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The Top 5 Apps That Will Negotiate Lower Bills For You

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We all want lower bills. Luckily, there is an app for that. Unfortunately, many people do not have time to figure out how to reduce their monthly bills. However, there are mobile apps out there that can help you negotiate and slash your bills each month.

Discover these popular services that can help you avoid overdraft fees and save you a lot of money on cable, subscriptions, memberships, and insurance.

Cutting expenses can take a lot of time, even with a budget. Whether you are financially secure or living paycheck to paycheck, it is wise to save money by avoiding overpayment.

The good news is that these typically free apps negotiate better rates with creditors and providers, cancel unused subscriptions, automate savings that can score discounted services, and leave more money in the bank.

1. Truebill

One of the top ways to automatically reduce your bills is to try out Truebill. This service lowers bills by canceling unwanted subscriptions and managing your spending. Truebill’s website says this service has saved consumers $100 million.

Here is how it works. When using Truebill, the platform syncs with your bank accounts and credit card to observe your monthly bills. You can also select bills that are no longer in use or subscriptions you do not want anymore. With all your bills in one place, this makes it easy for the system to monitor when your automatic payments come due.

Even better, if you live in an area with regulated energy and experience an internet or cable outage, Truebill can ask the company to apply a credit to your account. The platform will determine the lowest rates available if you live in a deregulated area.  

The platform offers users a big bonus because it allows them to upload their recurrent bills. Then, Truebill will negotiate directly with service providers and creditors to take the hassle off your hands and get you the best deal.

  • That is not all. Truebill gives you various tools to assist with budgeting, such as generating expense reports to track where your money is going and automating savings according to your financial goals.
  • Truebill has a free app for Apple and Android and a Premium service feature. Premium memberships cost around $3 to $12 per month, totaling up to $36 to $48 annually.

You commit to giving Truebill 40% of the savings they get for you. The platform will also provide additional tools, such as subscription canceling, bill negotiation, budgeting features, Smart Savings Plan, and concierge services to streamline your financial life.

2. Trim

Like Truebill, Trim manages your bills to help you save the most money.

For example, Trim cuts the fat from your monthly expenses by checking regular charges for any unwanted services you would prefer to cancel. It can also monitor your credit card and bank account transactions to see where you’re losing money.

Trim dazzles users with its ability to negotiate your phone, internet, and cable bills with your providers, saving you up to a staggering 30% on bills you would pay anyway. Remember that Trim will deduct 33% from whatever amount they save. So if you snag $100 in savings per year on your phone bill, the platform will take $33, while you get to keep $67.

With Trim Simple Savings, Trim helps you meet your savings goals by stashing cash away every week to meet your financial goals.

Not only is Trim’s service free of charge, unless you select the Premium option for $99 per year, but Trim lets you earn a 4% annual reward for the first $2,000 you save with them. You will earn around .001% interest on any additional savings.

After that, you gain .001% interest on anything saved over and above that amount.

3. Billfixers

This free app saves you money by cutting down on multiple expenses, including phone, internet, cable, satellite radio, satellite TV, home security, and small business service bills.

If Billfixers saves you money, they will deduct 50% of the annual savings total that they net you by charging your bank, credit card, or PayPal account for a portion each month.

Since Billfixers is free, it does not come with automated savings or subscription cancellation features. However, the good news is that you won’t have to worry about negotiating your recurrent bills anymore.  

4. Billshark

This popular money management platform helps keep more dollars in your pocket by getting you a better deal on your cell, cable, satellite TV, or home security system bills. According to their website, Billshark has a 90% success rate in getting creditors and service providers to drop their prices.

Kevin O’Leary from Shark Tank also recommends, like BillShark, negotiating all your regular bills.

Similar to Truebill, you can upload your bills to the app. That way, Billshark will run your potential savings through their system and then contact your provider to get your bill reduced. They also cancel unwanted subscriptions for a $9 fee.

While the app is free to sign up or create an online account, Billshark takes 40% of any savings from negotiating your bills.

5. Harvest

Harvest helps bring your savings home by protecting you from hefty overdrafts or bank fees. That is because Harvest monitors your overall financial picture and asks for refunds on fees for you. If they save you money, the app keeps 25% and leaves the other 75% in your account.

