Let me guess – you’ve been trying to DIY your finances, but you just can’t seem to get ahead. You’ve tried the apps, read the books, and listened to the podcasts.
If you’re ready to take your finances to the next level and aren’t sure where to start, or if you’ve tried to go it alone and can’t seem to get ahead, then a money coach might be for you.
In this post, you’ll learn what a money coach is, how they can help you, and how to know if a money coach is right for you.
9 Signs It’s Time to Hire a Money Coach
What is a money coach?
Before we dive into reasons why a money coach might be right for you, we should explain what a money coach (aka financial coach or wealth coach) actually is.
Coaching is a form of development designed to help a client achieve a particular goal under the guidance of someone else (aka a coach).
In many cases, a coach is there to help someone meet a particular athletic or professional goal. In the case of money coaching, a coach helps clients to meet a specific financial goal.
A money coach helps clients by:
- Identifying specific financial goals
- Creating a plan to help you reach those goals
- Providing education, accountability, and support along the way
9 signs it’s time to hire a money coach
We’ve talked about what a money coach is, but how do you know if it’s the right move for you? Here are 9 signs that it might be time for you to hire a money coach:
You’ve tried to DIY your finances, but can’t seem to make any progress
One thing that just about all of my clients have in common is that they’ve tried to DIY their finances, but it never seems to go anywhere.
It can be incredibly frustrating to feel like you’ve tried every budgeting app, read every blog post, and tried every system to get ahead with your finances…but none of them seem to work.
The problem with all of those systems is that they’re designed to appeal to as many people as possible.
There’s no way that the financial plan that’s just right for you is also right for everyone else in the world. Eventually, you may find that you need something a little more tailored to your situation.
When I work with money coaching clients, I give them a financial plan that is 100% personalized to their needs.
You avoid dealing with your finances – thinking about it just stresses you out
Let me guess – sometimes dealing with your finances just feels too overwhelming, and so you avoid it altogether. Trust me, we’ve all been there!
If confronting your financial situation stresses you out, it’s likely that your problem is just as much about your money mindset as it is about your money. A money coach can help you to identify the limiting beliefs that are holding you back from dealing with your finances.
Once you change the way you think about money, you’ll be able to tackle your finances with feelings of determination rather than stress.
You have a lot of debt and have no idea how you’ll pay it off
Debt is one of the biggest things holding millennials back from reaching other goals and from moving into new phases of their lives.
In fact, studies show that millennials are getting married later, buying houses later, having kids later, and doing just about everything else later…partially because of the debt that’s weighing them down.
For many people, making just the minimum payments on their debt would mean it would take decades to get it all paid off. A money coach can help you to craft a personalized debt payoff plan to get you debt-free faster.
You feel ashamed of your financial situation, or like you’re falling behind
Have you ever looked around at your peers and felt like somehow you were falling behind financially? Or felt shame because you felt like you should be further ahead?
There are a few different issues here that a money coach can help you with. First, a money coach helps you to address those limiting beliefs that cause shame and fear.
A money coach also helps you to develop a specific and customized financial plan so you can stop doubting yourself and start feeling confident in where you are in life.
You have some big financial goals, but it doesn’t feel like you’ll ever accomplish them
Have you ever found yourself thinking about the dream house you want to buy someday, or about that vacation to Europe you’d love to take?
Many people have these dreams, but they feel too far-fetched to ever become a reality. A money coach can help you to take those goals that seem crazy and come up with an actual plan to get you there.
You feel like you should be saving, but don’t have any specific goals
I’ve talked to so many women who know they should be saving money and feel like they should be doing more, but they have no idea what to save for.
In fact, it’s actually pretty common to have no idea what your goals are!
A money coach can help you to set goals that align with your values and the vision that you have for your life. Then they’ll help you develop a plan to reach them.
You know you need to make some changes, but lack the accountability to stick to them
Most people know when it’s time to make a change, but they simply lack the accountability or the willpower to make it happen.
One of the most important roles of a money coach is someone to hold you accountable. After all, then you have someone else going through your budget and making sure you stuck to your spending goals, you’re far more likely to actually follow through!
Plus, a money coach can help provide the support you need to avoid the frustration and confusion that might cause you to give up on your new habits otherwise.
You feel like you’re doing okay financially, but don’t know how to take your finances to the next level
Many of my coaching clients feel like they’re doing alright financially, and they know they make plenty of money to be reaching their goals. The problem is that at the end of each month, they never seem to have made any progress.
They feel like they’ve plateaued, and need someone to help them get to the next level.
One of the things a money coach can do is push you to be really intentional about your spending. They can help you to figure out where every dollar is going, and what changes you can make to finally start making some progress.
You and your partner can’t see to get on the same page with your money
Money is one of the biggest causes of conflict in relationships, and one of the leading causes of divorce. There are many reasons for this, but it’s partly because of poor communication or partners who have competing financial goals.
In addition to working with individuals, money coaches also work with couples to help them talk about money without fighting, set joint financial goals, and tackle their finances as a team rather than as rivals.
Hiring a money coach is one of the best things you can do for your finances. Finding the right coach for you can help you to collapse time and get you to your financial goals years earlier than you otherwise might have.
Ready to take your finances to the next level?
In my one on one coaching program, I’ll help you to make a personalized, specific plan for your finances to help you pay off debt and make progress on your financial goals. I only have a limited number of spots available, so click here to learn more and apply for a spot!