LRC Fundamentals Day 31: Negotiate

LRC Fundamentals Day 31: Negotiate

By TheBudgetnista -  Tags: ,

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New to Live Richer Challenge: The Fundamentals? Learn more about it HERE.

Need to catch up? Click on the link where you left off and then come back!

Day 25: Interest Rates

Day 26: Higher Score

Day 27: Credit Clean Up

Day 28: Review, Reflect, Relax

Day 29: Policy Review

Day 30: Competitor Quotes

Week 5: Insurance & Investing

Today’s Easy Financial Task: Ask your providers for discounts

How to rock this task:

  • Take out the list of your policy’s competitors’ rates from yesterday’s task
  • Call your current providers and negotiate using competitive rates as leverage

Cha Ching! That’s the sound of the money you’ll save once you call to negotiate new rates on your policies.

Now that you’ve got a list of competitive rates from other insurance companies (yesterday's task), you can reach out to your current companies and ask for discounts. Use the competitive rates as a bargaining tool. Worst case scenario: your company denies your request and then you make a switch. However, it’s in your insurance company’s best interest to keep you, so it’s likely you’ll come out on top.

Here's a script you can use:

The Script:

“Hello, my name is _________________ and I’ve been a loyal customer for _____ years. I was reviewing my policy from your agency and due to financial constraints, I’m not able to continue paying this amount. I did a little research and found the ________ agency has the same coverage at a lower rate. I want to remain a customer; can you offer me this lower rate?

Script Tips:

  • Be pleasant. I cannot stress this enough. The person on the phone has way more power than you know. They are able to do a lot for you, and will only do so based upon how you treat them. So be nice. Ask how their day is going; say thank you and that you appreciate their help, etc.
  • Be persistent. Just because one person says no, that doesn’t mean the next one will. Hang-up and try again.
  • Do a little research. Find out some of their competitors’ rates and use that politely against them.
  • Be prepared to leave. If their competitor has a better rate with similar or better coverage, make a switch.

One more thing...don’t forget to update Day 9's Money List with your new savings by filling out the REDUCED MONTHLY AMOUNT column. While you have your Money List out, review each expense listed & ask yourself if you can save even more. Look at each line item and if there is no room for savings move on; if you think you can save, write the new monthly amount you’re committed to saving in the REDUCED MONTHLY AMOUNT column (the 3rd column) on your Money List.

Nervous about asking for lower rates? Practice your negotiation skills with your accountability partner. If you get a company to lower your rate, share your success and method with your partner.

I will negotiate for lower insurance rates. Day 31 #LIVERICHERChallenge #pruwomen Click To Tweet

I can’t wait to hear your success stories. Share them with me in the comments below & here:

Twitter: @thebudgetnista

Instagram: @thebudgetnista

Facebook: The Budgetnista

Forum: LRC Forum

(If you're new to the Dream Catchers: LIVE RICHER forum make sure to fill out the questionnaire HERE before requesting to join.)

Live richer,

Tiffany

*** Have you just started the Challenge? Want to catch-up? Want to do the Challenge again later? Want to work through the LIVE RICHER Challenge in a workbook as well? You can do it ALL with the LRC Book. Get it here NOW: LIVE RICHER Challenge Book ***

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FYI:

My Lisa Rule: I have 4 sisters and Lisa is the baby (well she’s not a baby anymore). Of all of my sisters I’m the most protective over her. Before I share any product or service with you, it must pass my Lisa Rule.

What’s the Lisa Rule? If I would not advise Lisa to use a product or service, I won’t advise you to. YOU are my Lisa. I feel protective over you and your financial journey.

The products/services mentioned in this post pass my Lisa Rule. Yes, I'm an affiliate, but I would not recommend a product or service that I didn’t believe was helpful and useful. 

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Tiffany “The Budgetnista” Aliche is quickly becoming America's favorite, personal financial educator. The Budgetnista is also an Amazon #1 best selling author (The One Week Budget and Live Richer Challenge), sought-after speaker and teacher of financial empowerment.
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