As you may already know, a fitness coach assists people with their physical strength. By comparison, a life coach may work with someone on his or her emotional self. A financial coach is a person who provides exercises and strategies for organizing finances. They are an advisor that helps others achieve their monetary goals through teaching money management skills.
Oftentimes, financial coaches also help with emotional and behavioral aspects of managing finances. Many people find that they not only have the know-how to take care of their money better, but they have a healthier attitude towards money in general.
So What Does a Financial Coach Do?
By working with a financial coach, you will have an outline for your monetary goals and will track your spending for several weeks to uncover habits. Your coach can then help you understand your spending, create a budget, consider the emotional influences of money, manage debt, and so much more. A financial coach is an educator who shares the basics of finance. They understand that money and stress go hand-in-hand, so when your finances aren’t organized, you are more likely to feel pressure and anxiety.
What Are the Benefits?
There are many potential benefits to hiring a professional financial coach. By having this knowledgeable person guide you through all things finances, you gain the skills to better handle them on your own. Other benefits to personal financial coaching include, but are not limited to, the following:
- Understanding numbers and spending and why you are in debt
- Getting a clear picture of where your money is going
- Overcoming fears around finances
- Identifying misconceptions about handling money
- Figuring out a plan on how to buy a first big purchase (home, car, boat, etc.)
- Establishing a plan on how to be financial independent
- Becoming more confident and responsible with money management
- Creating a more healthy relationship and attitude towards money