What is a money coach and do you need one?

Just like playing an instrument, knowing how to manage your money better is a learned skill.

Do you need a money coach?

Just like playing an instrument, knowing how to manage your money better is a learned skill. But all too often it’s a skill that many of us haven’t had a chance to learn, let alone strengthen.

With growing distrust of financial planners and advisers, money coaches are gaining popularity.

These money coaches are like a cross between a financial planner and a counsellor.

They offer clients individually tailored financial management plans. The services they offer vary, but typically include personal finance analysis, research and planning.

They work with clients on strategies around budgeting and goal planning, while also trying to get to the source of money problems.

Money coaches can help you improve your finance management, but their expertise can be costly.

To determine if you need a money coach, start by asking yourself a series of questions related to your finances.

Do you have a firm grip on your finances? Do you carry balances on your credit cards? Do you pay your credit card bills on time? What is your credit score?

Do you have any current controls in place regarding your spending? Do you follow a monthly budget? Do you track your spending and your income? Do you track your monthly bills?

Do you have any plans for your retirement? Have you set aside anything for retirement? Do you have any idea how much to save for retirement? Do you have any kind of long-term vision for your finances?

These types of questions allow you to pinpoint the areas in your finances that you may need help with. If you only have a few issues and you are not having any money problems, you may not require the services of a money coach and could get by with some straight financial advice.

However, if these questions raise a number of red flags, you may require the services of a money coach to whip your financial affairs into order.

Qualified money coaches can offer clients valuable assistance to help them get their finances on track.

If you have no control over your spending, or if you have no idea how to get out of debt, and if you have no immediate plan for saving for retirement, then a money coach could play a vital role in your financial life. Remember to check the references and success rates for any financial adviser or money coach before making your decision.

What are your thoughts on money coaches? Have you had any positive or negative experiences working with one?

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    COMMENTS

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    Old Geezer
    23rd Mar 2018
    2:40pm
    Sounds like a very cushy job to me. Where do I apply?
    MICK
    24th Mar 2018
    4:33am
    We could job share.
    The irony of this story is that many people do not need a money coach, they need a self gratification & control coach. that is where the problem often lies and even when people come in to help them they cannot get past the 'self' stage and quickly go back to their old habits. No money coach on the planet is going to be able to fix that.

    23rd Mar 2018
    2:57pm
    Spend less than you earn and invest the rest in indexed funds , your super or in positively cash flowed property
    Even a novice can do that
    No need for any fancy investment footwork
    Sundays
    23rd Mar 2018
    3:28pm
    My niece has just hired one as they were in severe credit and personal loan debt. The first thing they did was tell them to get rid of Foxtel, gym memberships , the cleaner, gardener and dog walker. Well hello! They think that because they are paying someone to tell them to get rid of things they can’t afford they will be able to get ahead. Unless they also have a total change of mindset it won’t work
    MICK
    24th Mar 2018
    4:34am
    Read my comment above Sundays. Your post says it all.
    Retired Knowall
    23rd Mar 2018
    4:29pm
    It should be a compulsory subject in our Education System, but we will first need to educate our teachers.
    VeryCaringBigBear
    23rd Mar 2018
    4:52pm
    Good luck with that.
    MICK
    24th Mar 2018
    4:37am
    Give me strength. ANOTHER thing to saddle teachers with. I might have thought that mum and dad had a role other than bringing the little darlings into the world. I might have that wrong though.

    I have a solution: throw out all the curriculum and replace it with living skills and every other load of BS society does not want to deal with. And you wonder why teachers are deserting the ship before they reach retirement age!
    Anonymous
    24th Mar 2018
    5:48am
    Teachers deserting ship?
    Hahahah
    Probably they are paid too much and can afford to retire early
    Too many useless teachers in the public school system
    Only way to ensure quality is to privatize the sducaruon system completely
    MICK
    24th Mar 2018
    7:29am
    You have little understanding of the sector Raphael but this does not surprise me.
    You need to work out WHAT teachers are employed to do before you make comment. Being the whipping boys of society is not their job. Curriculum is. And that is not to say teachers do not already happily help their charges with personal issues.
    If your idea of privatising education comes about it will end up the same mess as TAFE and outsourcing employment...and probably twice the cost as the private sector looks for its mega profits.
    By all means shoot your mouth off if you have something to say but bagging teachers who are fair game for every crank with an axe to grind is going to do no more than make them get out and get what you would call a 'real' job.
    I have a friend who was a highly skilled maths teacher. She had a gutful of the politics, poor pay and attacks on the profession by boguns so she left. Now working in a non related job earning less but happy.........and politicians are now asking where all our maths, science and physics teachers have gone too. What a joke!