Top Reasons you Need a Money Coach

Getting ahead financially feels like a never-ending battle. Whether you live paycheck-to-paycheck or you don’t know where your money goes, a money coach helps you figure it out. Much like a football coach, a money coach sits on the sidelines with you and helps you plan.

You’ll learn healthy money habits, how to set and reach financial goals. You’ll also have accountability.

Not sure if you need a money coach? Here are the top reasons to consider one.

You are in Debt

If your debt is overwhelming, you need a money coach. He or she will help you understand your debts, and how to get out of them. If you make the minimum monthly payments or even miss payments because you’re overwhelmed, get help. Together, you’ll create a debt payoff plan and you’ll learn how to execute it. Suddenly getting out of debt won’t feel so overwhelming.

You Can’t Budget

Budgeting is hard. It sounds simple; you make a plan and stick to it. Most people can’t do it, though. If you don’t understand how to create a budget or can’t stick to one, a money coach can help. You’ll learn the different budget options and choose one that works for you. No matter the budget, every dollar will have a job, helping you feel empowered rather than overwhelmed.

You Don’t Have an Emergency Fund

Everyone needs an emergency fund. Just look at the coronavirus pandemic and what it did to most people. Unpleasant financial surprises happen often. Without an emergency fund, it’s hard to stay afloat. With the right budget, you’ll save for an emergency fund which eventually should have three to six months of expenses in it.

You Need Accountability

If you have trouble following through, a money coach can help. Maybe you’re great at setting up a budget, but when it comes to executing it, you fail. A money coach keeps you accountable.

You may think twice about overspending when you know you have to face the music. You’re also more likely to pay your bills on time and give your savings and financial goals more thought.

You Need to Set Financial Goals

If you go through life just spending your money with no direction, you won’t reach your financial goals. Besides an emergency fund, you may have other financial goals, such as saving for a down payment on a house or car, going on vacation, saving for retirement, or your child’s education. A money coach helps you set up your goals and the steps to meet them.

A money coach doesn’t give you investment advice or manage your investments. Instead, he or she helps you understand your money so you have money to invest. It’s the first step to financial freedom.

Using a money coach isn’t a sign of weakness; in fact, it’s one of the smartest financial decisions you can make. You’ll get on track, know where you spend your money, understand how to save, and get out of debt so you can achieve your financial goals.