Higher price tags have become a regular part of life lately for most consumers. When another brand announces a price increase, it’s almost unsurprising. But additional price increases can add up and significantly impact your budget.
Verizon recently announced upcoming fee changes for its wireless customers. These changes will impact both consumer and business customers. If you’re used to paying a set amount for your bill each month, you’ll want to be aware of these upcoming changes so you can budget accordingly.
What’s changing with Verizon bills
These are the price changes that will begin in June:
- Consumer accounts will see their monthly administrative fees increase from $1.95 per voice line to $3.30 per voice line during the June billing cycle. This will also impact smartwatch and tablet devices — but will not impact hotspots.
- Many business accounts will see a new monthly economic adjustment fee of $2.20 per line for smartphones or data lines. Basic service plans will include an additional $0.98 fee per line beginning on June 16, 2022.
Since these fees are charged per line, customers with multiple lines will see the biggest price difference.
What this means for Verizon customers
If the above changes apply to you, make sure you have room in your budget for a slightly higher wireless bill. While these Verizon fee changes may not result in a lot of extra money being taken out of your bank account, extra fees can add up when you consider all the other price increases you’ve been paying lately.
Cellphone bills aren’t the only cost that has increased lately. Many consumers feel the financial strain as they fill up at the gas pump and get food and household essentials at the grocery store.
If you have extra money after paying all of your bills, you should consider contributing to a savings account. Your savings may help you out of a difficult financial situation in the future.
Tips to trim the cost of your phone bill
If you’re a Verizon customer, these fee increases are inevitable. Still, you may be able to make some minor changes to lower the total cost of your wireless phone bill. We recently gave some pointers for how to lower your cellphone bill.
Here are a few examples:
- Review plan options. Your service plan may not be the best option for your needs now. Compare plans to see if a cheaper service plan will work for your phone usage habits.
- Share a plan with someone else. Having a solo cellphone plan can be pricey. If you have a loved one or partner you trust, check to see if you can both save money by joining one account with a family plan.
- Consider other service providers. You may be able to save money and get a better plan by switching wireless service providers. If you’re open to making this change, compare rates from different companies.
If you’re frustrated with recent price increases, you’re not alone. By making small changes in your daily life, you can save more money and make fewer wasteful purchases. For additional tips, check out these personal finance resources.
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