10 Ways to Lower Your Bills

Stressed mother going through her finances next to her child, who is playing with crayons.

You can lower your bills by negotiating your prices, switching your plan, downgrading your service and more. Try a few—or all—of these 10 different ways to lower your bills and see how many saving opportunities you can find.

1. Negotiate Your Bills

Negotiating your bills can help you take advantage of introductory packages or credits to lower your costs. You can often call customer service at providers such as your cable, internet or phone companies to negotiate your bills.

If you're not sure where to start on the pricing back-and-forth, consider Experian BillFixer™. Included in an Experian premium membership, BillFixer pairs you with an expert bill negotiator. They negotiate on your behalf with your service providers and you get to keep 100% of the savings they find.

2. Switch to a Fixed Pricing Plan

Your service providers may offer a fixed pricing plan or time-of-use plan. For bills like your electricity usage, these types of plans can help you buy cheaper energy.

For example, a time-of-use plan may charge you a lower delivery fee based on when you use the most energy. These plans encourage you to do your laundry in off-peak hours and try to use only one or two energy-intensive appliances at a time.

Check with your providers to see if they offer fixed pricing plans in your area.

3. Downgrade Service

Sometimes less really is more. This can be true for a variety of services you may be paying for, like your internet or cable packages.

You may be paying for very high internet speeds, for example. But if you spend some time testing your speed with websites and streaming services you typically use, you may find higher speeds unnecessary. By dropping to a lower-speed option, you may save.

4. Use Efficient Appliances

Upgrading your appliances or light bulbs may help you save money over time. That's because these appliances use less energy, saving you on things like electricity and gas.

If you can't update to a more efficient appliance, consider just not using them altogether. For example, when it's warm out, try forgoing your dryer. Get a clothing rack or clothesline to air-dry your laundry.

5. Rotate Services

Some of your discretionary bills may be reduced by rotating them. For example, if you pay for several streaming services, consider suspending all but one service each month.

You'll still get access to the entertainment you want—eventually. But the bills will only come for one service at a time. And while rotating, supplement with free versions like music on YouTube or TV on Hoopla.

6. Refinance Loans

Refinancing loans can bring about an immediate reduction in your payment amount for things like car loans or mortgages. But there are a few things to consider before applying for a refinance.

First, make sure interest rates are trending lower than your current rate. If your mortgage rate is 4% and you go to refinance while the average mortgage rate is around 6%, you may end up getting quotes for a higher payment than you have now.

Second, make sure your credit score is in good shape before applying for a lower interest rate on your loan. A higher credit score can help you get a lower rate on your loans.

Be aware that some loan refinances come with additional upfront costs, such as closing costs on a mortgage refinance. Be sure to do the math with these costs included to see if you truly are going to save money over time.

7. Use a Balance Transfer Card

If it's a credit card bill you're looking to lower, consider a balance transfer card. A balance transfer card makes it possible to transfer your current credit card balance to a new card with a lower—or even introductory 0%—annual percentage rate (APR).

But like refinancing, your credit score will need to be in good shape to qualify for a balance transfer. Take some steps to increase your credit score before applying for a balance transfer card, such as:

  • Paying your bills on time
  • Lowering your credit utilization rate by paying down credit card balances
  • Trying Experian Boost®ø to give your credit a bump for bills you already pay on time

8. Bundle Products

For bills such as your car insurance and home insurance or your cable and internet, bundling multiple products from one provider could result in discounts.

You can often combine things like your renters insurance and auto insurance. Similarly, you may find a great package deal for your home internet and cable or cellphone. Being strategic about finding these services from a single provider that will bundle could save you big time.

9. Get a Family Plan

Sharing dessert with your family is great, but sharing your cellphone bill is even better. You can often save a bundle with a cellphone family plan.

You don't all have to live at the same address to qualify for a family plan. But you can save on each monthly bill by getting your parents, siblings and spouse on one plan.

10. Shop Around

Sometimes lowering your bills is as simple as shopping around to see what else is out there. You may find that another company has a better billing structure or introductory package that can help you save when you switch.

Using quote aggregators for things like insurance can help you get a lot of quotes quickly and compare them, apples-to-apples. Experian's auto insurance comparison tool, for example, can provide multiple quotes in just minutes. This lets you see what the best car insurance savings available to you are.

Lower Bills Plus a Higher Credit Score

Lowering your bills is good for your wallet and saving money. But how can you make your bills work for your credit score too?

Use Experian Boost to get credit for the bills you're already paying on time every month. Once you drop the cost of your utilities, telecom or streaming services, consider adding them to the Experian Boost feature. Experian Boost searches through the payment history of your credit card or bank account to find qualifying bill payments. These are added to your credit report, increasing your positive payment history. Seeing as payment history is 35% of your FICO® Score , this can really give your credit a noticeable boost.

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