Mitchell & Nemitz, PA

Many household bills gradually increase over time, often without much notice. Taking a little time each year to review your expenses, compare prices, and negotiate better rates could save you hundreds of dollars. Here are several bills to consider revisiting annually.

• Insurance. Compare rates for auto, homeowner's and renters insurance periodically. Even if you don't switch, competing quotes give you a reference point. Also ask your current insurer about discounts, deductibles and whether your coverage still fits your needs.
• Internet. Longtime customers can wind up paying more than newer customers when promotional pricing expires. Check competitors' current offers, then ask your provider whether there are less expensive plans or retention offers available.
• Cell phone service. Don't assume the plan you've had for five years is still the best plan for your family. Review how much data you're actually using, whether you're paying for unused lines or features, and what competing carriers offer.
• Subscriptions and memberships. Streaming services, software, gyms, satellite radio, security systems and other recurring services may have cheaper tiers or retention offers. Even when they won't negotiate, you can downgrade or cancel.
• Bank services. Your bank may offer better rates or lower fees than those it advertises. Depending on the bank and your relationship with it, you may be able to ask for a higher rate on a savings account, money market account or CD, particularly if you're considering moving a sizable balance elsewhere. Banks may also have some flexibility with credit card annual fees, certain account fees and, in some cases, loan or credit card interest rates. Before automatically accepting the rate you're earning or paying, see what competitors are offering and ask your bank whether it can match or improve upon it.

Tips to renegotiate

• Do a few minutes of homework. Don’t call and simply ask for a discount. Know what you're currently paying. Look up what the company is offering new customers. Check one or two competitors. Then call with something specific: I'm paying $145 a month now, and I'm seeing comparable service for around $100. Are there any plans or discounts available that could lower my bill?
• Ask what options are available, not just whether they can lower the price. A representative may not be able to simply knock $20 off your bill, but they may be able to move you to a different plan, apply a promotion, remove a fee or offer a loyalty discount. Try asking, Are there any other plans, promotions or discounts available that could lower what I’m paying?
• Be willing to walk away, or at least know your alternatives. Your strongest negotiating position is knowing you have another option. If the company can't improve the price, politely ask what you need to do to cancel or switch. You don't have to threaten to leave, and you shouldn't bluff. But if a competitor offers comparable service for substantially less, being prepared to switch gives you a meaningful alternative.