I often get asked, “What is a financial coach?” and thought, what better way to let you all know than to write a blog post. Hopefully by the end you’ll be a little bit clearer about what I am, what I do and how I can help you.
Firstly you may see or hear both of these terms: financial coach and money coach. They are pretty much the same thing.
WHAT IS A FINANCIAL COACH?
As a financial coach, I often work with clients who have a turbulent relationship with money or who have other blocks stopping them from managing their finances. I specialise in budgeting, coming up with plans that work for you, money mindset, money management, saving and getting out of debt. I help you identify, understand and work through negative emotions around money which could be holding you back, while holding you accountable in the process.
I help and empower -where the empowerment bit comes in to my job title- you to develop your practical and emotional relationship with money.
WHAT DO I DO?
I don’t do the work for you. I work with you on changing your behaviours and understanding your emotions around money, which may have created blocks. I can help you to see where you can reduce spending to create more savings or get out of debt
My job is to get you financially fit. Just like a personal trainer, I can’t do it for you, but I can give you the tools, exercises (of the finance kind, I promise) and encouragement to do it yourself. Becoming financially fit takes the same sort of commitment, dedication and motivation to reach your goals as getting physically fit or losing weight. That’s where having a coach helps.
HOW DOES IT WORK?
You know how a personal trainer will show you how to do a squat and then watch you do it while they shout words of encouragement? That’s sort of how financial coaching works but without the shouting and with absolutely no squats (as a rule).
My role is to educate not advise. I help with making budgets and creating a plan that works for you to achieve your goals and act as an accountability partner in the process. My goal is to empower you so that you are able to make smart financial decisions and take responsibility for your choices. I provide accountability while you work to implement the lessons you learn. All sessions are confidential and I provide a safe space for you to recognise and face your money concerns.
WHEN TO HIRE ONE
A good time to hire a financial coach is when you have tried to make a budget but can’t stick to it, or you’ve exhausted all the free help out there. You’ve read all the books, magazines and web pages but now just need a little assistance to make it work. Another time to hire a coach is when you have enough money but can’t work out how to build up an emergency fund or perhaps you are in a cycle of getting into debt and need to work on your money mindset.
So there we have it, a little summary of what a financial coach is!
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