At the end? No, but nearer to the end. Keep a few cards up your sleeve. When salary is mentioned you want to be able to trade these cards in, in order to achieve your higher pay package. Get all offers in writing. An offer in writing is often a starting point for negotiation.
We said that negotiations should not merely be the choice of a binary yes or no decision. Give yourself options. The worst thing you can do is to interview for your dream job or that high rate position — and no other positions. So if 2 options are too few, is a hexadecimal range of choices too many? Have at least 3 attractive options, whilst having more offers is only going to strengthen your negotiating position, you will stretch your time researching each job and attending the interviews.
Having other potential options at the time of the interview is the greatest source of power at your disposal, and gives you room or latitude within which to negotiate. Set your sights high. Are you aspiring high enough? Agencies and employers typically make an offer, waiting for the IT professional to argue for higher salary, only to be surprised with a meek acceptance. This is usually the symptom of low aspirations.
At first reading, this may sound like a contradiction, we know. Think about this for a moment: one of the most significant ways in which employers judge your ability is through your confidence. A higher aspiration communicates confidence, and confidence inspires confidence and with it higher salaries.
Ask for More. Executives hate to be wrong. So when your boss has made a decision to take you on, they are making a personal bet on your potential. If you perform well, you make them look good to their peers. Everyone wants to back a winner, the most obvious way to measure the weight of their bet on your potential is the figure they put on your head. Are you following? This means that the more you get paid, the greater your chances of a promotion — and thus continues your upward spiral.
So either make this one count in your favour, or risk someone else in your organisation leapfrogging your future progression. Where does it hurt? Put your finger on their pain. Chances are that your role or project was created to reduce pain, not to increase pleasure. The bigger their pain, the larger your gain. Get on the inside track. Get to know people in your target organisation, or better yet — in your target department. Inside information can be the gold dust you need to strike gold. Knowing the right people, winning their trust and asking the right questions can be the key you need to gain the upper hand.
This takes time, so start asking your friends who they know. Do your homework. Visit their website — read it, get to know all you can about their industry — past and present. As always, write your questions down and ask your interviewer or friends who have the inside track. Use the web and other resources to your advantage to know the real worth of your skills and role.
Rules and Policies. If the employer states that something is company policy, challenge it by asking the basis or reason for the policy. Ask what exceptions have been made, and the rationale behind these. Find a situation or context that would make you exempt from the policy. Most every rule has its exceptions.
Heard this before? Insidiously effective if left unchallenged. Your employer is defining the rules to their own game, and straight-jacketing you into their mould. Do you really want to conform? Of course not. So what can you do? Start by writing out all the ways in which you stand out from the run-of-the-mill competition. These are your differentiators, they set you apart from the pack. Be careful to examine the contextual factors:. This will likely make it more difficult to replace you in a flash.
Is there anyone else in the company who can do your job? Who else boasts your unique combination of skills and experience? Are they prepared to do your job? Does your role really fit neatly into a salary category and band? What is the difference between the grade they want to cast you into, and the next grade or two higher? Make a case for your fitting into a higher grade with a more handsome pay scale.
Decisions Decisions! So map out their decision making process , paying particular attention to the person or people responsible for making the final decision. Many employment agencies and companies alike use the following 3 tactics to get a better deal for the company. Read the contract! Generally speaking, the person who creates the game has the advantage. Stay out of Range.
Your future boss or HR may try to persuade you to state your salary range early on. Try to avoid this if possible by asking what salary range they are offering instead, or say you will consider any reasonable offer. If you have a fairly good idea of what salary ranges are applicable to your situation, and are pressed into a corner to be specific, go for the top end of the salary range.
You can always negotiate down. Do not fill in salary boxes. Leave it blank. Once you state a salary, this rate will form the ceiling beneath which the negotiation game will be played. It happens all the time. If you currently use even one of the following 6 interpersonal gems, you are already ahead of the pack. Most are oblivious to the leverage they can achieve, and of course it costs you nothing but time in preparation.
Your 60 seconds. Studies show that on average, you have seconds to make an impression. Some research even suggests that this process occurs in the first 4 seconds! So, make sure you dress well, appear confident, act friendly, and make eye contact. Open ended questions are generally better, as they encourage discussion and further exploration, and will arm you with more detailed information. Take your Time. Take time to digest the salary offer. If necessary, say you will respond within 1 or 2 days in response to the offer.
