5 ways a coach can help you manage your money

When the topic of money comes up, many of us flinch. Perhaps we’re not doing as well financially as we’d like, perhaps we find it tough to talk about money or maybe it’s something we don’t feel we truly understand. For me, it’s probably a healthy mix of all three.

Considering it’s made of paper and metal, it’s surprising how loaded money can be emotionally. Or, to be more accurate, how loaded the idea of money can be. Because, let’s face it – money itself has no motive or morality. It cannot be ‘evil’ or ‘good’. The way we perceive money is what gives it the power and hold over us.  

So how can we change this perception, stop the subject of money being something we recoil against, and learn how to manage our finances in a positive way? There are several routes you can take, including self-education, but if you’re looking to really uproot and change unhealthy habits and beliefs, seeking support from a financial coach can be invaluable.

Here are just a few ways a coach can help you manage your money.

1. Change limiting beliefs around money

The beliefs we hold about the world (including those about money) are usually formed in our younger years and may be influenced by our parents, care-givers or other authoritative figures in our lives. Sometimes these beliefs we develop become limiting as they hold us back. For example, I was always ‘bad’ at maths (or so my teachers would lead me to believe) and since then, anything relating to numbers feels overwhelming.

This belief I have, that I’m ‘bad’ with numbers, can often hold me back from learning more about money. The aim of a financial coach here is to help you recognise any limiting beliefs you have around money and change them to be more positive. This really is the foundational work needed to make lasting change in your habits and behaviours.

2. Improve financial awareness

Burying our heads in the sand when it comes to money often feels like a natural reaction when we have a poor relationship with it. By doing this, however, we’re only making things worse. When we improve our awareness of our own finances – what’s coming in and going out – we gain clarity and can make more informed decisions.

Working with a coach can help you do this as they guide you through different ways to increase awareness. Once you understand your own situation better, you may want to start learning about other financial elements like investments, tax or pensions. Knowledge is power and never is this more true than in the finance world. 

3. Set financial goals

Whether you want to start saving for a deposit on a house or find a way of increasing your income, setting financial goals is an essential part of money management. Goal setting, encouraging accountability and taking action are skills all coaches have.

The simple act of attending regular sessions with them will give you space and time to work out what financial goals you want to set and how you can realistically achieve them. Their presence serves as accountability as you report your progress to them in each session. If you find it tough to stay motivated with goals, working with a coach could be an ideal solution.

4 Set prices for your products/services

If you own your own business that sells products or services, at some point you’ll need to set your prices. Depending on your business, this can feel surprisingly difficult as you put a monetary value on something you provide. With all the emotions this process can bring up, it’s no surprise it’s a common concern people come to coaching for.

A coach can help you figure out how to make your business more sustainable, both financially and emotionally so you don’t burn out. Setting your prices with this in mind puts you in good stead for a long-lasting, successful business. 

5. Diversifying income streams

The way we work is changing and many people are keen to have multiple streams of income, not only to fulfil different passions but as a precaution in case one stream falls through. Whether you want to start a side-hustle or simply add more strings to your bow in your current career/business, a coach can help. 

Often coming from a background in finance, many financial coaches will have the experience and knowledge to help you identify which income streams could work for you and your skillset. 

If you feel ready to invest in a financial coach who’ll help you achieve your goals and improve your relationship with money, use our tool to find a coach today.