How to Negotiate: 4 Times I used Negotiating to Improve My Cash Flow

Negotiating is a skill

Negotiating is a skill that, if used properly, can significantly improve your cash flow by allowing you to either save more or earn more. Over the years, I have successfully used this skill to help me lower my bills. Here is how to negotiate along with lessons learned from each experience.

1. I lowered my phone bill by 10% for a full year

To my surprise, the customer representative who answered the phone was quite accommodating. He ended up giving me a 20% discount on the $200 bill. That was a good step, but I was still stressed. He then went one step further, and actually reviewed my account and put me on a promotional plan that saved me 10% every month for a full year.

Lessons Learned

1. Change your mindset about rates companies quote you. 2. Customer service representatives are willing to help you. Remember that losing a customer is a lot costlier than keeping one for your service providers. 3. Companies are willing to negotiate because some money is better than nothing for them.

2. I lowered my car insurance premium by 15%

I only drove from home to work, I reduced my yearly mileage significantly, which translated into a lower premium. After all the discounts and adjustments, my premium went down by 15%.

Lessons Learned

1. Know what you sign up for, and ask questions if you come across things you don’t understand. 2. Don’t be afraid to ask for discounts. It can help even just to ask, “are there any discounts that are applicable?”

3. Increased my tutoring rate

When the quarterly performance review came around, I mustered up my courage and asked for a raise. After reviewing the positive reviews that students and their parents left for my tutoring sessions, the administrator decided to give me an 8% raise. It was a wonderful day.

Lessons Learned

1. Know your worth and demonstrate it. 2. Be patient, and keep in mind that recognition doesn’t come overnight. 3. Be willing to go the extra mile. Most people will remember it and will reward you for it. 4. Try your best to keep your customers happy.

4. Received employer’s support for my further education

After graduating from university, I went into the workforce, but further education had always been on the back of my mind. After some careful research, I decided to pursue a financial designation to help advance my career. In the end, my strategy worked, and I was awarded some financial assistance.

Lessons Learned

1. Don’t be afraid to ask for something even if it doesn’t exist. Exceptions do happen. 2. If you do decide to ask, be polite, professional, and prepared. 3. Find your allies. They are the people with more influence and can vouch for you.

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