Again, be prepared to illustrate your research with the resources at your fingertips. Tell them a Story …or 3. Most IT pros know their facts. You need to be able to make your facts come alive and dance in the form of a convincing story. One of the best ways to make a great impression is to rehearse your stories.
Which stories? Your successful war stories. You know, the Mission Impossible projects you pulled through against all odds. Get skilled at painting scenarios vividly, gather the essential facts on just how challenging it was, and how much money you saved your company. You need to sing your own praises. Unless you can wheel your ex-boss into the interview room, you need blow your own trumpet. So investing in your storytelling skills is likely to have a higher rate of return than another technical or degree qualification.
Write your stories out and take them to a friend in the Marketing Department for sharpening Marketing folk can be VERY useful to have as friends when it comes to salary negotiation time. Write down all your questions. Questions get information, and information is power in any negotiation. The better the quality of your questions, the more powerfully you will negotiate. We suggest you create a visual mind map of your questions, and sequence them in a logical order. This should keep you from forgetting to ask your most important questions without needing to pull a question cheat sheet from your pocket.
Show your Passion and Interest. Let them know that you are interested. This will increase their interest in you, and may cause them to stop looking for others for the position — thereby increasing your negotiating power. To create a trusting long term relationship and to enjoy a higher pay pack you will do well to collaborate with the employer to jointly expand the pie.
The Value of Timing. You also need to establish value in your employers eyes before quoting them your deservedly! As until they see value, any price is too high. So find out if you really want the position before you plant your money stake in the ground. You are at your most powerful when responding to their offer. So find out before the interview what their expected salary range is, to avoid wasting both your time and theirs.
Usually the job advert states a salary range, so this should hopefully not be a deal breaker. Your Mental Frame. Think about your thinking, examine your mental frame. Are you viewing your salary negotiation and job as an opportunity or a safety net? Opportunity negotiators perform better, as they have given themselves the mental freedom to be courageously flexible.
Although Steve found his work to be satisfying, he never really found the time he needed to take stock and see if he was being paid his true worth. I can bring a dry waller in to do this.
Bill Negotiation: Get a Better Deal on Cable, Internet and More - NerdWallet
I can bring other guys in that can do this cheaper than you. You have to come down in price or we cannot use you. We have done that a number of times and sometimes they leave and it sucks and we have to find new people but it does not make sense to keep using somebody if you are not making any money. Other times, they realize it, we negotiate. Sometimes we meet in the middle but you really have to be on them every single job and just letting them know that you are paying attention to the numbers in really keeping track of what they are bidding and they cannot just wildly bid whatever they want also helps as well.
Carol: We are actually dealing with some right downstairs right now. I hear it down there. I am so thrilled, it is awesome. I have some contractors downstairs and we had an interesting situation come up. We had, just last week, we are looking at a bunch of stuff to do at the house and they came in with a number and it was about double what we wanted to pay and I just kind of looked at him and he just kind of looked at me and I just kept kind of looking at him and he just kind of kept looking at me.
Then finally it is like, and then next thing you know he comes down a little bit, right? I am like, realistically, this is what I need done. This is how much money I have to spend on it, can you do it or can you not do it? He is like I cannot do it for that. I am like, okay, fair enough. What can you do for that number? He went through my laundry list of all the stuff I had. Jotted down on my pink post it note that had like a million little line items and he said, I can do this, I can do this, I can do this, I can do this, I can do this, I cannot do this, this, this, this and this.
Then, at the end of the day, of course we started adding. Well, we could do this, but we will also do the doors or something. I guess the tip that you can glean from that is with when your contractor comes in high, say this is the realistic note. First of all, silence and wait for them to come off of their original price. Second is tell them the realistic budget you are willing to spend and see what they are able to do for that number and you will be surprised at the end of the day, we have had so many situations where a contractor would much rather just figure out a way to get that work done rather than risk losing your business to somebody else.
I mean we started this whole discussion with when you are talking to a homeowner, do not make it transactional because there is a lot of emotion involved in selling a house and all that. But when you are talking to contractor, it is transactional and there is no emotion involved or there should not be any emotion involved. Let us see a breakdown in the line items. Exactly what Carol said, start breaking down the numbers a little bit more closely, see what numbers you can agree on.
You cannot agree on negotiate things individually as opposed to as a big group. Too often we look at it negotiation as all or nothing. But instead, hey, you guys have a good breakdown of the price for me. I can look at it. Your plumbing prices are great so let us do the plumbing and your drywall prices are great. Let us do the drywall. Okay, electrical, you are a little bit high. Let us talk about negotiating the electrical here and before you know it, you have got the… The scope of the work could be the same, but you have gotten the price down to something that is reasonable.
