Managing expenses can lead to stress and anxiety, especially when bills are high. Lowering your monthly bills can relieve those burdens and also relieve your wallet. Here are four things you can do to reduce your payments.

1. Consolidate Debt
If you have multiple loans, consolidating your debt into one personal loan can help decrease your monthly payments. Choosing this option will be helpful if you have high interest rates on your separate loans. Instead of dealing with several interest rates, you would only have to worry about one after consolidating. In many cases, consolidation can even help borrowers pay down their debt faster. Plus, it simplifies the repayment process by removing the hassle of managing multiple payments at once. This option may be right for you if your monthly payments are less than half your monthly income, if you can qualify for low interest rates, and can pay the consolidation in total after five years.

2. Manage Your Utility Use
Sometimes we use more energy at home than we need. Cutting back on utility use not only benefits your wallet, it also benefits the planet. Reducing your utility bill can be done by unplugging electronics that aren’t in use or by doing chores like laundry and washing dishes during off-peak hours. These small changes will add up over time and contribute to a lower power and water bill each month.

3. Avoid Late Fees
If you’re someone who struggles to pay bills before they’re due, you may end up paying late fees on top of the original bill total. Consider setting up your bills to automatically withdraw each month to prevent late payments. Not to mention, paying bills on time also gives the extra benefit of building your credit score!

4. Ask for Lower Interest Rates
Consider requesting a lower interest rate from your lenders or financial institutions for your existing lines of credit. If your payment history shows that you have been responsible and have consistently paid on time, it’s possible that a request for a lower rate will be approved.