'Never take the first offer': The art of negotiation in today’s economy

One advisor says the art of negotiation can be the key to saving money on your monthly bills. (Source: Getty Images)

The art of negotiation can be the key to saving money on your monthly bills during a time of where costs of housing, gas, food and other essential continue to skyrocket.

“One of the easiest things to negotiate is you cell phone bills, television, cable and internet,” says Windsor certified financial advisor Howard Haskings. “There’s more and more providers coming into that marketplace.”

He suggests signing up for competitors’ monthly emails so you are up to date on the most recent deals so when it’s time to renew your contract with your current provider you will be prepared.

“Ask for the customer care department and say you plan on canceling your plan,” Haskings says. “They can negotiate, talk to a manager and match what the other company is giving even if it’s just a one year offer. They will normally beat or match that deal.”

He says this strategy also applies when you looking to finance a vehicle by playing two or three dealerships against one another.

“It’s good if you have a spouse or partner to go in with you. One plays good cop. One plays bad cop.” Another tactic he advises. “If you don’t walk away twice or three times you are not getting their best deal.”

Haskings says the overall key to save money on your monthly bills is by creating a household budget.

“There’s the 50/30/20 budget where 50 per cent is what you must pay like your mortgage, utilities, vehicle payments, 30 per cent wants and than 20 per cent is for savings.”

Typically, utilities like power, water, and gas are not negotiable as rates are subject to government regulations.