4 Tips for Negotiating Anything To Save Money or Make Money
Knowing how to negotiate is an important part of life.
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You use negotiating skills during job interviews and work meetings or when determining the price of your services if you have a side gig. You may also use negotiation tactics when shopping at a yard sale or buying a home or car. You can even negotiate for more time off and have a better quality of life.
Good negotiation skills can help you earn more and save money, which can help stretch your pay so you can live a better life while spending less.
Be Prepared
The amount of preparation you’ll do for a negotiation depends on what’s at stake.
If you’re buying a wreath at a craft fair, you might want to take a few minutes to look around and see what similar products are selling for at the same fair and on Etsy. If you’re negotiating your salary or buying a home, you’ll want to spend more time digging into the going rates.
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Be Specific
If you provide your counterpart with a price range in your initial offer, they will remember the price that best suits their interests.
In other words, if you quote a salary range of $70,000 to $75,000 when your prospective employer asks what you’re looking for, you’ve just started the negotiation at $70,000. If you say you’re looking to spend $40,000 to $45,000 on your new car, negotiations will begin at $45,000.
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Stay Quiet
The Harvard Daily Blog recently published an article titled, “Dear Negotiation Coach: When Silence in Negotiation is Golden.” In it, the author recommended staying silent for a few moments before responding in a negotiation.
This has several benefits. It allows you to absorb what the other person said so you can respond intelligently with a counteroffer. Your silence can also create discomfort for the other party, who might wonder if their offer was completely out of line or if you’re ready to walk away from the deal.
To give yourself the advantage, let the silence get slightly uncomfortable before choosing your next words wisely.
Determine What You Really Want
Instead of getting hung up on the first offer, walk into a negotiation knowing what you really want and when you will be willing to walk away.
If you’re negotiating a salary, this might involve calculating how much you need to live comfortably, including being able to save for retirement and pay off debt. You must be willing to walk away if the company can’t meet that number.
If you’re buying a car, you should know how much you are willing to spend overall, not how much you can afford in monthly payments.
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