The platform also helps you review and monitor your regular spending. If there are any unnecessary payments that you want to cancel, Harvest will notify you.

https://www.cnet.com/home/energy-and-utilities/7-simple-ways-to-lower-your-utility-bills-this-summer/

Overall, this tool helps you get refunds and gives you saving and spending tools that can help your hard work of budgeting and saving pay off.

Final Thoughts

These apps make it simple and easy to reduce regular monthly bills. Also, some of the apps offer paid services that give you more options for negotiating.

While you might save even more money negotiating directly with your service providers or credit card companies, these outside tools can automate the job for you.

If you cannot negotiate these money-saving measures on your own or prefer to avoid bill negotiation situations, these apps are a solution to the problem that can help you save hundreds or thousands of dollars on your bills every year.

Image credit: [Grki]

10 Ways To Keep Your Bills from Exceeding Your Income

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Bills and paying them are a natural part of life now. What is worrisome is when your bills start exceeding your income. You can end up in a hole due to financial choices or circumstances outside your control. Or you could lose your job.

There could be an emergency expense. You could experience lifestyle creep, where your expensive tastes start to exceed your income.

Want to stop living paycheck to paycheck?

Here are 10 ways to be more aware of your bills, how to lower them, and how to gain more money.

1. Assess and Break Down Your Finances

When you are trying to keep your bills from exceeding your income, the first thing to do is sit down and take stock of your financial situation.

  • Examine your net worth. Subtract your debt from your assets to get a good idea of where you stand. Then, figure out your cash flow.
  • This means determining how much money you have coming in each month. Then, compare how much you have going out in bills each month.
  • Once you have figured out how much money you have coming in versus how much money you have going out, breaking these big numbers into different categories can help you control your spending.

For instance, determine how much you spend on food, gas, utilities, rent or mortgage payments, credit card debt, clothing, student loans, car notes, personal loans, insurance, personal care, vacations, and entertainment.

2. Write Down a Budget

It is hard to keep track of your financial health if you are going by memory.

One of the best ways to visualize your spending and saving is to have an online app or physical planner where you write down how you will spend your money.

If you want to increase your spending, you can commit to avoiding personal impulse buying by putting a miscellaneous spending category on the budget. For example, you can buy clothing or tools out of this budgeted section without guilt or overspending if your other expenses are covered.

3. Slash Discretionary Spending

It is easy to go out to eat every week or get caught up in an impulsive Amazon spending habit. If you do not need it to live (rent, mortgage, food, or loans), then cut it out. If you have credit card debt, this is a contractual obligation that you need to pay.

Taking control of your financial wellbeing and reining in your bills requires determination. No excuses. This means that you may want to cook at home when you do not feel like it. Cutting out the fat can mean downsizing, cutting out fancy vacations, or canceling extra subscriptions.

Although it is hard to cut discretionary spending, taking this step is enough for most people to get their budget back on track. Even though it can hurt, cutting out unnecessary expenditures can put more money in the bank and help you sleep better at night. 

4. Prioritize Your Bills

Sometimes, trimming the fat from your expenses is enough to keep your head above water.

If you are trying to maximize your savings, you need to organize your debts. This can mean making hard decisions about which bills to pay first.

  • First, look over your secured debts. These are things like your car loan or mortgage. If you fail to pay these bills, you could lose valuable assets like your house or vehicle.
  • Next, make sure you budget enough to pay for your utilities and insurance each month. You do not want to drive uninsured or have your power cut off.

https://www.wisebread.com/6-steps-to-take-when-you-have-more-bills-than-income

  • Finally, review your unsecured credit card debt. While you want to pay these bills on time to avoid credit issues, you might need to put these payments on the back burner if you cannot keep up with your secured bills.

Keep track of your prioritized bills by using a good spreadsheet. When you have money left after paying essential bills, put that money towards paying down credit card debt. You can also carry forward any savings to your next pay period.  

5. Set Aside Money in Separate Accounts

As you create your budget, put aside money for recurrent bills each month. It helps accumulate cash to pay large, annual, or expected bills in a separate account.

In addition, putting this money into a different account will help keep you from siphoning off money that you need for upcoming bills.

6. Centralize Your Bills

Are you always stacking bills on tables or stuffing them in drawers? It is easy to overlook bills and skip due dates this way.  

