Saving money: Tips for negotiating your bills

At a time when many are living paycheck to paycheck, many household bills, from cable to gym memberships, are negotiable.

Often, simply calling customer service and asking for a better rate is the first step. NerdWallet's Personal Finance Expert, Kim Palmer, explains how the old saying "It doesn't hurt to ask" also applies to finances.

"So, we're talking about phone bills, cable bills, even subscriptions. It's always worth calling and asking if you can get a better deal, because the worst thing that can happen is that they say no, and you've just lost 5 minutes," Palmer said, "But it's possible that they say yes, and you walk away with savings."

Before asking, it's recommended to do some research first to check if there are better deals available for similar services. This empowers the consumer to ask for price matching, or better.

"Another trick to consider is to say, Hey, I'm considering canceling my service because it's just too expensive. And that word, cancel, triggers some special offers in many cases," Palmer explained.

It's also recommended to be open about financial hardships, as the service can often offer consumers special credits or discounts through a hardship program.

A host of bills can be negotiated, including cell phone, car insurance, home security, newspaper subscriptions, gym memberships, utilities, bundled services, and even credit card interest rates.

With credit cards, a lot depends on a consumer's credit card history with the issuer. "So, if you are a long-time loyal customer, you've always paid on time, and now suddenly you're facing some financial hardship, you'll be in a better position as a loyal and long-term customer to get them to work with you," Palmer said.

Prices can also be negotiated in stores, as store clerks sometimes have the power to charge a lower price, especially if there is a floor model available or some kind of damage to an item. Palmer suggests asking for a discount in these cases.

There are bill negotiation services to help, but they typically take 50% of what consumers may save, which can still be worth it for those who don't have the time to do it all themselves.