Category Archives: Finance

Quick Money Saver: Review Your System

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Mobile Phone with Money in Kenya

One of the foundations of a Success Making Machine is setting up systems that work and let them run automated. For example, I have my utilities (gas, electric, phone) set up with automatic recurring payments. As long as charges are within range I need to take no action. But I make it a point to review my utilities periodically to make sure I’m still paying market prices. Here’s my successful recent “system review”. I’ve had equivalent success with reducing auto insurance (50%), gas(5%) and other utilities.

Here’s my latest story. My internet/cable/phone (triple play) company sent me a notice that they were increasing their price by $15 a month. That was the last straw- their fees were inching up monthly and I was being bombarded with ads from their competition that their prices were lower.

Try to work it out

First I called my old company to see if they had a better (or at least equivilant) deal. This has been a helpful strategy in the past. It’s worth it for me to keep the old company even if they just match the deal because I’ll save the headache of switching. They couldn’t do better than the new deal- but still offered me something better than what I currently had. I wanted to make sure I wouldn’t be missing something- so I asked. They admitted that the new deal was superior. With a superior deal and without any loss of features I knew it was time to switch.

In with the New

I called the ad to make sure it was legit. It was. As I was deciding which package to get the company rep offered me better and better deals. I ended up with a free DVR, an extra install line and some more free channels- all for a lower price than I previously paid (before the increase).

Out with the old

After the new service was successfully installed I called to cancel the old one (I don’t cancel in advance in case something goes wrong). Interestingly, the “customer retention rep” who took my cancellation was prepared to offer me some good deals not offered elsewhere- I didn’t pursue the conversation because after installation it’s not worth it for me to switch again. An addition lesson here is talk to numerous people in the same company.

Next Action: Try this with your utilities. They should be reviewed annualy. Let me know how much you save.

photo credit: whiteafrican