What does a financial coach do? Short answer: A financial coach helps you navigate the complexities of money management and provide personalized guidance and support to help you achieve your financial goals.
Did you know that financial illiteracy may cost you as much as $1819 per year? Imagine if we multiply that out for your lifetime.
The NFEC conducted a survey asking American adults to estimate how much money they had lost during the year due to a lack of financial knowledge. Among the diverse group of respondents, the estimated average amount of money that lacking knowledge about personal finances cost people was $1,819 in 2022. ( Source: https://www.financialeducatorscouncil.org/financial-illiteracy-costs/)
That is money that just doesn’t need to be wasted. I understand that managing your personal finances can be a challenging and overwhelming task, but it doesn’t have to be. With a financial coach on your side, you can change your financial future. In this blog post, we’ll explore what a financial coach does, the benefits of working with one, and how to choose the right financial coach for you.
What is a Financial Coach?
A financial coach is a professional who provides guidance, support, and accountability to help you improve your overall financial well-being. Unlike financial advisors, accountants, bookkeepers, and financial planners, financial coaches focus on helping clients develop good financial habits, attitudes, and behaviors. They work with clients to help them manage their finances, build wealth, reduce debt, and achieve financial goals that align with their own values..
What Does a Financial Coach Do?
Financial coaches provide a range of services to help you manage your finances, including budgeting, debt reduction strategy, improving credit, spending more efficiently, planning for retirement, and helping you create savings and wealth. A good coach will help couples communicate about their finances in a healthy way to improve their relationship. They work with clients to help them identify their financial goals and develop a plan to achieve them. They also help clients develop good financial habits and make sustainable changes in their behavior and attitudes toward money.
What they DON’T DO is tell you how to spend your money. It’s yours and needs to be your plan. Whether you need help creating a budget, reducing debt, or setting yourself up for success in retirement, a financial coach can provide personalized guidance and support to help you achieve your goals. There is an emotional component to money and our behavior can get in the way of our progress. Having a non-judgemental advocate in your corner who holds you accountable makes a huge difference in how fast you can reach your goals.
Benefits of Working with a Financial Coach
There are many benefits to working with a financial coach. For one, a financial coach can provide personalized guidance and support to help you achieve your financial goals. They can also hold you accountable and help you stay on track with your financial plan. Additionally, a financial coach can help you develop good financial habits and make sustainable changes in your behavior and attitudes toward money, which can lead to long-term financial success.
How to Choose a Financial Coach
Choosing the right financial coach is important to ensure you get the support and guidance you need to achieve your financial goals. When choosing a financial coach, it’s important to consider their qualifications, experience, and communication style. You also want to establish a good rapport with your financial coach and ensure there is mutual trust and respect.
Working with a financial coach can provide you with the guidance and support you need to achieve your financial goals and improve your overall financial well-being. With personalized guidance and support, you can develop good financial habits, reduce debt, and build wealth for a brighter financial future.
If you are ready to take control of your finances and become intentional with your income, contact me, your new Financial Coach, to learn how to create a spending plan to eliminate debt and build wealth. We will schedule some time together 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. https://pennywisecoaching.com/contact-pennywise-coaching/
Schedule your Discovery Call today. In the meanwhile, Be Wise!