What is a Financial Coach?
A financial coach is a trained professional who collaborates with and guides those unsure on how to reach or make progress towards their financial goals.
The process is personalised to your unique needs and non-judgmental.
Coaches provide support, encouragement and tools to help people make informed decisions related to their personal finances including savings, debt management, budgeting, retirement and many other topics!
The purpose of a Financial Coach
A Financial Coach works with clients to define their financial goals, giving them relevant education and information for their circumstances, and explains their options clearly.
By the end of a coaching session, you will feel confident in your own money management skills, and ready to take the next steps on their financial journey.
Financial Coaches are just like a coach or trainer in other areas of your life. They can’t do the work for you, but they can guide you! So while a Financial Coach cannot manage your manage for you or recommend specific financial products or services they can discuss the pros and cons of various options you have available to you so you feel informed and empowered to make your own financial decisions.
How Coaching works
Coaching sessions are typically in packages of three sessions to ensure you have the time to understand your path forward and ask questions where helpful. Coaching will normally take you through the following stages of your journey to improve your financial management
GOALS: Discuss your financial goals and how you want to change or improve your personal finances
REALITY: Discuss your current situation and better understand how your situation can help or hold you back from getting to your goals!
OPTIONS AND ACTION: Explore some options that are available to you and agree some next steps and actions you can take that will help you start making progress to achieving them.
From here you are free to move forward on your own or continue with follow-up check-in sessions perhaps as questions arise or if you want to increase your accountability to your plan! These can be on-demand or booked quarterly or annually on an on-going basis.