6 Reasons Why Paying for a Financial Coach is the Best Money You’ll Spend

by mandyythomas4, posted in Ending Anxiety Around Money, Improving Your Relationships, Managing Your Money, Money Mindset, Organizing Your Finances, Paying Off Debt

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6 Reasons Why Paying for a Financial Coach is the Best Money You’ll Ever Spend

Brunette woman standing on a beech with a big smile

A Financial Coach is a fairly new title, so you may not be familiar with what a financial coach is and how it is different than a financial advisor, as they are two completely different careers. If you want to read more about What a Financial Coach is, you can read that post that I wrote here.

 

You might think that it is ironic to pay for advice about how to manage your everyday finances, what’s going into your account and what is coming out on a daily basis. But, that are many reasons why paying for financial advice for learning how to budget, learning how to stop living pay check to pay check, learning how to hold yourself accountable to your goals, learning how to save more money so you can achieve your financial and life goals, etc.

6 Reasons Why Hiring a Financial Coach is the Best “Expense” You’ll Ever Have

 

#1: It Will Improve the Quality of Your Relationships

The number one thing that couples fight about is money and the divorce rate is around 50%, which means that learning to improve our money situation is paramount to our relationships lasting.

When you have someone else that you can turn to, to help you improve your finances, it takes the stress out of bringing up different aspects of your finances and worrying that your spouse is going to get upset. It is very different when someone else brings something up and it is from an outside, unbiased and non-emotional perspective, versus you and your spouse trying to improve communicating about what stressed you out most.

If you are struggling to improve communicating with your partner about money, read this post that I wrote about how you can do this.

And as you get your finances organized, as you start to understand your money more and start improving your finances, your stress lowers and you show up differently in your relationship. We are energetic beings and people can feel if you are stressed, if you are worried, if you are upset, no matter what words you use. Even if you are saying that you are “fine,” people still pick up on the energy that you are putting out.

When you are experiencing less stress because your finances are improving, your energy completely changes. And when your energy changes, it has a positive effect on the people around you. It starts a positive ripple effect and it increases the vibration and energy in your relationship and it starts to feel like it used to, at the beginning before things became “complicated” or “hard.”

How your relationships are affected by money
How your relationships are affected by money

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Financial Coaching is Much More Affordable than You Think

Think of this perspective, if you think you can’t afford financial coaching and you know your relationship could be improved, that your finances are stressing you or your spouse out, that you can’t NOT afford financial coaching.

Paying a few hundred dollars to a couple thousand dollars for financial coaching will pay for itself over and over again. It will save you thousands of dollars. The price of the average divorce in Canada can typically range from $7208-$74,122 but I know many people whose divorces were in the $100,000+ range (and they weren’t even people you would consider “wealthy”). And those numbers don’t include all the costs of a divorce.

So in the big scheme of things, the cost of financial coaching is so cheap compared to what over 50% of people experience paying in the end when their relationship gets past the point of return.

Instead of looking at paying for a financial coach as an “expense,” see it as an investment in your relationship. As an investment in improving your relationship, in keeping things together and in helping you to feel fulfilled in your relationship and with your partner again.

How Your Anxiety is Affected by Your Money

#2: You Move from Analysis Paralysis to Taking Action that is Custom to Your Unique Financial Situation

So often we can consume so much information and we feel like we “know” what we need to do, but that’s all we have done is consume, we haven’t actually taken action. When you work with a financial coach, they will help you to go from feeling stuck and not taking any action, to taking action that is specific to your situation and your goals. Instead of being in the same place financially, 6 months and a year from now or even worse, you are able to be five steps forward, to be closer to your life & financial goals and you also feel less stress in your life.

#3: Working with Someone Who Has the Knowledge & Tools to Get You Where You Want to be, Reduces Your Overwhelm, Stress & Anxiety

We can watch hundreds of hours of YouTube videos, read tons of books & blogs, but if we don’t feel confident or don’t have the understanding to see the overall pictures of your finances, it makes it difficult to know where to start. It also makes it difficult to know if the action that you are taking, is aligned with your specific situation. When you feel like there are so many things you have to do, you can be left feeling overwhelmed. A financial coach will break it down into bite-sized chunks, so you are focusing on small tasks at a time, that add up big in the end.

 

Click here to download my Realistic Budget template! 


