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Do you spend more than what you earn? Do you borrow money every month? If so, budgeting can put an end to your financial 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 pay your bills on time.

How to get rid of bills on time

You can get rid of multiple outstanding bills on time in 2 different ways: (a) You can consolidate bills into one monthly payment with bill consolidation (b) you can follow a proper budgeting method to manage bills you have to pay .
Let’s find out how.

(A) What is bill consolidation?

Bill consolidation is a process to consolidate bills into one monthly payment through a program or a loan. It allows you to make only one payment for all bills instead of 7 or 8 every month. Usually, you have to pay a lower interest rate than what you’re currently paying now.

Bill consolidation programs Bill consolidation loans
Bill consolidation programs helps you consolidate bills into one payment through continuous negotations with creditors or debt collection agencies. The bill consolidation companies negotiate with your creditors to pull down your interest rate and schedule an affordable repayment plan in exchange for a nominal fee. Bill consolidation loans help you pay your bills with a low-interest loan. Basically, you take out an unsecured or a secured loan to pay all bills and fulfill other financial obligations. Instead of multiple bills, now you have only one bill to be paid.

How can bill consolidation programs help you with bill payments?

These programs are 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 can pay all bills in one payment every month till your dues are cleared.

Benefits of bill consolidation programs

  • 1It helps to consolidate bills into one payment
  • 2It helps you pay lower interest rates
  • 3It helps you to pay less every month
  • 4It helps you manage multiple bills easily

Types of bill consolidation

  • 1Credit card bill consolidation
  • 2Medical bill consolidation
  • 3Utility bill consolidation

(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. 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. 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. 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. 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. 5 Formulate 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. 6 Save 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. 7 Leave room for emergency expenses – 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. 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

8 steps to follow


What are the advantages of budgeting?

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

  1. 1 Teaches you how to manage bills every month.
  2. 2 Helps you stay within your means and take care of the bills to be paid.
  3. 3 Helps you manage bills with low income.
  4. 4 Can help to reduce your expenses, save more, and pay all bills.
  5. 5 Assists in eliminating debts and other financial obligations strategically.
  6. 6 Helps you to prepare for the planned future goals and unplanned emergencies.
  7. 7 Helps you to maintain a steady credit score.

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:

  • 1 Your budget plan is realistic
  • 2 You can stick to the plan
  • 3 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 the options. Call 800-530-OVLG to know how to budget bills or consolidate bills.

How can OVLG help with budgeting and bill consolidation?

If you're finding it hard to pay all bills, then call our Toll-Free number immediately. OVLG can help you 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 Lower 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

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 you need to follow for leading a healthy financial life. Likewise, when you want to pay all bills through a consolidation program, you have to follow the repayment plan.

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

How to consolidate different types of bills

Let's discuss how you can consolidate different types of bills to save money and manage your financial life like a pro.

How to consolidate credit card bills

Credit card bill consolidation programs can help you to do it easily. Just enlist your high-interest credit card bills in the program and pay them off with an affordable payment plan. Just make sure you choose good bill consolidation companies. Find out how to consolidate credit card bills.

How to consolidate medical bills

Do you have hefty medical bills? If so, then you can consolidate medical bills into one payment at an affordable interest rate. Just make sure you consolidate them before your medical bills are assigned to collection agencies. Here are a few other ways to handle medical bills.

How to consolidate utility bills

Bill consolidation helps to consolidate utility bills into an affordable repayment plan. It helps to lower monthly bills and lead a stress-free life. The best part of consolidating utility bills through this program is that you have to stick to one fixed monthly payment. You would know how much you have to pay for each month and revise your household budget accordingly.

How to consolidate bills with bad credit

Your bad credit score can affect your ability to consolidate bills into one payment. It's difficult to qualify for bill consolidation loans when you have a poor credit history. Lenders have doubts on your credibility, and they hesitate to give you an unsecured consolidation loan to pay your outstanding bills. Some lenders refuse to give you a loan straightaway. Others agree to give you an unsecured loan at a high-interest rate. Now, the big question is, are you ready to pay high-interest rate on this new loan?

Secured bill consolidation loans are comparatively easier to qualify when you have a poor credit history. That's because you have to pledge collateral against the loan. This means if you fail to pay off this new debt, your lender can seize the collateral. Again, the big question is, are you ready to lose your assets to pay your credit card bills, medical bills, and utility bills?

A smart way to consolidate bills with bad credit is to enroll in bill consolidation programs. The eligibility criteria are easy for these programs. You can qualify for these programs even with a low credit score, and bill consolidation companies won’t charge extra fees for that. So, when you want to pay all bills at a low-interest rate, it's better to enroll in these programs.

Frequently asked questions

Well, there are various apps you can use to keep track of bills. For instance, mint, billtracker, bills for iPhone, bill watch, bills monitor, bill keeper pro, chronicle, crowd money, homebudget lite, etc.

Check out the pros and cons of each app and select the one that helps you to track your bills properly.

Most of the aforementioned apps are paid. Plus, you have to monitor the apps from time to time. But if you sign-up with OVLG, then they will create a budget for you, note down the bills to pay, and forward payments to creditors. You don’t have to do anything.

Automatic payment system is the best way to pay bills each month since you don’t have any headache. You won’t have to worry about how to manage bills. Each month, a specified amount will be debited from your bank account, and your bills will be repaid.

You can set up automatic payment system with your bank and specify the amount (minimum or full balance) that should be debited for the monthly bills. Check out the bill pay section of your bank online. Create a profile to pay all bills at once every month. Add your account number, creditor’s name, and the payment address. Next, select the recurring payment option and choose the date for the money to come out.

The best part of automatic bill payment system is that your bills are always paid on time. You won’t have to pay late fees or fines or penalties.

Most banks have apps nowadays. Download the banking apps in your iPhone and pay your bills directly through your smartphone.

Well, if you’re really serious about paying bills on time, then there are a couple of things you can do. For instance, you can check credit reports and make a list of debts you owe. Next, look at your credit card statements and bank statements to know about your recurring bills. Usually, recurring bills include utility bills, gym memberships, cellphone bills, etc.

Note down how much you owe and when you have to make payments. Create a calendar and add the bills there along with the due dates. This can make it easier for you to pay bills on time.

There is yet another way to pay all bills on time. You can set up automatic payments with your bank for the recurring monthly bills to be paid. Specify the minimum amount you want to be debited from your bank account every month in case you forget to pay bills manually.

Video transcript on: How to manage your monthly bill payments every month


Finding ways to manage your bill payments might be easier than you think by setting aside just a few hours for creating a smart budget plan.(pause) Budgeting helps you keep track of your multiple bills and cut down unnecessary expenses. It also helps you to save dollars, stay regular with your bill payments, avoid penalties and extra charges.

Do a little research on how to create a smart budget. You may be able to save hundreds, may be thousands of dollars every year. It is that effective.

If budgeting doesn’t help, then you can combine your multiple bills into a single monthly payment plan at a low interest rate with a bill consolidation program.

Previously, if you had 10 bills, you had to make 10 payments. But once you’re in a bill consolidation program, you have to make only one monthly payment. That’s the beauty of the bill consolidation program.

Call 800-530-6854 if you want to get the best budget plan or bill consolidation plan in town. Just remember, pay attention to details of the plan when you’re attending a budget session or enrolling in a bill consolidation program. You’re all set to manage your monthly bill payments every month.

Last Updated on: Tue, 9 Mar 2021