By Tokiso TKay Nthebe
We all have a relationship with money, whether it is positive, neutral or negative; the relationship exists. In today’s fast paced world, keeping up with the daily financial needs and navigating where your money goes, all while trying to nurture a healthier and stable relationship with your money can be daunting.
People have the best intentions to achieve their financial goals and map out a clear plan to get there, however, many struggle with financial discipline required and do not follow through. Can working with a financial coach help you achieve your goals?
What is a financial coach?
A financial coach, unlike a traditional financial planner or advisor is someone who walks the money journey with you, supports and helps you navigate the financial complexities, emotions, behaviour and limiting beliefs. A financial coach spends time developing a personalised plan to guide you from where you are to where you want to be. Through coaching, he or she will help you understand your behaviour, patterns and clarify the financial goals you wish to achieve. Lastly, a coach plays an important role of holding you accountable as you work towards improving your finances and relationship with money.
How can working with a financial coach help you?
Do you feel like there is a lot of clutter in your mind and you are unsure about what to prioritise? There are many benefits one can derive from working with a financial coach. As aforementioned, a financial coach is your financial accountability partner, supporting and helping you to improve your financial situation, change behaviour and achieve your financial goals.
- Help you clarify your financial goals
A financial coach will help you clearly define your financial goals, rank them in order of priority and then develop a plan. If you are looking to build savings for rainy days, pay off a debt or start investing, a financial coach will guide you.
- Help you understand your beliefs, values and attitudes
We all have beliefs, perceptions and experiences about money, shaped and influenced by our upbringing. All of these have shaped our values, attitudes or motives about how we relate to, use and spend our money. With the help of a financial coach, you will confront the limiting beliefs, work through your money scripts, attitudes and identity your money personality, helping you align your financial goals and financial plan to your beliefs about money.
- Improve, understand behaviour and patterns
One of the key reasons that people struggle to achieve their financial goals is because of unhealthy behaviour, patterns and bad habits that hold them back. Financial coaches do not only provide financial advice but help you to identify the root cause of unhealthy financial or spending habits to influence your financial decisions. Once identified, the coach will help you develop positive behaviour and habits.
- Learn money management skills
Another benefit of working with a financial coach is an opportunity to learn money management skills such as budgeting, building an emergency fund, debt repayment strategies and overall financial planning. As you work through your financial situation, financial coaches will help you improve your financial literacy skills and knowledge.
- Accountability and financial confidence
Navigating and managing one’s finances can be overwhelming and stressful. Having someone to walk the journey with provides some kind of relief. Financial coaches are accountability partners that motivate you to get things done, cheering you all the way. Not only will this help you get things done, but give you confidence to push to build savings, pay off debts and take control of your finances.
As a financial coach, I have witnessed how my clients’ finances and lives have been transformed. Through the financial coaching program, they are more empowered to make informed financial decisions, have reduced the financial stress and anxiety and have financial confidence. I encourage you to invest in a financial coach and give yourself permission to transform your finances and achieve your goals.
Tokiso TKay Nthebe is an author, podcast host, financial coach and advisor at TKO Financial Wellness & Advisory who is passionate about financial wellness, education and financial planning.
For more visit www.tkofinancialwellness.com or email info@tkofinancialwellnes.com