#4: Commitment and Accountability are a Huge Part of Your Success

When we are taking in free information, it is so easy to not take action on it, to not be consistent with what we know we should be doing, because you haven’t invested anything into it. You haven’t committed to yourself to put the work in and to make this happen. Information is not power, it is just potential power unless you act on it. So physically paying someone to help you with your finances, already increases your success rate, because when you have put your hard earned money down, you are going to show up. You are going to do the work and you are going to stop making excuses. Putting your money where your mouth is, is the catalyst to explode completely changing your financial situation.

I can 110% attest to this. When I first began my financial coaching career, I worked with some people, in exchange for learning how to coach them. I can tell you when my coaching was free, many people took it for granted, they would cancel on themselves, they would take half-ass action and effort and they put it off, which greatly slowed their progress. Then when I started to charge for my services, my client’s rate of success increased, they paid off more debt and faster, they saved more money and faster, their credit scores climbed faster, at the same time, as they were paying me. Because when they paid me, they listened more, they took my advice and they put the work in, therefore, reaching their goals faster.

#5: Fresh Eyes See Things You’ve Missed – AKA Money “Leaks”

When you have someone else who can look at your finances, they can quickly see things that you’ve likely missed. I call this “money leaks,” when money is coming out of your account that you don’t even realize. It’s like a bucket of water with tiny leaks in it. Even though the leaks are small, over time, it is draining the water in the bucket. Think of the water as your bank account and your money.

Whenever I work with clients, I am immediately able to see money leaks and save many people a couple hundred to a few hundred dollars a month, right off the bat. The sooner you work with someone, the sooner you can save that money. And think of it this way, the money that person helped you save, will more than pay for your coaching fees, and often, much faster than you would think.

I’ve had clients that within one month of working together, I’ve helped them save $900-$1500. Even for clients that we have saved smaller amounts, it makes a huge difference from struggling to having more wiggle room. That wiggle room means a lot more than you would think. The wiggle room translates to less stress, more opportunities and more options, less stress & anxiety & improved relationships.

 

Click here to download my Realistic Budget template! 

#6: It’s Not Just About Improving Your Finances, It’s About Improving Your Mental & Physical Health

You likely wouldn’t think of the connection between your finances and your mental and physical health. I personally have struggled with many health issues in the past, which were greatly affected by finances. I share more about my story here, to really paint a picture of how your energy, anxiety, digestive issues, sleep, and so many more symptoms, can be connected to your finances.

Not only does working with a financial coach help to improve your finances, it also helps improve your health, which also directly affects your health. When I was battling with my health in my early-mid twenties, I was going from doctor to doctor and wasn’t getting any answers. I turned to alternative health and it ended up costing me $30k+ to get my health back. I wasn’t addressing the root of the problem until many years into my health journey, which was that I was SO incredibly stressed about my finances, but I wouldn’t tell anyone because I felt so ashamed and embarrassed about it, that I never said just HOW stressed I was. Literally, I could have powered a small town with the anxiety that I was experiencing. Had I got to the root of my biggest stressor right from the beginning, that number would definitely have been less.

Side by side pictures of a woman who is exhausted to healthy afterwards
Struggling Mental Health and Anxiety due to Financially Scarce Mindset

So, if you are thinking that your finances aren’t affecting your body, your mental and physical health, think again.

When you don’t have your health, you don’t have anything else. So you can’t even begin to put a price tag on what your health is worth.

Click here to download my Realistic Budget template! 

Frequently Asked Questions about Financial Coaching

Want to find out where you really stand financially? Click “Cash Flow Confidence” Program.

 

If you want some more tips for getting your debt paid off quicker, download my free “4 Steps to Pay Off Your Debt” E-book, this gives you more in detail, the step by step actions to take, to get your debt paid off much quicker than you currently are right now.

If you are at the point where you don’t want to struggle anymore and you want to reduce your overwhelm and anxiety around money, check out my Financial Services that I offer. I work one on one to help individuals and couples manage their specific financial situation and to improve their lives by walking them through HOW to change their financial situation, step by step.

I am very active on Instagram, follow me here for more financial tips & tricks: http://instagram.com/mandyythomas (@mandyythomas)

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Do you have any questions or anything to add? Leave me a comment in the comments below and I will respond back to you!

 

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