Do not be scared to break things down into line items and get very transactional about it. Brandon: Yes, that is fantastic. Anything else you guys want to add before I move on? I mean just the other thing to point out is if we were having this conversation 10 years ago, it would have been a very different conversation. After the recession from most contractors went out of business and those that were still in business after when the good ones, they were good at dealing with cash flow and they were good at doing the business stuff, they are good at customer service.
They showed up on time, they did quality work. The ones that could not do that went out of business after but the ones that were left were good and dealing with contractors… I mean I wrote in my first flipping book, the first edition of my flipping book, that the easiest part of flipping houses is dealing with contractors. Basically, you incentivize them by offering them more work and treating them well and as long as they are getting more work, they are going to keep coming back over and over and over again. Five years later, I wrote the second edition to my flipping book and it went from this is the easiest part of the job to contractors are literally the most difficult part of the job.
Brandon: Yes. Just something to keep in mind that times change and it very much boils down to when it comes to contractors how much leverage you have. You got a lot more leverage, you can get a lot more concessions. Contractors can make, frankly, they can make more money working with homeowners than they can working with investors for less headaches. These days, you just need to be reasonable and as investors we give in a lot more than we probably want to when it comes to contractors but that is the way it is until the next recession.
Brandon: Yes, that makes a lot of sense. Alright, I want to shift down. In a second, I am going to ask you all, if you want to start preparing in your heads, like what your all-time favorite or current favorite negotiation tactic is and then if you can back it up with a story, even better. But before I get there, I want to just mention the book real quick as we talked about a number of times. Just want to say what it is so if people are interested in picking it up, they should.
It is out today over on BiggerPockets and we would love of all of our listeners went over there right now and picked it up. Just go to BiggerPockets. If you do not know how to spell negotiating, Google it. You might as well order like the ultimate package there. That was actually really really fun to work on.
Oh, then there is a quick reference guide that is a super cool. It is like a one page cheat sheet, all of the most important tips on there and tricks. Like that cheat sheet alone, like I would pay the 50 bucks for. Anyway, you can get the ultimate edition or you can get just the audio, just the Ebook, just the physical, and all that good stuff. Again, BiggerPockets.
If you cannot remember that, just go to the bookstore. It is up in the navigation bar. Anything you all want to add to that? Brandon: Alright, yes, look at that. Alright, it is really fantastic. I mean you guys really are like changing the game here. It is one of those, again, I say this with some of the other books that we have done but I will say it again here, maybe even more so than any other book we have launched.
Like it is one of those like returns on investment that is like infinite. You know what I mean? You might go get it, get one and get one for a gift for somebody else, but we had to move on. I am going to start with you, Mark.
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Brandon: We will start with, Mark. Mark, what is your favorite? If you have one tip or something that is just, maybe not a favorite, but something that you just think is cool that you use in your business and if you have a story to go with it, even better. We will start with you. I am doing two to three properties a month and we are in Colorado, which is a crazy market. It is not like we have a ton of properties. Clearly, right? Mark: Yes, I hear it all the time. But I do a few things in my offers. They get them accepted over other higher offers all the time.
The first thing, obviously, we act really fast. First day, we will submit offers. I do not ask for an inspection. That is part of experience, walking through a house, knowing what to look for and always building room into your price for those unknowns. But the other cool thing I do is I will always make them cash offers, but I still get alone. However, I may use a private loan or a bank loan to purchase it but it will not affect the seller at all.
That is one trick that has really helped me get more deals. Brandon: Because I struggle with that. That whole like, I want to say cash because it is cash sort of but it is like I will do the hard money lender sometimes. Sometimes I will pay cash for it. I never really know what to do there. I am going to totally take that from now on every offer. I am going to have that little clause in there that says I might use a form of financing, but.
Yes, that was worth this hot cost of this interview right there. Mark: The first couple of deals I did, I just wrote cash. I am like, okay, I made that little clause. Never had a problem since then. Brandon: Why did you not told me this stuff before, come on? David: Brandon, I do this all the time too.
I think you are the only one who does not do it. Brandon: No, I always talk about the whole like low cash. Yes, whatever. Alright, J or Carol? Carol, Carol. Carol: I will go. I actually have two. The first one is it goes back to something you said earlier, Brandon. It is all about kind of get the ebgbs when it comes to negotiation. People just do not like it, right? My number one tip is negotiate everything always for the simple purpose of I am just learning how. You are always, always, always practicing.
