your bills are still too high. If this is the case, you can take it a step further and negotiate to get lower prices on things you need to keep. Here are some tips.

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Time Your Negotiations

If you’re looking to save money on an existing product or service that you can’t live without, like your home internet or cell phone provider, it could be worth your while to negotiate the price you’re already paying.

If you wait until near the end of a contract to ask for a better price upon renewal, this can be an effective strategy to land a better price.

Research the Best Deal To Negotiate Your Price

Take a look at what prices the competitors are offering for an equivalent product or service. From there, present your options to your existing provider, whether it’s for your cable bill or auto insurance, to see if they’ll come down on the price.

You might be surprised how much you can save by presenting your request with research to back your argument.

Ask Nicely

Sometimes, all it takes to get a better deal is to ask nicely.

If you’ve been a long time customer, you might just get a better deal because a company doesn’t want to lose your business.

Highlight Issues To Get Discounts

If you’ve had issues with an existing product or service and it’s time to decide whether to cancel or continue paying for it, express your grievances to the company.

It could be possible to keep what you have and pay less for it every month.

Ask for Extras and Add-Ons

If you’re renewing your auto insurance policy, cable TV contract, or home internet, don’t be afraid to ask for extras and add-ons at no additional charge. This can be a lower premium , extra channels, or a faster internet speed.

If you don’t ask, you probably won’t get anything more.

This article originally appeared on GOBankingRates.com : Money Expert Martin Lewis: How 5 Minutes Can Help You Save More Money Each Year