Does your bills and expenses seem to be more than what you earn? Do you need to borrow money often? Well, budgeting might be the effective solution to your monetary problems. Even if you feel comfortable with your finances, budgeting is still significant, since you would need to save for the future. If you don't seem to manage your finances even with budgeting, then you can opt for bill consolidation for taking care of your multiple bills. With proper guidance you'll be able to control your expenses and make regular payments on your bills.

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How can you get rid of multiple bills on time?

You can get rid of multiple bills on time in 2 different ways: (a) budgeting (b) consolidating your bills into one payment. Let’s find out how.

(A) Bill consolidation programs

A bill consolidation program helps you consolidate bills into one monthly payment. It allows you to make only one payment instead of 7 or 8 every month. Usually, you have to pay lower interest rate than what you’re currently paying now.

How can bill consolidation help you with bill payments?

A bill consolidation program is quite similar to a debt consolidation program. Here a bill consolidation company consolidates your multiple bills into one easy and simple monthly payment plan. The Financial Coach (FC) at OVLG negotiates with your creditors to lower your monthly payments on your credit card bills, medical bills, utility bills, etc. If your creditors agree to slash your interests, the FC will give you an affordable monthly payment plan. Henceforth, you have to make only one payment every month till all your multiple bills are paid off.

Benefits of a bill consolidation program

  • It helps to consolidate bills into one payment
  • It helps you pay lower interest rates
  • It helps you to pay less every month
  • It helps you manage multiple bills easily

    Types of bills you can consolidate

    • Credit card bills
    • Utility bills
    • Store card bills

    (B) Budgeting

    Budgeting is a practice that comes in handy for every single individual. Not only can it help you to cope with your expenses, but also can help you to get rich. It's a planned way of dealing with finances. It involves a thorough calculation of your gross income over a particular period. Then it takes into account your estimated expenses for the same period, and allows you to save the rest of your income. It also helps you to prioritize your expenses, so as to increase the savings. Better management of your finances with an effective budget can thereby assist you to pay off your bills and debts over time.

    What are the steps involved in budgeting?

    A successful budget usually follows certain steps for effective financial management, as enumerated below:

    1. Set up a financial goal – A goal acts as a motivation when you start off with a budget. It might be a short-term goal or a long-term one. It might be to pay off your debts or to buy a house or even simply to manage your money so as to make ends meet. Whatever the goal might be, it would give you a purpose of working.
    2. Make a financial analysis – This is the most important step involved in a budget. Financial analysis would take into account your income, expenses, and other financial obligations. It'll help to manage money since you would know why you're facing the financial difficulties and can work on the problem areas.
    3. Track the regular expenses – The daily expenses are usually the fixed ones like the rent, utilities, mortgage payments, insurance premiums, groceries, conveyance, etc. which you can't avoid. Figuring out the necessities would help you to prioritize your expenses.
    4. Eliminate unnecessary expenses – Other costs like entertainment or clothing are variable. Prioritizing the expenses would help you to do away with the useless ones and help you to save your dollars.
    5. Formulating a plan – The next step in budgeting includes arranging the payments to meet your financial obligations. This would help you to get rid of the debts in a planned way. Once you identify the regular and necessary expenses, you would need to make sure that you allocate sufficient money to them. Then you can allocate funds for the variable items. Formulating a plan is an essential part of a budget since it helps you to achieve your goals.
    6. Saving the surplus – Whatever your objective might be, a budget is not of much value if it doesn't allow you to save. You might be saving for any reason – for your child's education, for your future or your home. But after making way for your expenses, a budget plan should always allow you to save. Your savings would make sure you’ve enough financial support in crisis situations and can avoid debts.
    7. Keeping it realistic – When you plan your budget, you must leave room for unpredictable future purchases or significant life changes. A flexible budget is more friendly for an individual than a strict one. You must also leave space for treats or luxuries at times so that you don't feel pressurized by your financial planning.
    8. Stick to the plan – Just as strict plans and tight schedules usually fail to succeed in a budget, so does a lousy plan. An ideal budget should be balanced and simple so that it's easy to follow and still be all comprehensive.

    Read more: How budgeting and frugality compliment each other

    What are the advantages of budgeting?

    Budgeting has its set of advantages, which you can see below:

    1. Help to manage your finances effectively.
    2. Lets you know about your affordability so that you can stay within your means.
    3. Allows you to make the most of your income.
    4. Can help to reduce your spending, and thereby encourages savings.
    5. Assists in eliminating debts and other financial obligations strategically.
    6. Helps you to prepare for the planned future goals and unplanned emergencies.
    7. Helps you to maintain a steady credit score.

    How can budgeting help you with bill payments?

    Multiple bills may often seem difficult to manage, especially if you have poor financial management skills. Inadequate finances and negligence thereby result in the irregular and missed payments. Consequently, the debt amount keeps on increasing with the accrued interests and penalties charged. If you're facing these kinds of issues, check out how budgeting can be of help:

    1. Bill payments can be included as unavoidable expenses in the budget plan
    2. Can help you keep track of your multiple bills.
    3. Can help you to cut down on your unnecessary expenses, thereby making allowance for your bill payments
    4. Makes sure you stay regular with your payments
    5. Regular payments can help you to get rid of your outstanding bills on time.
    6. Allows you to save dollars, as you won't be charged for penalties and extra fees, etc.
    7. Your credit score improves with time if you continue with the regular payments.

    Should you consolidate your bills or opt for budgeting?

    Nothing can be better if you can manage your bill payments with budgeting. Usually, budgeting can help you with bill payments when:

    • Your budget plan is realistic
    • You can stick to the plan
    • You can save money to pay your bills

    Budgeting can’t help to lower your interest rates or payments. If your main goal is to lower your monthly payments, then bill consolidation is the best option for you. OVLG helps you with both budgeting and bill consolidation. Call 800-530-OVLG for the best suggestion and advice.

    How can OVLG help with budgeting and bill consolidation?

    If you're facing problems in making regular debt payments, you can seek professional guidance from Oak View Law Group. OVLG can help you with budgeting and bill consolidation in the following ways:

    Budgeting Bill consolidation
    Arranges an initial free consultation Gives you an initial free consultation
    Reviews your financial condition thoroughly Analyzes your income and expenses
    Takes all your bills into account Asks you how much you can pay every month
    Balances your budget by taking note of your income and expenses Negotiates with your creditors
    Draws up a payment plan, keeping your affordability in mind Lowers interest rates on your bills
    Forwards your multiple payments to your creditors on time Waives off penalties and fines
    Guides you to maintain personal finance Arranges a simple and low monthly payment plan
    Guides you to maintain personal finance Deals with your collection calls and makes you debt free

    On-time payments can help you to save a lot and maintain a debt-free life. Budgeting is not a one-time attempt. It's an on-going practice that should be followed to ensure that you have a healthy financial state always. Likewise, you need to stick to the repayment plan in bill consolidation for getting success.


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