A finance coach is a person who educates clients on the basics of managing finances so that they can establish good financial habits and routines.

Unlike other professionals who primarily focus on wealth management, a finance coach considers the behavioural aspects of finance to determine what motivates people to save and spend.

A good finance coach provides support and accountability in any area of your life. And while that kind of relationship can make a difference anywhere, it’s especially useful when it comes to finances.

Benefits of financial coaching

Plan your financial future

Many people struggle with long-term financial goals, unsure how to achieve them beyond putting money away into a savings account. Just as professional athletes have coaches to keep them on track and show them how to achieve their long-term goals, the same can be said for financial coaching. A finance coach serves as a guiding voice, encouraging you, keeping bad money habits in check, and employing tactics to help you achieve your financial goals.

How to manage finances

Most of us are not taught good financial management, yet we’re all expected to figure it out as we go. Even if you did learn how to manage your money, what was true at that time may not still be true now. The financial world is constantly changing with new rules, new opportunities, and new skills to acquire. By having a financial coach in your corner, you’re exposed to innovative tools and the latest tips to better manage your money or handle different financial situations.

Where your money goes

We all think we have a handle on where our money goes, but it’s very easy to lose track of spending. Think of quick vending machine grabs and small purchases, a few pounds here and there. It adds up quickly and can take a chunk of your money before you even notice. A finance coach helps you account for how you spend money and guides you in creating a budget you can actually use, as well as a plan for any debt you have.

One of my greatest strengths as a financial coach is helping people to organise their money and financial accounts in a way that makes the best sense for them.

If you’d like more information on budgeting, read my blog ‘Create a budget in 6 easy steps’.

A bossy big sister in financial life

Money is a sensitive topic and it can be difficult to speak about bluntly or take advice on, but by having a finance coach you can get honest advice on your money habits without it feeling like a personal attack. 

I know that change is not that easy. Especially when it comes to changing financial habits. 

It’s my job as a finance coach to help you achieve the goals you’ve outlined for yourself. And as I have no stake in the decision you make regarding your financial future or money, this gives me the ability to see more objectively and to talk with you more honestly. Ultimately, it is my job to help you alleviate what current money stresses that you are going through. Just consider me your bossy big sister! 

Let’s face it, finances can be tricky!

Handling your financial well-being, after all, can be tricky. It’s a combination of emotions, experiences, and good old fashioned education. Unfortunately, when it comes to money, there are also a lot of blind spots. Many of us have no idea if we’re making the right choices. And if we feel certain that we’re not, there’s not always a clear way to get back on track or even know what questions to ask.

That’s where I can help. Part-expert, part-cheerleader, part-accountability partner, I can help you build up your bank account, your self-trust, and your peace of mind.

I can help you to look at your finances and identify opportunities to better manage your money. Instead of making decisions for you, I’ll focus more on teaching you money management skills to help you become more confident in reaching your financial goals and build a solid financial foundation.

Even though most of your conversations with me will likely revolve around money, that might not be all we talk about. We might want to explore the attitudes you have around money. What your financial situation was like growing up, your goals for the future, or how you communicate about money with your partner.

What does a finance coach do (and not do)?

If financial advisors advise and financial planners plan, what do financial coaches do?

The answer: a little bit of everything. I take a holistic view of your financial situation. From there, the coaching sessions are often tailored to your specific goals. You might want to learn more about personal finance, pay off your credit cards, or save money for retirement.

Goals of a finance coach:

Together, we’ll determine your financial goals and create a plan to achieve them.

Pay off debt, like student loans or credit cards.

Learn about personal finance and how to make good money decisions.

Raise your credit score for future financial goals, like buying a house or starting a business.

Learn what stage of retirement planning you’re in and ensure that you’re on the right path for a financially stable retirement.

Build an emergency fund for a rainy day or in case you lose your job.

Drive behaviour change by understanding how your money habits and financial life affect other areas of your life.

Financial coaching

Finance coaching is under the umbrella of life coaching. It is not under the umbrella of investments or financial advising like many people believe. I encourage people to take positive action with their money. We focus on how you can use money to live your best life. 

While I don’t give specific financial advice, I can help you improve your overall financial wellness. My financial coaching services include creating a spending plan, understanding your cash flow, and paying off credit card debt.

Unlike a Chartered Financial Planner, I help clients understand how their attitudes and beliefs affect their overall financial situation. I help reduce financial stress, which can help improve your well-being and resilience.

Who works with a finance coach?

Financial coaching is essentially helping people to get more out of their money.

I offer 1:1 coaching to support people in developing a vision for their financial lives and creating a plan to achieve that dream.

When Should You Hire a Finance Coach?

There are several scenarios where hiring me as your finance coach might be beneficial. Generally, my financial coaching programme is most helpful for individuals struggling with money management or needing individualised, holistic support to reach their financial goals.

For example, you may hire me if you have difficulty controlling your spending resulting in being unable to save money each month.

In this case, I can help you create a workable budget to reduce overspending.

We use my Happy Couple’s Budgeting Tool. It’s super easy to use and gives you a clear picture of your current financial situation. But the best thing is that it’s FREE!

I may also be helpful if you are experiencing a persistent debt problem.

For instance, I can suggest a plan to track and pay off your debt in the most cost-effective way possible. I can also advise you on how to avoid future debt.

As a financial coach, I will help you to create actionable steps. I can also help you recognise, understand and overcome the complicated emotions that sometimes guide monetary decisions.

With my support, you can manage your emotions and make sound decisions with your money.

Poor money management habits can be hard to break. I can help you overcome these habits, establish better practices and get back on track financially.

Finance Coach vs Chartered Financial Planner

Below are some differences between financial coaches and Chartered Financial Planners:

Services

Chartered Financial Planners provide advice on investing and financial planning. Their primary focus is helping you achieve financial security.

On the other hand, a financial coach helps you with basic financial management to help you reach their goals, such as getting out of debt and building a rainy day fund.

In an ideal world, a finance coach will help you figure out the basis and you’ll then move onto a Chartered Financial Planner who will help you to build wealth.

Final Thoughts

A finance coach is an individual who educates you on the fundamentals of managing finances and helps you to create solid, long-lasting financial habits and routines.

Financial coaches usually have motivational skills, a good understanding of consumer behaviour, and strong financial content knowledge.

A finance coach can help you with various needs, from daily financial management to long-term goal planning.

As a finance coach, I do this by evaluating how you spend your money, determining your areas of strength, and recommend areas to improve on.

Hiring me as your financial coach may be appropriate if you need help with your spending and saving habits. I can also offer support if you have a persistent debt problem or become emotional with money concerns.

My passion is financial coaching because it’s a great mix of mathematical calculations and changes in behaviour and habits. Above all, I enjoy helping people to budget, to see the bigger picture in terms of your financial situation and working together with you to create realistic, sustainable money goals which will give you a brighter, financial future.

When clients work with me, we take a look at the budget and see what’s working and look at where we can make adjustments. We work together to create a money goal and furthermore, I will hold them accountable!

When you hire me as your Finance Coach, we’ll crush your money goals together!

If you are interested in investing in me as your Financial Coach, email me today at hello@moneyandmarriage.net and let’s book a 30-minute complimentary call. 

I look forward to speaking to you soon!