One good method to ensure that you do not miss any bills is to organize them in a central spot.  

Organizing your bills all in one place can be as simple as buying a basic letter carrier box. Hang it up and pigeonhole your bills in it when they arrive. You can stick each envelope in a numbered slot.

Putting the due date even a day earlier than the bill’s actual due date can help you pay bills on time.

7. Pare Down Essentials

If you are desperate to escape living paycheck to paycheck and restore equilibrium to your monthly balance, there are extra things that you can do to tighten your belt.

Tweaking your lifestyle at home can help you save some extra money each month.

While you do not need to shiver in the cold darkness, you could reduce your cooling or heating costs. Consider turning up the thermostat when you leave for work in the summer.

Then, you can turn it back down when you come home to feel comfortable. In addition, you can cut down on your utility bill by not blasting cold air on high while you’re not home.

The same thing applies to heating costs. So, grab a sweater or an extra blanket and get cozy.

Even if it is not your favorite way to live, for now, things like reducing your power bill by turning off lights, doing laundry on a cold cycle, taking shorter or cooler showers, and switching off ceiling fans if you are away can all help keep your bills from exceeding your income.  

You can also get your family involved in saving money together by watching TV together in the same room instead of having separate TVs in each room.

See if you can live with basic cable or a streaming service option instead of the more expensive digital TV.

8. Pack a Lunch

One of the fastest ways to keep down bills is by cooking at home. Instead of grabbing lunch on the go or ordering takeout, buy meat, vegetables, fruits, and whole grains. Make your own.

Meal planning can save you money every day. However, you can also create healthier options. For example, take your lunch to the park or create a fun dinner date to spice up an everyday lunch.

You can also avoid spending too much on spontaneous dining with friends and family by avoiding going out at mealtimes. 

If you do not know how to meal prep or want some fresh recipe ideas, many cooking tutorials and tasty meal ideas are available online.

9. Get a Good Deal from Your Billing Company

Save even when you’re paying the bills by asking for options. If you have a good record with the company, their representatives are more likely to work with you if you have fallen on hard times.

Communication is everything.

For example, if you need to push off a bill this month, ask to switch your billing date. Some companies may let you set up a payment plan instead of paying in full. You might even be able to cancel extra features that you do not need but might end up paying for if you don’t ask.

10. Pick Up Extra Work

There is only so much fat that you can trim when it comes down to it.

Sometimes, balancing your bills and income means you might need to start a side hustle or pick up an extra job. Even if you do not plan to have a food service, retail, or hospitality career, seasonal, temp, or part-time work can help pay the bills.

Keep in mind that saving money can put you in a better financial situation for the future. However, just because you might have to make radical changes now doesn’t mean this will last forever.

Image credit: [Aajan]

Saving For College | The Dos and Don’ts of Saving for Your Child’s College Fund

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Sending your children off to college may feel very far away, but that time comes sooner than you think, regardless of how old your children are.

Therefore, it is essential to be prepared for this phase financially so that you can make sure that your children have access to the best options without putting a significant strain on your family’s finances. 

There is a lot of good and bad advice on how best to save for college, so weighing the options that best fit your family is the only way to make sure you save smart. This article will explore the best and worst tips for saving for your child’s college fund to help you make the right decision. 

Do: Start Early

It is never too early to start saving for college. Many parents open college savings accounts as soon as they return home from the hospital with their firstborn child, which is not necessarily a bad idea. 

The earlier you start saving for college, the less you must contribute incrementally because the money has more time to add up. Make college savings a part of your monthly expenses early on, and you will be able to look at colleges with your children without stress when the time is right.

For example, if you start saving for college in your child’s first year, you will have 17-18 years to save. By contrast, if you wait until your child is ten to start saving, you will only have 7-8 years to save. 

In the second scenario, you will have to contribute double the amount each week or month to save the same amount of money.

This can put a significant financial strain on your family depending on how much you need to save for either multiple children or advanced degrees. 

Don’t: Wait Until the Last Minute 

Assuming that you will figure out college savings later is a dangerous game to play. You are relying on yourself to remember to do research and set something up, but it is easy for life to get in the way and prevent you from getting it done. 

