What is Financial Coaching?
Have you ever created a budget, but it didn’t work? Wondered where your money went every month with nothing to show for it? Stressed about doing all the kid’s activities or paying all the bills? Using one credit card to pay another? You are NOT alone!
My life came to a screeching halt a little over four years ago. I lost my job, and I was the main bread winner. We had purchased a new house, took out a personal loan for home improvements, and had way too many bills. We were living paycheck-to-paycheck as it was, had zero savings, and no plan. The fights between us were ugly because we didn’t know how to communicate our stress and find a way out of this mess we created. When push came to shove, we got a loan from a family member and I was able to get a new job, but we knew we needed help! I read every book I could get my hands on and looked at how I tracked money and how to create a budget. My process has changed a lot over the years, and no method is PERFECT, but I found one that got us out of the whole we were in.
According to Federal Reserve Bank of New York, as of June 2023, consumer debt is at $17.06 trillion, with Americans carrying an average household debt of $101,915. Debt is “normal”. Why not be weird??
As a financial coach, I don’t sell you insurance or investments but help you look at what your money situation is and how to get to a place of financial freedom and not have to worry about how you are going to pay the bills or fix the car when it breaks down unexpectedly.
Together with the clients, we work on digging out the root of the issue. Money problems are seldom the actual problem. There are many things that lead people down the path to debt and financial struggles. Identifying the reasons why, each person’s perspective on money and their situation, communication methods, personality traits, and current processes are all things that the coach looks at to see what needs to be discussed. This could be creating a budget, looking over areas where you could save money, or even finding new income streams. Every person and every couple are different. Financial coaching is a judgement free zone, especially because your coach has probably been there. They had a breaking point and said enough is enough. If you are reading this, you are probably there as well.
With 57% of Americans unable to cover a $1,000 emergency, 58% living paycheck to paycheck, you think your financial situation is normal. Everyone has a car loan, everyone stretches their money the last week before you get paid. But why stay like that? Do you have kids that want to go to college and have no idea how to pay for it? Or is your car a manual transmission with crank windows that you want to upgrade one day? I will help you look at your budget, your money habits, and listen to your goals and dreams and find a way to help you achieve them! You are no alone in this journey and we will walk this path together to give you the tools to strengthen your personal relationships as well as your relationship with money.
Our family motto is “The only way out is through”, and this is something I will help you with throughout our time together.