Here are 5 ways you can trim your monthly expenses right now if you're struggling financially. (via CNBCMakeIt)
When it comes to determining what to cut out, prioritize your expenses, says, founder of San Diego-based financial planning firm Bull Oak Capital. Decide what's essential and what can you live without, perhaps just temporarily until you're back on your feet financially.
First, pick up the phone. You want to have a conversation for this rather than emailing your provider or using an online chat bot. But keep in mind that you may be waiting for a while to connect. Once you do get hold of customer service, be direct about what you want. You can say something like, "I saw that a competitor is offering an unlimited data plan for 20% less," Dunlap says.
If your income has been impacted by Covid-19, make sure to specifically say that during your conversation since many companies have recently rolled out assistance programs. Many, such as Allstate, State Farm, Liberty Mutual and Nationwide, have promised to issue refunds while driving rates are low, for instance.
If there is more than one cable or internet provider in your area, consider switching. That could be especially helpful if your current provider won't lower your rates and others are offering introductory rates that can reduce your monthly spending until you get back on your feet.Negotiating your credit card interest rates can have a huge payoff, Dunlap says.
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