If you wait until your child is in middle school or even high school to plan for college savings, you will miss out on many years of compounding interest. That interest means that your money is working for you. 

The more you frontload your savings, the longer the interest must work for you and make you more money to put towards college. This is the biggest reason it’s important to get started saving for your children’s college funds in their first five years. 

Do: Investigate 529 plans and Roth IRAs

There are several different options for college savings. First, research the different options and find the one(s) that aligns best with your family’s college savings goals.

Then, depending on what works best, you can put all your money in one savings avenue or spread it out amongst a few different options. 

Here are some of the best options for college savings.

529 Plans

529 plans are one of the most popular college savings vehicles available. They are straightforward to open, and you can start saving money toward your child’s future education. 

You can set money aside over time in this account, and the funds you contribute are tax-deductible, which is beneficial as well. In addition, other family members, like grandparents or aunts and uncles, can also contribute money to your child’s 529 plan. 

The money in a 529 plan can only be used towards eligible higher education institutions and the associated expenses. However, it is an excellent option if you know that your child will go to at least a community college or four-year university.

If you think there is a possibility that your child may not go to college or may pursue a nontraditional educational path, you may want to weigh whether this is the right decision for your family. 

Roth IRAs

Although a Roth IRA is typically used for retirement savings, that’s not all you can do with it. 

You can use these popular after-tax investment accounts to fund your child’s future in education and beyond. In addition, because you have already paid taxes on the money, you do not have to worry about future tax rate fluctuation on the account’s balance.

Using a Roth IRA to save for your child’s future is an excellent choice because the money can be used for anything; it is not limited to only direct educational costs. For example, if your child wants to start a business, make an investment, or make a large purchase like a car or a home, and the Roth IRA money can be used. 

Because a Roth IRA does not have restrictions on what it can be spent on, many parents open both a 529 and a Roth IRA for their children to access both types of funds. 

It is worth noting that only the people who set up the Roth IRA can contribute to it, so if this is important to you, it might not be a good option. 

Don’t: Rely on Financial Aid and Scholarships 

Many parents who avoid saving for college hope that their children will qualify for financial aid or scholarships to pay for the bulk of their education. 

While your child may qualify for one or both things, there are good reasons not to rely solely on these things to fund your child’s education completely.

Although financial aid is a great option to help cover the cost of college, it has some significant pitfalls. First, it will set you and your child up with potentially a large amount of debt at a very high-interest rate once they graduate, which can be challenging to manage and cause long-term financial strains.

 Scholarships can be a helpful way to augment some of your child’s college education. Many colleges and universities offer scholarship programs for specific degree programs or sports teams, and they can significantly reduce or eliminate your out-of-pocket college expenses.

How much impact scholarships can have been very dependent on the situation, and it is something you may not know until your child is applying for college. It is essential to have savings ready as a backup because only a scholarship will cover all costs for their entire four years, in very rare cases. 

Do: Check the Performance of your Accounts Regularly

Even if you set up your child’s college savings accounts early, it is important not to set them up and forget them. Many parents think that the hard work is done once the account is set up until it is time to cash it in for college. 

Make a plan to check in on it at least once per year, but ideally several times per year. This will help you keep track of its performance, notice opportunities for changes to your investments or contributions, and more. 

Checking in on how things are going consistently will help ensure you have enough money in your account when you need it. In addition, this proactive approach to managing your child’s college savings will pay off in the future, so you will not encounter any surprises when it is too late.

10 Dos and Don’ts for Money-Saving Students

Don’t: Plan To Use Retirement Money 

Many caring parents may be tempted to dip into their retirement savings accounts to pay for their children’s college education.

While this often comes from a good place of wanting to help your child succeed, it is never a good idea to use retirement funds to pay for college. 

Using retirement savings to pay for college will incur penalties for early withdrawal and decrease the amount available to you when you retire, which can impact both you and your child’s future. The best thing to do is to set them up with their own accounts to save for them and assist them instead.

Conclusion

There are many ways to prepare in advance to pay for your child’s college education. It is essential to research the options and decide which one will work best for you and your family. 

Even if you don’t intend to pay for all your child’s schooling or if they do not end up wanting to go to college, it is always good to have some savings to help them get started in the future. 

Image Credit: [MachineHeadz]