With today’s increasing costs and the loss of COVID financial support, many of us are finding it harder to live within a budget, let alone save for emergencies and the future. Fortunately, our community has compassionate and knowledgeable financial coaching programs that help people set and reach their unique money goals.
A financial coach meets regularly with individuals to encourage them and monitor their progress toward their unique financial goals. Put another way by NerdWallet, financial coaches often assist their clients with the behavioral and emotional components of managing money. They can help you unearth what drives your financial decision-making and create a healthier attitude that leads to better money habits.
With financial coaching, the client does the hard work. In other words, the financial coach is an accountability partner, champion, and cheerleader. It’s like having a personal trainer – they won’t do crunches or lift weights for you. Instead, they will motivate and support you through the process. On the other hand, financial counselors (like our partners at LSS Financial Counseling) focus on specific issues like getting out of credit card or student loan debt. Lastly, financial planners help people manage their wealth and investments for the long term. They are also highly regulated and specialize in assisting with large-scale goals like retirement or purchasing a home.
To get the most out of working with a financial coach, be sure you can answer “Yes” to each of the following:
Money Management E-Newsletter: June 2022