Every time you go to home depot, I do not care if there is a sale, I do not care if it is not scratching down, I do not care what it is. Talk to somebody and ask if you can get it for a lower price and you will be amazed, maybe will not be amazed, you always get something for a lower price. They can always figure out a way to do it. No matter where you are, maybe not the grocery store that is excessive, but just negotiate everything always in. Like I said, it just keeps you in the mindset of waiting and being patient and all those things you need to do as part of a successful negotiation.
Brandon: You probably could do the negotiations though. Imagine you get a big bag of oranges, right? It is like you find the one bag that has something wrong with one of the oranges, right? Can I just get a discount on that one since there is one orange bad? Sure, we will take off half price. Always ask because you have to remember the worst that can happen is they can say no.
Number one negotiating tip is always, always, always negotiate everything. J: When I was in the corporate world, my company that I worked for paid a lot of money for me to take this high price negotiating course. It was a couple of day of course and I remember our homework on the first day was go to a department store, pick out an item that I wanted to buy anyway and negotiate the price.
Basically, the goal there was going into the place where you are least likely to get a discount on something and doing the best you can because what you realize is it is, it is kind of like for all the guys out there that that have like hit on women or asked women out and it is terrifying. It is terrifying, it is nerve wracking, and you do not want to be rejected. But what you do not realize is there is nothing wrong with rejection.
When you are negotiating, there is nothing wrong with having the other person say no. The more times you hear no, no, no, no, no, and trust me when it comes to women, I know this really well. Carol was the only one that was brave enough to say yes. But you realized that the worst thing they can do is say no.
Here is the homework that I have for everyone, just listening to this. Brandon: Well, what is funny is that every time somebody has ever emailed me or like sent me like an Instagram message, I get a lot of Instagram messages over on BeardyBrandon, like that plug? Like I get a lot of Instagram messages. Like every time, because I am like I know if we have a sale running, I know what it is on my head. It would be easier for me to write that to them, it does not affect me at all, and give it to them. Like very few people ever do that but now I am going to get slammed, but yes.
Brandon: We should make a code just for the show. Hey, people who are listening to the show right now, we submit the code negotiating. J: You will know, you have to buy if you buy the book. Yes, use the code negotiating. We will make that happen. Brandon: Kevin is our podcast producer. Kevin, I am putting you in charge of that one. We make that happen. J: Get her done. Carol, I am sorry. You have a second tip. Carol: No, that was fantastic. My second tip is every negotiation always practice patience. Sit back and wait. I know I have said it before and I cannot emphasize it enough. I want to share a recent story.
I was selling a property and we listed it and we had a ton of showing everything now, something like 40 some showings the first weekend, et Cetera, et Cetera, et cetera.
An agent called me over and over and over and over and if she really wanted it and sends me an offer and it was the lease price on the house was She brings me an offer for and basically no contingent… The financing contingency but really really simple deal. This was actually, this was not an investment property, this was a deal I was selling for a friend.
Carol: Priced the property really high. We are like let us just see if anyone bites, let us see what happens, right? I priced it at , they bring me an offer for Sellers are thrilled. I wait a good 24 to 36 hours. I am like I am just going to hang tight. Agent calls me back a day and a half later, apologizing for sending me such a low offer. I so wish we could have brought more to the table. They really really really want the property.
I am just sitting here listening and listening and listening, thinking, oh my goodness, we were ready to accept this offer but now you are apologizing that you think it is too low. Well, who has the power now? It shifted all the power, we ultimately landed at on that property and it all worked itself out. But it is just one quick and dirty of many, many examples where if you just sit back and wait the person to a point.
You do not want to like freak people out too much but you got to let them freak out just a little, got to cause a little bit of friction. If you make it too easy, then people go away feeling like, oh, maybe I should thought a little bit more. But if you are patient and you wait it out, you very often end up with a better deal.
J: Carol and I have literally made hundreds of thousands of dollars over the last 10 years because she is so good at this. If it were just me, I hate doing it. I get an off her and it is like it is the same way when I get texts or emails. It is just like I do not like things sitting on my plate, I just respond to immediately. The longer we wait, the more money we make and it is so effective. I could not do it myself, but luckily Carol does support me.
Carol: It is that old adage, the person who cares the least has the most power. Carol: Keep that in mind. If you care less, you do have more power. Brandon: That is fantastic. Very, very cool. Alright, let us move on. J, did you have one to do? Did I ask you?
