How to Find a Personal Finance Coach
Money makes the world go ‘round — well, not literally, but it is an integral part of life in the modern age. Money offers us the means to afford all the essentials of a comfortable life. It also allows us the opportunity to explore new places, experience new things, and dabble in the luxurious side of life from time to time. People even dedicate their careers to working with or helping others with their money, such as financial advisors, economists, and personal finance coaches. So, as you can imagine, properly handling the money that you do have is a critical piece of finding financial success throughout your life. Adequately building up a savings account will ensure that your finances will remain stable in case of any monetary emergencies. Sound stock investments (and other kinds) can offer you additional stability and even pay out more than you put in, leaving you with some extra cash for retirement. Moreover, knowing when, where, and how to spend will curtail reckless or harmful spending that could negatively affect your bank account balance. But with all the difficulties that come and go in life, it can be difficult to maintain a healthy financial situation and correct bad spending habits. Thankfully, finding a personal finance coach from Wellavi has become a go-to source of financial help for countless individuals such as yourself. Our team at Wellavi has created a unique and innovative wellness platform that offers transformative wellness coaching of all kinds, from physical and mental wellness to intellectual wellness and personal finance. No matter what kind of wellness coaching you’ve been looking for, Wellavi is home to countless coaches you’ll be able to pick and choose from to find the ones you are most compatible with! Through nonjudgmental one-on-one sessions, welcoming group sessions, and various other activities and challenges, you can find the guidance you need on a schedule of your choosing! So, what exactly is a personal finance coach? And how could one help you reshape your approach to your personal finances? We’d like to use this blog to tell you all about it! What Is a Personal Finance Coach? A personal finance coach is a type of wellness coach that focuses on adjusting and improving your relationship with your personal finances and helping you set realistic and attainable financial goals for the future. This serves to improve your overall financial well-being and ensures that no other aspect of your general wellness — such as your physical, social, or mental wellness — is negatively impacted by financial mismanagement and poor monetary decision-making. Likewise, a personal finance coach can offer you advice in those other aspects of your wellness if they find that, for example, certain mental wellness issues have led you to excessive spending or irresponsible investment-making. What They Do More specifically, a personal finance coach will work with you closely to assess your overall financial situation and create a financial course of action that will redefine how you view and interact with your own money and money in general. This can be done by offering achievable and meaningful advice, creating budgets and spending restrictions, and even committing a certain amount of money to your savings account each month. However, the first thing that will always be addressed when you connect with a personal finance coach is the resolution of any actively harmful financial practices, such as overspending and wasting money. How a Personal Finance Coach Differs From a Financial Advisor As you can imagine, there is plenty of overlap between what a financial advisor does and what a personal finance coach does. From reinforcing personal finance best practices to helping their clients establish financial stability, you’re likely to find similar advice from both departments. However, where they differ is in desired outcomes and the intricacy of the help provided financially. Financial advisors take a more hands-on, finance-only approach to their services. This means that their work is solely based on providing you with solid financial advice and financial outcomes — and they do this by helping you make actual investments and up-to-date investing strategies. On the other hand, a personal finance coach will help to work through both the personal and monetary aspects of your financial wellness — sacrificing the legal and financial decision-making that a financial advisor might be able to offer in exchange for coaching that seeks to improve your overall wellness by first addressing the financial. However, don’t feel like you’re stuck with just one or the other. Often, a healthy combination of both is exactly what some people need to find the financial stability they’ve been looking for! Reasons You’d Want to Hire a Personal Finance Coach Seeking help for personal finances is far more common than you might imagine. Especially in economic times that can be difficult for everyone, a sound voice of financial reason can really benefit one’s overall wellness. There are countless reasons you’d want to hire a personal finance coach, each one uniquely different and nuanced from person to person. A few of those reasons include: You are unsure of how to approach any past or future financial commitments. Life can throw a lot of big expenses in your direction, some of which you may not have previous experience dealing with. And if no one in your immediate social circle has experience with it, a personal finance coach is the resource you need to feel confident in handling any past or upcoming expenses. These financial commitments could include anything from racked-up credit card bills and medical expenses to real estate mortgages and vehicle loans. You are struggling with overspending or reckless spending. Reckless spending is often far more than obliviousness or incompetence in handling your personal finances. It is often a habit formed as a coping mechanism to stress and mental health issues and is even considered a form of self-harm in some cases. For whatever reason, you find yourself overspending — or if you aren’t sure what it is driving that behavior — a personal finance coach can help overcome