A little negotiation know-how can save you a lot of money as well as take you financially far in life. Whether it’s your first real job or your first car, the art of negotiation is a skill that can give you power over your finances and save you thousands of dollars throughout the course of life. Follow these tips for successful deal making.
Get and keep your home. One day you’ll get tired of the white walls and neutral color carpet that comes with just about every apartment you rent, and you’ll want a place to call your very own. When that day comes, you’ll need to have the skill to negotiate a price within your budget at a rate you can afford. Negotiating the price on a home is not easy, especially when the seller doesn’t want to budge on their terms. You may also run into a situation where someone else is bidding on the same house as well. It can be nerve racking, but it will be well worth it when you’re able to paint one wall blood orange and another wall mustard yellow to suit your personal tastes while enjoying the fact that you’ve made a smart investment at the same time. There’s also good news for renters. According to the Wall Street Journal, renters can renegotiate for lower rents mid lease. Due to the economy, landlords are finding it harder to fill occupancies and keep tenants, which is an opportunity for you to save money.
Hot Wheels. A lot of us feel tha there are two, maybe three cars that define our personal style. But what’s more important is affordability and being able to pay the car off as soon as possible. The key to doing that is negotiating great rates and terms. Unless it’s a classic, cars aren’t appreciable assets and they quickly lose their shine. You don’t want to be stuck paying more for a car than what it’s worth at a price the salesman set for you. What could be hotter than a car that’s paid for so you can do other things?
Good Credit. Offers for credit on college campuses can sometimes be as high at 15% or more. Not a friendly rate for someone just establishing credit for the first time. But by establishing a good payment history with the card for a little while, you’ll have the leverage to negotiate a new, lower rate. Negotiation also comes in handy if you’ve had some negative items reported to the credit bureaus and your ready resolve them. Negotiate the terms of repaying the debt with your creditor and always get it in writing before you pay a dime. This is the way back to a healthy credit score.
Get the best deal on goods and services. You want quality merchandise and superior service without paying a fortune, and sales people desperately want to sell to you what they have to stay in the game. So if you’re in the market for something, don’t always settle for one company or the price on the tag. There’s always room for negotiation, so let companies compete for your cash.