Hi, my name is Karen and I am a finance coach.
Financial coaches are becoming more and more popular in the UK, so I just wanted to reach out and let you know what they were and explain why people might benefit from working with one.
Are your finances in a mess and you just don’t know where to start?
Are you trying to save for a dream holiday but you just haven’t got round to doing anything about it?
Do you have ideas and plans and some money goals but you just haven’t got the time to act on them?
Then you may find it helpful to consult a finance coach.
Finance coaches help their clients to sort out their finances so that they can establish a good budget and great savings habits.
Unlike other professionals whose sole focus is 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.
3 Benefits Of Financial Coaching
1. 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 sportsmen and women have coaches to keep them on track and encourage them 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.
2. Learn How To Manage Finances
Most of us are not taught good financial management either at school or at home, yet we’re all expected to figure it out as we go. Even if you did learn how to manage your money, times change and new rules come into play!
By having a financial coach in your corner, you’ll have someone else’s eyes on your personal finances. They can provide helpful insights and empower you to make decisions with confidence.
What financial coaches don’t do is make decisions, manage your money or recommend specific investments.
Coaches coach. They ask you questions that encourage you to think and make decisions. Their role is to help you understand the basics of personal finance. Their clients may need help with creating a budget, saving money or getting out of debt.
In a way, you can compare financial coaches to sports coaches.
In school the sports coach will help their students think about the game in a positive way. They guide the team.
Finance coaches help their clients develop a positive relationship with money. They talk to their clients regularly and they work together to create positive habits with money.
Financial coaches normally have a short-term relationship with clients and then help them to the next phase in their financial journey.
3. Find Out 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 my clients to organise their money and financial accounts in a way that makes the best sense for them.
I appreciate that not one size fits all. After all, personal finance is personal.
A Bossy Big Sister In Financial Life
Money can be 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 appreciate that change is not 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 ease the current money stresses that you are going through. By talking about your personal finances aloud and discussing where you want to be, can make a huge difference.
Now, just to be clear, I won’t do all the hard work for you! Together we will create a plan and you have to take action! 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?
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 get out of debt, build an emergency fund or save for that holiday of a lifetime that you’ve always dreamed of!
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.
- 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
As a finance coach, 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.
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?
My clients are people who want to get more out of their money.
If you are looking for someone to help you with the basic elements of financial planning like making a budget or setting up a savings plan, a financial coach would be your answer.
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.
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 – What Is The Difference?
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
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.
Good financial coaches have motivational skills, can communicate well and can keep you accountable – in a loving way!
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 I enjoy helping people to budget. I enjoy helping people to see the bigger picture in terms of their financial situation and working together with them to create realistic, sustainable money goals. This ultimately gives them a brighter, financial future.
When clients choose to work with me, we meet regularly and we take a look at your budget. We see what’s working and where you can make adjustments. We’ll work together to create a money goal for you and furthermore, I will hold you accountable!
You’ll be more intentional with your money and we’ll crush your money goals together!
If you are interested in investing in me as your financial coach, you can check out my services
https://moneyandmarriage.net/work-with-me
OR
email me today at hello@moneyandmarriage.net and let’s book a 30-minute complimentary call.
I look forward to speaking to you soon!
My name is Karen Hackman and I am a Finance Coach.
I specialise in helping couples talk about money – without arguing.
Check out my website for more information www.moneyandmarriage.net