Did you got rejected one? J: I am going to give one real quick. This is another thing Carol is so good at. She is so good at research. Constantly, I mean, if somebody makes an offer she finds their Instagram, their Facebook, she finds him on LinkedIn. She will go back and look through property records, she will call family members and ask them questions. I mean she will do anything. It is amazing what you can find if you are willing to do a little bit of research.
We have a story in the book that I really love. We had this property that we were selling and it was a few years ago and we listed it and we got no offers and it was like two weeks and we were getting ready to drop the price. We had a showing and we got a low offer on the property. I do not remember any of the numbers on the deal but we got a low offer on the property and we were getting ready to accept it because we are going to drop the price anyway that weekend. I actually took a screenshot of this and I put it in the book because I know nobody would believe me if I did not screenshot.
I did it at that moment because I knew it was going to be useful at some point. She had a boyfriend or a husband that was far away that did not come with her but she wanted him to see the house and she wrote a post on Facebook and I am reading it out of the book. Made an offer this morning and waiting to hear back from the agent. I have a name blacked out here for privacy, blank, has not seen it yet but I know he is going to love it.
Best part is it is only a couple blocks from, and there is another blacked out name there. We could be neighbors!!! Fingers crossed. Basically this woman went on Facebook and wrote a Facebook post that she was so excited about this offer that she made, her boyfriend or husband or whoever it was going to love the property and they could be neighbors to somebody that they knew. Basically, this told Carol, especially because she was doing the negotiating everything she needed to know. J: This was the house, this was the last house they were going to look at.
She said finally was getting ready to give up. This was the last house they were going to look at. It was the perfect house for them but they put in a low offer. Ultimately, what happened, we did not drop the price. We negotiated. I do not remember if we have got full price for it but I am sure we got close to full price for it because this person put information out there that we were able to leverage. Research is that important. Brandon: We did the exact same thing on one of the last projects we did.
We looked in their Facebook, find out some really good information about how excited they were about it, yes. Brandon: I mean like we have to remember too as when we are selling a property. We just like throwing a number. We do not get an offering, not a big deal. When you were selling properties though, if somebody goes to the hassle of making an offer, like that is a pretty big deal to people.
Like they want the house. Like they do want it a lot of times. Like they are not going to just give it up real easily. When you are selling a property like a flip or whatever, you can I think push a little bit harder in negotiation than maybe we all believe we can. Well, we got to shift this over to the next segment of our show which is our Deal Deep Dive. Brandon: Alright, guys. We love our sponsors because they help us do this show but also because they really help out BiggerPockets members.
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You screw the components and with the screws provided, you know it is really secure. Well, there you have it, a real life example. Try it today, simplisafe. That is SimpliSafe. Deep dive. This is part of the show where we dive deep into one particular deal, that our guests have done today. I believe, Mark, you are the man in the hot seat today.
Is that correct? Brandon: Alright, we are going to jump into this deal of yours and we are going to fly through this because I know we have a hard stop in a short while. We are going to fly through it. Let us start with, first of all, what kind of property is this? Let us start there. Mark: It is a 68, square foot strip mall I bought last year.
Mark: That is where I started my office and yes, I decided to go big. Brandon: Alright, that sounds good. Question number two, David? Mark: It was a pocket listing from a commercial agent who I had worked with. I am a broker agent, but I knew to do this big commercial stuff, I had to have help from somebody else.
Mark: Well, he brought it to us as a pocket listing. Told us it was a pocket listing. I had a partner who bought it with me and they are asking 2. He is like, just buy it at that price. You are dumb if you do not. I am like, well, nobody else knows about it. He wanted to sell it to me so we could get both sides so I said we will come at it to see what happens.
It was an amazing deal. Like I would have paid 2. They counter us at 2. Let us do it. Brandon: Right. Yes, I think sometimes the agents will be not exactly on our side because they just want… I mean they make no difference, really no big difference commission if they pay 2. Like an agent will always encourage you to not always, but oftentimes encourage you to do something that is not in your best interest and they are not being bad, it is just how they think. Brandon: It is just business. Alright, how did you fund this deal?
Mark: We used a local bank. My partner helped fund the down payment, we used a local bank and was actually my partners local bank he used because he is a flipper from the past and now he just kind of lends private money. That is why I had my partner, it was to really secure that financing.
It was a 4. David: To clarify, a pocket listing is a house that is listed for sale with a broker or an agent but it is not put on the MLS where everybody else can get it. It comes from the, before the internet, when agents would have a book of houses for sale and they would put like a piece of paper that showed all the detail.
