8 Ways To Consolidate Your Household Bills To Save in 2023

Olleg / Shutterstock.com

Many of us are looking for new ways to save money, especially in 2023. Consolidating your bills can be an effective solution. It can help you gain control of your finances, lower interest rates and make it easier to manage your bills.

One of the most significant advantages is the freedom that comes with simplifying your finances. By consolidating your bills, you can reduce the number of payments you need to make each month, making it easier to keep track of your expenses and avoid missing payments. This can be especially helpful if you have high-interest debts, as consolidating them can help you lower your overall interest rates and save money over time.

Consolidation also can provide peace of mind by reducing the stress and anxiety that can come from managing multiple bills and due dates. By reducing the number of bills you need to keep track of, you can focus more on other important aspects of your life, such as work, family or hobbies.

Perhaps most important: Consolidating bills can help you achieve financial goals more quickly, whether that’s paying off debt, saving for a down payment on a home or planning for retirement. By reducing your monthly expenses and freeing up more money for savings or investments, you can accelerate your progress toward your financial goals and achieve them sooner.

To help, we’ve compiled a list of ways to consolidate your bills and save cash so you can spend it on the things that really matter. 

Make Your Money Work for You

Create a Budget

You’ve heard it a million times, but that’s because it works. Create a monthly budget that includes all of your household expenses — and stick to it. Use cash envelopes or a budgeting app to help you track your spending and avoid overspending. Make sure everyone with spending power in your household is also included in the plan. It’s easier when you do it together. 

Review Your Monthly Subscription Services

Once you have reviewed your budget and your monthly expenses, consider canceling any monthly subscription services that you no longer use or that you could live without. If there’s an entertainment subscription service you love, maybe you can split the service — and cost — with a friend, or hop on a family plan if that’s available. 

Ask for Bundled Deals

One of the best ways to consolidate your bills and pay less money is to use bundled services. Financial expert Ian Group of Ian Builds Wealth said, “Take your internet provider, for example. Do they also offer cell phone or cable services? If so, ask them for a bundled deal. You might just get a cheaper price and the convenience of a single bill every month.”

Negotiate With Service Providers

Contact your cable, internet, phone and other service providers to negotiate lower monthly bills. Explain that you are looking for ways to lower your monthly expenses and ask whether they have any promotions or discounts available. Often, these providers will be eager to provide you a lower bill or a free month of service, rather than losing you as a customer.

Make Your Money Work for You

Automate Payments

Automating your monthly bills can help you avoid late fees and stay on top of your payments. 

An online bill management service can help you track your bills, set up automatic payments and find ways to lower your monthly expenses.

Consolidate Debt

Consider consolidating high-interest debt, such as credit card debt, into a single loan or balance transfer credit card with a lower interest rate. There are debt management services that can help with this. This can simplify your monthly payments and potentially save you money on interest charges. Getting out of debt is an important step to paying less money in 2023, so definitely include it in your plan.

Shop for Insurance  

Review your insurance policies — including car insurance, home insurance and health insurance — to see whether there are ways to save money by switching providers or adjusting coverage. Many insurance providers offer discounts for bundling services, and that’s something worth asking about and considering. 

Use Cash or a Debit Card for Purchases

Using cash or a debit card can help you stay within your budget and avoid overspending on credit cards. Working with the cash you currently have on hand, if at all possible, is usually the best policy for spending less money.

By budgeting, automating and streamlining your spending, you’ll find it easier than ever to save money in 2023 — and beyond.

More From GOBankingRates

Make Your Money Work for You


See Today's Best
Banking Offers