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Home / Living

Do you really need a financial coach?

Living
By Esther Muchene | 2 weeks ago | 3 min read

 A financial coach is someone who helps clients form a healthier relationship with their money [Courtesy]

If we’re being real, many people still don’t have enough financial knowledge to make the best decisions long term. Yes, we know how to work hard and make money but when it comes to other details like saving, creating emergency funds and preparing for retirement, that’s another story.

Clearly, there is a need to be more in touch with our finances and that is where financial coaches come in.

A financial coach is someone who helps clients form a healthier relationship with their money.

They are different from a financial advisor because they aren’t necessarily as qualified but they do have a deeper understanding of finances than most people do.

The question that we often ask ourselves is whether we need a financial coach or if it’s just better to manage everything by ourselves.

This breakdown might help you decide if it’s something that you personally might benefit from.

They can help find clarity with where you are financially

A financial coach can help you connect with your finances and your spending habits in general. We are often too busy to sit down and understand what our exact situation is and that is dangerous especially if you have demands like debt.

You might get more clarity by consulting a coach who will interact with you on a personal level. They can help you grasp a couple of lessons that you will use in future.

They can help you avoid risky financial moves

Although coaches don’t have the same detailed knowledge as advisors, they can still guide you towards the right direction. They are also gaining a lot of knowledge and experience from dealing with different clients and therefore, they can stop you from making the same mistakes they have seen other clients make.

They can teach you how to invest your money wisely, how to manage debt and guide you on how to make the right decisions which can help prevent huge mistakes.

They can nurture good financial habits

A coach doesn’t necessarily have to come in when you are in a financial crisis. You can consult one if you just need help on how to have better money habits which will then improve your financial situation significantly.

They can educate you on how to create monthly budgets, how to start saving, how to be more accountable and other wise money habits.

They teach you how to set a clear map for your financial goals

Everyone has a huge dream of where they would want to be financially years from now. But, having a big goal isn’t the problem, it’s how to get there that is challenging.

You need a game plan of how you will get there and sometimes that is hard to figure out on your own. During your sessions you can learn how to set realistic goals that will eventually lead you to the bigger end goal. Plus, they can also monitor you along the way.

So, do you need one?

Anyone can be a financial coach, including you if you have a good level of understanding on matters to do with finances. If you’re solid enough, you might be able to manage your own money but still, everyone can benefit from getting some extra help.

 

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