You’ve heard of fitness coaches and even life coaches, but financial coaches? If you aren’t familiar with the term yet, a financial coach can help transform the way you handle your finances. 

 

You might not even realize how many of your financial behaviors negatively affect your finances. Sitting down with a financial coach can help you recognize and change your behaviors.

 

Here’s how.

 

1. Dive into your Spending Habits

Even if you budget now, you might not fully realize your spending habits. A financial coach can help you dive deeper into your spending, why you spend, and how to change those behaviors. They can recognize things like impulse buys, going over your budget, not budgeting, and spending too much on entertainment.

 

When you sit down with someone that holds you accountable and can show you where you’re overspending, you’ll be better equipped to dig deep and discover why you’re spending the way you do, and then together you can figure out ways to change it.

 

2. Teach you to Save

Like most of us, you weren’t taught to save, and it might not come naturally to you. A financial coach can explain the importance of saving, not just for big things like retirement but for immediate needs, such as an emergency fund.

 

If you don’t have an emergency fund yet, a financial coach can help you find room in your budget to allocate money to your emergency fund monthly. Ideally, you should have 3 to 6 months of expenses set aside.

 

3. Help you get out of Debt

If you’re in over your head in debt, you might feel like you’re drowning. Most people with excessive debt find it easier to stay there and keep spending versus changing their spending habits.

 

When you work with a financial coach, though, you’ll explore the reasons you’re in debt, create a plan to get out of it, and create habits to stay out of debt rather than using credit cards or loans as an extension of your income.

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4. Create a Healthy Relationship with Money

Most people don’t have a healthy relationship with money. They either think they will never have enough money, aren’t good with money, or cannot make enough money. Your money story or how you grew up with money could significantly impact how you look at money, but a financial coach can help transform it.

 

Together, you can explore your thoughts around money and slowly make healthy changes to have a more positive relationship.

 

Final Thoughts

A financial coach can be a great way to change your financial behaviors. Even if you have good financial behaviors, there is always something to learn and ways to improve your financial situation. 

 

Whether you’re trying to get out of debt, change your spending habits, or learn to save more, a financial coach may be just what you need to make these changes.