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Now that living expenses cost more than they did a few years ago, many people are looking for ways to reduce their spending. Finding ways to save even a few dollars can make a big difference and help you keep more money in your checking account .
What if I told you that you may be able to save money by taking only five minutes out of your day? That may be possible. A quick phone call or customer service chat could unlock significant savings. Here are a few ways to save money by making a five-minute phone call.
1. Ask for a fee to be waived as a one-time courtesy
We all make mistakes, but unfortunately, some mistakes hurt our wallets. One example is a late payment fee. If you paid a bill late recently and were charged a late payment fee, it's worthwhile to see if you can get the fee removed from your account as a one-time charge.
You'll likely have more luck if this was the first time you made a late payment with the biller. Many years ago, I accidentally paid one of my credit card bills late, which was very unusual for me. I contacted my credit card company, and it removed the late fee from my account.
Some companies, like cable and internet providers, run promotions to attract new customers. But it's not uncommon for these companies to also give discounts to current customers to maintain their business. If your bills are getting too expensive, you may want to ask if any active promotions can be applied to your account to lower your bill.
I've had luck asking my home internet provider if it had any active discounts for current customers. I've had my same plan renewed at a discounted rate on multiple occasions. Taking a few moments out of my day to make a call saved me hundreds of dollars over the last few years.
3. Switch to a lower-cost plan
If money is tight, you may want to downgrade some of your memberships, subscriptions, or plans. Some examples include mobile phone services, streaming apps, and software solutions. Making a switch could save you a lot of money.
Make a list of some of the services you use regularly and research the different plans and prices to determine whether you could benefit from switching to a lower-cost plan.
You may even be able to do this online without making a phone call. But it's a good idea to call the service provider to ensure you take advantage of all available savings.
4. Adjust your insurance coverage
Whether you have renters, homeowners, or car insurance , you should ensure you have enough coverage to protect yourself. But there may come a time when you decide to explore how policy changes could impact your premium. You can contact your insurance coverage to learn more about this if you're trying to save money.
Another way to save money is to get quotes from other insurers to see if you can save money by carrying the same policy with a different insurance company. Some people may find they can trim their insurance bill by getting a policy elsewhere. Want to lower your home insurance bill? Check out our list of the best homeowners insurance companies to compare insurers.
Look for small ways to save money
If you're feeling stressed about your finances, you're not alone. But I have some good news: Every dollar you save adds up and makes a difference. Don't be afraid to explore ways to trim your spending to feel more comfortable and have less financial stress. A quick five-minute phone call could help you free up more of your money for other expenses.
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