Posts Tagged ‘financial coach’

Is Financial Coaching Right For Me?

The in’s and out’s of debt reduction

Given the state of the world in light of the global pandemic, many people are worried about debt, so this month I wanted to focus on debt reduction. I work with a lot of people to pay off debt, stop racking up new debt, and start saving for the future. So if you find yourself asking, “is financial coaching right for me?”, know that you’re not alone. That’s one of the biggest questions I get from potential clients, so this month we are going to address what financial coaching is and isn’t, and who is it right or wrong for.

Financial Coaching Is:

1. For people who want to regain their financial freedom. Are you controlling your money, or is your money controlling you? If you feel like your finances have been dictating your life, it’s time to put you back in the driver seat, and take control of making your money work for you, not against you.

2. For people willing to put the time and effort in to get what they want. Financial coaching requires attention and focus, and we must be willing to start practicing what we preach in terms of spending, saving, and budgeting.

3. About creating a plan and budget to reshape your financial future. Debt reduction requires planning ahead in order to be proactive instead of reactive. Awareness is key to success and knowing the balances and interest rates helps us create a good plan. Creating a plan and budget can help to keep you on target and on track, in order to successfully achieve your financial goals and objectives. The plan must be fluid and change with each month.

4. About consistently reducing debt. Consistency is the key to reducing your debt over time. You must implement a constant, reliable approach to debt reduction if you want to be successful in the long run.

5. About increasing savings. Having an emergency fund for the times when life throws us curve balls helps eliminate stress and allows us to stick to the budget. Creating “sinking funds” for irregular expenses helps take the roller coaster out of money.

6. For people who are willing to make manageable changes. Change is the only constant in this world, but oftentimes we fight it tooth and nail. However, these small changes and practices to your regular routine can make for powerful change to your financial future.

Financial Coaching Is Not:

1. A get out of jail free card. If you are looking for a quick fix or a get rich quick scheme, this is simply not the path for you. Coaching is only effective if we are to learn from the mistakes of our past, in order to stop the cycle of repeating them.

2. About bankruptcy. In my Initial Discovery Sessions, many of my potential clients ask if they’re going to have to declare bankruptcy, but until we meet and do a deep dive you won’t know if that’s the right solution for you. Let’s set you up with some healthy financial practices and goals so that bankruptcy is the last choice and only used if absolutely necessary. You need to know the pros and cons of this choice.

3. A quick fix. Unfortunately, I am not The Debt Fairy. I have no magic wand or pixie dust to miraculously erase your debt. Financial transformation requires patience and dedication in order to be effective.

4. For people who don’t want to change. If you’re looking to keep doing exactly what you’ve always done, then financial coaching is not for you. But if you’re open-minded and willing to make the necessary changes to re-shape your financial future, the right outlook is everything.

5. For people who run away from accountability. In order for financial coaching to work for you, you must take a long hard look at your attitude toward money. We all make mistakes in life, but in order to turn things around and make lasting change, accountability for your actions is crucial.

6. For people who are stuck in a victim mindset. There is no white knight on his noble steed coming to rescue you from your financial woes. If you want to create the path to financial freedom, victim mentality needs to be a thing of the past. No more finger-pointing or playing the blame game. You may have gotten yourself into this, but you can get yourself out of it with the necessary tweaks. 

7. For people who barely earn enough to survive. If your debt to income ratio is severely out of whack, then financial coaching may not be the right option for you. Sometimes the first step is to increase your income, then we can better address your debt reduction.

I hope this answers some of your questions and gives you a better idea of the in’s and out’s of financial coaching and debt reduction. If you’re looking for private coaching, contact me today or request your introductory Discovery Session. Find out more here.


Looking for private coaching? Schedule some time together by phone or video conference to get to know each other a bit and see if we are a good fit to work together.


Top 10 Ways to Trim Your Budget

Tiny tweaks that can make a big impact

The little things can add up to a lot, and for many of us, we don’t even realize it. If you’re not in the daily habit of balancing a checkbook, it can be easy to forget that your daily Starbucks trip is costing you nearly $30.00 a week. Check out these 10 tips to trim your budget and fatten your wallet.

1. Food Fails
It may be a necessary evil, but the way you spend on it doesn’t have to be. From packing your lunch to buying generic, there are plenty of ways to cut down on your food costs. With so many great coupon apps and a little pre-planning, you can save big bucks. Don’t fall into the delivery trap! Convenience comes at a cost.

2. Ditch Your Debt
One of the best ways to trim your budget is to set sights on becoming debt-free. It may sound daunting, but when you do the math on what you’re paying in finance charges and fees, it can become powerful motivation. Saving credit cards for emergencies only can save serious cash in the long run.

3. Cut Your Utility Bills
It’s time to adopt Dad’s mindset and turn down the thermostat. Taking shorter showers and keeping the lights off when not needed, are just a few simple ways to cut your monthly spending. According to www.regions.com, lowering the thermostat on your water heater by 10°F can save you between 3-5 percent in energy costs.

4. Bundle Cable and Internet
According to Nerd Wallet, you could lower your cable bill by as much as $40 per month by changing your cable package. Besides, in the age of Netflix, Hulu and so much more, you could consider ditching cable altogether.

5. Cut Your Cell Phone Bill
Whether it’s switching plans or skipping the insurance, many of us are way overspending on our monthly cell phone bills. Consider bundling with a family plan, or switching to a lesser-known provider and save.

6. Cancel Auto-Subscriptions
Whether it’s your monthly Ipsy bag, your gym membership or Amazon Prime, we live in the age of subscriptions. So often we justify spending on these things because “it’s only $10.00 a month.” However, that $10.00 a month very quickly becomes $120.00 a year, and that’s only for one subscription. If you don’t use it or could live without it, it’s time to press cancel.

7. Refinance
Whether you have a car payment, mortgage or student loan debt, refinancing can be a great way to lower your bills. According to Nerd Wallet, refinancing your auto loan to take advantage of lower interest rates could save you $1,000 or more over the life of your loan.

8. The B-word: Budget!
According to www.americasaves.org, the best way to jumpstart establishing a budget is to realize your spending habits. Saving receipts is one great way to keep track of what you’re actually spending on, and where you can make some adjustments.

9. Cash is King
Budgeting with cash and envelopes can be a great way to spend within your means. Once the cash is gone, it’s gone. It may sound old school, but if it worked for Grandma, it can certainly work for you.

10. Build a Better Relationship With Money
Many of us have a bad attitude when it comes to finances, and changing your outlook can change everything. If you need professional help, book your Discovery Session. I’ll learn about your struggles and goals, and you’ll learn about my financial coaching program. Let’s get to know each other a bit and see if we are a good fit to work together.


Looking for private coaching? Schedule some time together by phone or video conference to get to know each other a bit and see if we are a good fit to work together.

Why worry when you can DO SOMETHING?

Watch this short video for tips to stay safe and sane during a crisis. Book time with me soon if I can be of service to you!

Looking for private coaching? Schedule some time together by phone or video conference to get to know each other a bit and see if we are a good fit to work together. I’ll learn about your struggles and goals, and you’ll learn about my financial coaching program. After you pick a time please fill out this form at least 24 hours before our session and just give me some estimated information about where you’re at today. It shouldn’t take much more than 5 minutes.


A journey of a thousand miles begins with the first step. Fill out this form to be contacted to schedule your Free 45-minute Discovery Session and begin the journey to become WISE with money.