Well, that agent might keep that in his pocket so no one else could see it and it is a way that they can give a deal to someone specifically. It is kind of like an off market deal, but. Anyway, what did you…. J: From a negotiating perspective, the most interesting part of that deal was the fact that Mark was able to build a relationship with that broker, that the broker brought him that deal before they took it to anybody else.
Brandon: Yes, that started long before the deal ever came out. Mark: I still have it. We bought it at about a nine cap where properties around here were selling at a six cap for commercial. It had a grocery store in it, at coffee shop, restaurant, some office space, and so we basically did nothing to it but I started my own office and started paying myself rent and that increased the income even more.
I plan to keep it basically forever. Brandon: That is cool, that is cool.
Well, it kind of comes up, what was the outcome but maybe specifically like I mean do you know like if you are comfortable with saying like what kind of cash flow does this generate a return does this kind of give? Mark: Yes, no, yes it is so awesome. I want 10 of them. Brandon: That is amazing. What lessons did you… Sorry, David.
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I am taking your question. What lessons did you learn from this deal? Mark: The biggest one was we almost lost it. We got under contract, we had an inspection on this one because I had never bought anything more than 5, square feet before. Inspection came back and said the roof might needs some work, there is some electrical, there is a whole list of stuff. My agent actually is like, okay, we can kind of use this to push against the seller, which is weird because he is representing both of us.
I am like, well, alright. But he is like let us really try and get the price down. I am like, what is going on? That is the other weird thing about commercial is it is done so different. It takes so long to get stuff done. I am used to having it done that day. But nothing was happening, I kept asking my agent and eventually he is like, yes, sellers does not want to do it. He wants me to cancel the deal.
I am like, what are you talking about? I actually… Our broker accidentally forwarded me some emails that showed some stuff I was not too happy with and so I contacted the seller directly and told him the whole situation. We still wanted the deal. I am like, you know what? We will not even ask for any inspection items, let us just continue.
I am glad you told me. Let us keep doing. Let us do the deal. If we would ask for 25, 50, or some other stuff, we might have got it. But because we went full bore, let us get as much as we can, we got nothing and we almost lost like the most amazing deal in my life. Being realistic with your inspection stuff was my biggest lesson. Brandon: Alright, that is good.
That was a really good, that was a good Fire Round. I mean Deep Dive because we do not always like talk about the commercial side of things but it is a fascinating thing that I am looking to get more into. It sounds like you are as well, awesome. A lot of what we are talking about today involves knowing your personality and the personality of the person you are negotiating with. Here is a great way to know yourself better, take the DISC personality assessment. It is a simple survey that explains a lot about you, I know it did for me.
Here is the thing, I am also in the process of hiring a few people right now and I am trying to get to know their personality so this is where WizeHire comes in. They make it easy to find the best candidates for any job by writing quality ads and then posting the job to 60 plus networks including indeed, LinkedIn and Zip Recruiter. Once candidates start applying, WizeHire automatically gives them a personality assessment and stores are scores as well as their resume in one place for you to review.
Do yourself a favor and do the kind of spring cleaning that will help you rein in your spending and concentrate on saving. For example, if you have a cash-back credit card that allows you to earn rewards every time you swipe or dip your card, you could rack up quite a bit of credits over time that can save you money and reduce the amount you owe. Programs are typically structured so that you earn money by spending rather than saving. Monetizing that asset and applying it to something that can grow is good financial sense.
Ask the bank if it can waive it for you. If you have a good financial track record and are a loyal customer, see if you can talk other financial providers, like your credit card company, into lowering your interest rate. Just got a raise or a bonus? If you have more money at your disposal, put it to good use. Use the extra money in the bank to make additional loan payments. That way, you can potentially bump up your credit score and qualify for better interest rates which will save you more money in the long run.
But turning down invitations every once in a while and limiting the number of days you go to brunch could eventually pay off. Bottom line: Use a cash windfall responsibly. And if you wish you had more money to save, start freelancing or find a side job. Ideally, you would always buy your friends and relatives nice gifts for their birthdays and various holidays. Debt can hold us back and prevent us from achieving other financial goals. So, when you take back control through debt pay down, nothing will stop you from wanting to dynamically saving for your future self.
Depending on your situation, you could be paying the IRS more than you should. Make changes to your tax form so that you have extra money to save throughout the year. Some of us have no problem saving money on our own. Others may need someone to help them rein in their spending. Choose a family member or friend who can help you stick to your spending plan.
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