Tele-savings! 5 phone calls that will save you money

How a few minutes on the phone can drastically cut your monthly expenses

Remember when we used to pick up the phone when we had a question or concern about household expenses and repairs? Instead of doing an internet search for the answer, we took the time to touch base with a living, breathing person. Imagine that...

Of course, online shopping and email is undoubtedly convenient, but believe it or not, there are times when picking up the phone can actually save you money (or at least score you upgraded service).

Here’s how to grab your phone and start talking your way to a better financial situation...

1. Negotiate your way to a lower credit card rate

Did you know that your credit card annual percentage rate (APR) isn't necessarily set in stone? If you have an average-to-good credit score, you could be in line for a rate reduction.

To negotiate a deal, simply call your credit card company and explain that you've recently been offered a better rate from a competing credit provider (we’ll let this little white lie slip if it can help you save money!). Ask your provider if they would be willing to match this rate. The fear of losing your business is often enough incentive to begin negotiations.

2. Reconsider your cable service

Cable companies are constantly duking it out when it comes to pricing. If you feel that your monthly rate is unreasonable, do a little research into local providers. Once you have some ammo, give your current provider a quick call. They may be willing to match a lower rate. This tactic can also be used on a wide variety of providers, including Internet, phone, and newspaper subscription services.

3. Refinance your mortgage

Why pay a high interest rate when you could save thousands with a mortgage refinance? Instead of wasting hours researching rates on your own, call up a reputable mortgage broker and let them do the work for you. A mortgage broker will monitor fixed and variable rates in order to provide you with the most competitive offer.

4. Ask about insurance discounts

Insurance is always a major financial burden. In order to avoid the pinch, call your insurance agent and ask whether there are any discounts available that you aren't taking advantage of. Some car insurance companies offer discounts to customers who enrol in defensive driving classes or can prove a clean driving record. Since it's cheaper to provide a discount than lose your business, most insurance agents will let you in on any current offers – but often only if you ask.

5. Work out a payment plan

If you're struggling to make payments on a credit card or line of credit, now is the time to call and request a payment plan. Lenders are often willing to negotiate a payment plan or make changes to an existing arrangement in order to avoid selling the debts to a collections agency.

Pick up the phone...

So, the next time you're confronted with a financial issue, don't just turn to your email. Pick up the phone instead. A savvy saver - and influencer - never underestimates the power of human connection.