What is a Financial Coach?

How a Financial Coach Can Help You Achieve Your Money Goals

You probably have heard of a financial advisor but what is a financial coach? What can a financial coach do for you? Below I explain what a financial coach is and isn’t and how I can help you as your financial coach.

What a Financial Coach Is

A financial coach can have many names including money coach, financial life coach, online financial coach, budget coach, money mindset coach, or financial planning coach. Whatever they call themselves, they all have the same goal – to help people with their money. Here are some characteristics of a financial coach:

Visionary

In order to be successful with money you should have short term and long term goals. Sometimes it can be hard to focus on the future. Or you have an idea what you would like your future to look like but you’re not sure how to get there.

As your financial coach I an help you set financial goals that support your dreams.

A Guide

There are so many aspects of money sometimes we don’t know where to begin.

Should we save? Pay off debt? This is where a lot of the stress and overwhelm come into play.

As your coach, I can help you develop actionable steps to your goals so you don’t feel overwhelmed on what you should focus on.

An Accountability Partner

When it comes to budgeting, saving and reducing debt it is all basic math. 80% of budgeting is behavior. You know WHAT you should do but often become distracted.

A coach can help you stay on track with your goals through regular check-ins. These check-ins can be in follow up meetings or through phone or email. Ultimately though, it is up to you to make your own financial decisions. It is your money and your life, but a coach can help you stay focused on where you want to go.

What a Financial Coach Does Not Do

Not a Financial Advisor or Counselor

A coach will help you develop a plan for your financial goals through budgeting, saving and reducing debt. Coaches do not receive any portion of your investments or retirement savings, as some financial advisors do depending on their fee structure.

A financial advisor or counselor helps you manage the money you contribute to investments (stocks, mutual funds). They understand the market and can help you decide how to best invest your money. Having a financial coach and a financial advisor on your team of experts can both be beneficial.

Not a Bankruptcy Attorney

When you are over your head in debt you probably feel that filing for bankruptcy is your only option. Depending on your situation, that might not be the case.

A coach is not a bankruptcy attorney and can not help you with any of the legalities of bankruptcy. But a coach can help you understand the basics of bankruptcy to help you decide if that is the right path for you.

Can’t Call Collectors for You

Talking to collectors can be intimidating and frustrating. But the only way to get ahead of the collections call game is to speak with them.

A coach can’t talk to them for you but they can give you the tools and guidance on how to effectively speak to collectors so you don’t have to hide behind your caller ID.

Who Can Benefit from Working with a Financial Coach?

Anyone can benefit from working with a financial coach. It doesn’t matter where you are in your money journey.

Here are just some of the things a financial coach can help you with.

Getting Out of Living Paycheck to Paycheck

Do you have more month than money? Does that leave you swiping the credit card to buy groceries?

According to a 2023 Personal Finance study done by Ramsey Solutions, 34% of Americans that earn over $100,000 are living paycheck to paycheck. If this sounds like you, you probably aren’t following a written budget and/or have some big debt payments each month.

For most people it’s not that lack of income that has them living paycheck to paycheck. It’s simply the mismanagement of their money.

A coach can help you get started on a written budget so you understand where your money is going.

Want to Eliminate Debt

Student loans? Car payments? Credit cards?

How would you feel if you said goodbye to those payments for good?

What could you do with an extra $500 a month that wasn’t going towards student loans or a car?

A financial coach can help you come up with a plan to eliminate those debts and the stress that come with them!

Savings and Emergency Fund

It’s inevitable that a large expense will come up that you weren’t planning on. The furnace breaks down in the middle of winter. The car needs repairs. Job layoffs.

Do you have the money set aside for life’s curve balls?

If not, you will probably end up using your credit card, which puts you further into debt. How would it feel if you had the cash on hand the next time your car needs major repairs?

A coach can help you make a savings plan so you are prepared for those surprise expenses. When those expenses come up and you have the money to pay for them, they don’t become a financial burden.

Plan for Retirement

You will retire someday. Do you have a plan for it? Are you on track?

As mentioned above, you will need a financial advisor to help you understand the ins and outs of investing.

A financial coach can help you identify what you want to do in retirement, what it takes to get there and give you the tools to find the right financial advisor.

Dealing with Collectors

Dealing with collectors can be nerve racking. Collectors often use scare tactics to get you to pay them which leads you to avoiding them.

Unfortunately avoiding them doesn’t make them go away.

A coach can provide you with tactics to dealing with collectors so that you take control of the conversation as well as developing a plan to get them paid.

Build Wealth and Give

Having a solid plan for your finances is not just about getting out of debt. It’s also about building wealth and what you plan to do with that wealth. A coach can help you dream big about how you can serve others or leave a legacy for your family.

My Financial Coach Philosophies

At Almeter Financial Coaching, I know you want to feel more in control of your money. In order to do that, you need a plan for your money that you feel confident about. The problem is you don’t know where to start which makes you feel frustrated and confused. I believe anyone can be successful with their finances. I understand it can be uncomfortable to talk about money which is why our coaching sessions are a non-judgemental zone. We have all made mistakes with money, so that is why we won’t dwell on your past, but instead focus on your current situation and future plans.