A financial or money coach helps clients prepare a financial plan, and works with them to execute it. We focus on clients having a positive relationship with money by addressing current money habits and beliefs and work on improving negative money behaviours.
What is Money Coaching/Financial Coaching?
Money Coaching is a process. It takes you from being unintentional on your spending and savings habits and being stressed about money, to being confident about managing your money and on track for financial success while living a financially happier and less stressed lifestyle.
These steps include
- Getting clear on current finances
- Exploring past events that may have shaped current belief systems
- Determining values and principles to determine an action plan for reaching financial goals
- Sustaining new behaviours that create to money confidence and financial success
-How is a Money Coach Different from a Financial Advisor?
While there is some overlapping, a Financial Advisor has the ability to broker products for you – insurance, mutual funds, RRSPS, etc. in order to grow your investments for your long term goals. We work closely with your Financial Advisor to help make sure you are on the right track financially for future goals.
A Money Coach focuses on current money mindset and behaviours, and working to improve your relationship with money. This will then help you with creating better day to day money strategies that will aid in reducing debt and improve spending and savings habits. While there is some overlap with determining long term goals, a coach is more of an accountability partner.
Why should I hire a Money Coach?
If you feel any of the following, hiring a Money Coach will absolutely be beneficial:
- Feeling out of control when it comes to managing and spending money
- You want to pay off debt, but not sure how to tackle it.
- You and your significant other are not on the same page with finances
- You make good money but there is never any left at the end of the night
- You’ve recently experienced a life changing event. Marriage, loss of job, divorce, bankruptcy, new baby
- You are tired of living paycheck to paycheck. You’re doing fine, but ready to do great!
- You know what you “should do” but need someone to be accountable to
- Feel like you are never going to get ahead financially
- Stressing about money, losing sleep, feeling anxious, being unproductive at work, health issues, depression
- Not saving, no savings for kid’s education or emergencies, and don’t feel it’s possible
Does my Spouse need to participate? Does it cost more?
It is always a good idea to do a program together so that you are hearing the same
information from a 3 rd party and setting goals and a plan of action together. Then you are a team, and tackling the good and the bad together. However, often times, the spouse isn’t ready to get on board. It’s fine to work without them, and we will discuss how to better communicate with them. Sometimes, they come on board later, or join in a few sessions as they start to see you doing things differently and notice positive changes. There is no additional fee.
What should I expect with working with a Money Coach? What results will I see?
Hiring a coach is often compared to hiring a personal trainer when you are looking to lose weight or improve your health with nutrition and exercise. The coach will identify your goals and create a plan to achieve them, and then they hold you accountable and challenge and push you to do more. The trainer works through the exercises with you, and you see results quicker than doing them on your own. However, if you don’t do the work, don’t follow the plan, then you don’t see results.
The same holds true for hiring a Money Coach. Some will even say we are personal trainers for your money! The results, if you do the work, is creating a plan to get out of debt, and seeing debt reduce. You will see savings increase, and you will feel more in control of what’s happening with your money. You will start to feel confident, walk taller, feel less stress, and be more present with your kids, your work, your family. You will make decisions around money much differently, and you will see results quickly. You will be proud of your progress and excited about setting and reaching financial goals in the future.
The best way to begin is to schedule a Road to Financial Freedom Session. This is incredibly valuable and it will help you determine if more intense coaching is needed or desired. During this meeting, we will discuss your financial situation in depth, but you also have the opportunity to ask questions and address concerns or hesitations.
You are not obligated to continue to work with us after this session, so you will only benefit with learning some new strategies in the initial session, even if you don’t continue. The most common result I hear from clients of the Road to Freedom session is “I had no idea I was spending that much on….”! A realization of where their money is going and the feeling now of having more control and impact on where they want it go. They also leave the session feeling inspired to continue with what they learned and excited to see what’s possible for the future.
If you do continue on with a coaching program, and you are ready to take control of your financial house, the work begins! Together we create a plan specific to you and your finances. Once established, we work together monitoring your progress, holding you accountable, challenge money mindset and help establish new habits, and tackle any hurdles that come up along the way. We are with you every step!
The next sessions will be used to make some positive and empowering changes towards a more secure financial future. We want you to see results and become confident on how to manage your money and feel positive about your financial future. You will leave the program confident on managing your finances on your own.
How do I know I’m ready to commit to one?
If you want to hire a Money Coach, working on your finances must be a top priority. Change is never easy, and it takes time, energy and commitment. Working with a money coach
will challenge your behaviours and beliefs, and you must be open to new and different ways than you are doing things now. This is an investment in yourself that will have life changing results, but a coach cannot fix you. You are the only one who can make change happen.
How can I afford a coach when I can barely cover my current bills?
This is a common thought and the beginning of changing beliefs around money. If you are making a decent income, then we usually find areas in the budget to cut back on in order to pay for coaching, so it is not costing you any more than what you are currently spending. If you are truly ready to commit to doing the work it takes to get your finances in order, then the cost of the program will be worth the investment.
You will put more in savings and pay debt faster than you are currently doing or have done before, and we teach you how to continue to do it after the coaching program is
completed. The emotional and psychological benefits clients experience such as sleeping better, reduced stress levels, a more positive outlook, and a sense of pride and confidence
around money are benefits that far outweigh any fees.
What if I’m not struggling with money? How would I benefit from Money Coaching?
It is common that people who are not “struggling”, but may want help in becoming more clear around their finances and how to strategize better in order plan for bigger goals.
They may be looking at purchasing a vacation home, or want a life to travel more, or want to leave their job either to start a business, or retire early. They are committed to reaching
financial freedom and want to learn strategies to get there faster. This is a good time to work with both a Financial Advisor and a Money Coach.
Are meetings in person or online? Do you work with people outside of your city?
Meetings are held virtually, but we are willing to meet in person locally if so desired. We can work with anyone across the country, or even in other countries as this is not currency specific.
Other than one on one coaching, what are some other ways I can learn from you?
Please check out my programs page and resource page. There are online programs as well as downloads available. Check out blogs and you can join my facebook