When it comes to saving money, one of the most effective ways to save money is the low-hanging fruit approach. With this tactic, you’ll  evaluate the services you’re already paying for and look for better options or negotiate better rates. 

This can be done for a variety of services, including homeowners insurance, garbage removal, auto insurance, credit cards that charge an annual fee, cable services, and cell phone providers. 

In this article, we will take a look at the best ways to negotiate (or cancel) these services to find better options and potentially save you money.

Homeowners Insurance:

Homeowners insurance is a necessary expense if you own a home, but that doesn’t mean you have to overpay for it. The most obvious way to save money on homeowners insurance is to shop around and compare quotes from different insurance companies when you’re first buying it. This can be done manually by phone, by using online comparison websites or by contacting insurance brokers who can provide multiple quotes from different insurers. Either way, do your homework here.

When comparing quotes, make sure to take into account the coverage that each policy provides. Don’t sacrifice coverage for price, period. It’s important to find a balance between affordability and adequate protection. Make sure you’re getting the coverage you need at a price you can afford with a quality homeowner insurance provider.

If you already have a policy, you can try to negotiate with your current insurance company. This can be done by reviewing your policy and identifying any discounts you may be eligible for or simply telling them you’re thinking of switching. For example, if you have a new security system or an upgraded fire alarm, you may be able to receive a discount on your premium. Additionally, if you bundle your homeowners insurance with your auto insurance or another type of policy, you may be able to receive a discount on the full bundle of policies.

If you have found a better option with another insurance company and decide to make the switch, you must make sure you have a new policy in place before canceling your current one. It’s illegal to not have homeowners insurance, even for a short period of time, and you don’t want to be caught without coverage. Make sure to ask if there are any fees or penalties for canceling your policy. Some insurance companies may charge a fee for canceling your policy before the end of the term, so it’s important to read the fine print or get it in writing form the company and consider whether the potential savings are worth it if there is indeed a cost.

Garbage Removal:

When it comes to garbage removal, many people don’t realize (or care) that they have options. If you’re not satisfied with your current garbage removal service, you can shop around and compare prices from different providers. Many times companies will offer huge incentives, like a year free of pick up, to make the switch to them.

You can of course negotiate with your current provider here as well. Review your contract for anything you may not be taking advantage of or try citing a lower offer or incentive from a competing company. For example, if you’re paying for a larger garbage bin than you actually fill up each week, you may be able to ask for smaller bins and save a few bucks. Additionally, if you’re paying for extra pick-ups that you don’t actually need, you may be able to negotiate a better rate for pick-ups to be spread out every other week or whatever meets your needs.

As always, make sure you’re aware of any fees or penalties for canceling your contract as it may negate the savings you find with another company.

Auto Insurance:

Auto insurance is another necessary (and important) expense that we’re all aware of. Similar to homeowners, you can save money by shopping around up front and getting auto insurance quotes from multiple providers. You can utilize online comparison websites or contact an insurance broker who can learn about your needs and provide you with multiple quotes from different insurers.

When you’re comparing companies, make sure to take into account the specific coverage that each policy provides. It’s important to find a good balance between affordability and adequate protection instead of simply choosing the cheapest option you see. Make sure you’re getting the coverage you need to stay financially safe based on your driving habits, at a price you can comfortably afford.

We also highly recommend trying to negotiate with your current insurance company as a first step. Auto insurance companies are very competitive with each other and may try to keep you from leaving with incentives. Also, ask them directly about any discounts you may be eligible for that you haven’t taken advantage of yet. For example, if you have a good driving record or low annual mileage, you may be able to receive a discount from those alone. Additionally, as stated above, if you bundle your auto insurance with your homeowners insurance, you may be able to receive a discount on the total cost of those policies…especially if it’s with a new company.

A few key things to keep in mind when potentially making the switch:

• Make sure you have a new policy fully in place before canceling your current one. It’s illegal to drive without insurance, and you don’t want to be caught without coverage. A lapse in coverage for any period of time is something you want to avoid.
• Ask about and be super clear of any fees or penalties for canceling your policy. Some insurance companies may charge you a fee for canceling your policy before the end of the term, so it’s important to read the fine print and consider whether the potential savings are worth it.
• Keep organized track of your insurance history. Insurance companies may consider your previous coverage when determining your premiums, so a gap in coverage could potentially impact your future rates. Having proof of coverage over time can be very beneficial if ever needed.
• Don’t ever sacrifice coverage for price. We’ll say this again: It’s important to find a balance between affordability and adequate protection. Make sure you’re getting the coverage you need at a price you can afford. This goes for all insurances.

Credit Cards with Annual Fees:

Many credit cards come with up front and/or annual fees, but that doesn’t mean you necessarily have to pay them. One way to potentially save money on credit cards with annual fees is to negotiate with your current credit card issuer. This can be done by simply calling customer service and asking if they can waive the annual fee or if they can offer a lower rate. If you’re feeling bold, let them know you’re considering canceling the card all together if they don’t waive the fee.

Another way to save money on credit cards with annual fees is to shop around and compare offers from different credit card issuers. This can be done by using reputable/unbiased online comparison websites or by contacting credit card issuers directly. Make sure to take into account the rewards and benefits that each card offers, in addition to the annual fee. It can take some work but may be worth your time.

As with other services, some issuers may charge a fee for canceling your card, so it’s important to read the fine print and consider whether the potential savings are worth it.

Cable Services:

When it comes to cable services, many people don’t realize that they have options even though today, they’re almost endless. Of course you can try to negotiate with your current provider here as well. Simply let them know you’re looking into other options and want to hear the best they can do for you.

If your area offers multiple cable providers, shop around and compare prices as they’ll no doubt be competitive with each other. Make sure to take into account the channels and services that each package offers, as well as the cost of any additional features you want such as DVR or On-Demand.

You can of course cancel all together and go the route many others have with multiple streaming apps to get more precise content that you care to watch.

If you have found a better option with another cable service provider or using streaming apps, be aware of any fees or penalties for canceling your current contract.

Cell Phone Providers:

When it comes to cell phone bills, many folks shy away from looking into other options as we usually just stay with the provider we’ve always used. If you’re in that boat, the first way to try and save money here is by negotiating with your current provider. This can be done by calling customer service and inquiring about discounts, lower rates, or removing any unnecessary features or services. Tell them your goal is to save money, even if that means looking at other providers. Another way to potentially save money is to evaluate your usage patterns, and adjust your data and call/text plan accordingly.

If you are totally willing to change providers, shop around and compare prices as you may receive valuable benefits from a new company for switching over. Be sure to consider the features and services that each plan offers, in addition to the cost of any additional features such as international roaming or hotspot data. Additionally, it’s important to research the network coverage and reliability of different providers in your area, as this can greatly impact your overall experience and can be an immediate deal breaker.

If you’re thinking about switching to a new cell phone provider, it’s important to check that your current phone is compatible with the new provider’s network. If not, you may need to buy a new phone which can be a headache. Additionally, make sure you understand the terms of your contract with your current provider, as some providers may charge a fee for canceling your contract before the end of the term.

Overall, there are many services that you can cancel or negotiate to find better options or lower rates. By shopping around, negotiating, and staying on top of your bills, you can potentially save money and find services that meet your needs and budget. It’s important to remember to always read your contract and know your rights, as well as what the company may be entitled to. It can take a little work, but if you stay diligent, you’ll never overpay for services again. Good luck!