Money Mentor is Prepare + Prosper’s free financial coaching program. In Money Mentors, participants work one-on-one with a volunteer coach once a month for six months. What exactly is a coach? What’s the benefit? Check out Claudia’s list of reasons why. New participants are being accepted through March 31. Interested? Apply today!
1 Your financial coach is your accountability partner
How many times have you said to yourself, “I’m going to start sticking to a budget… next month”? It’s easy to put off your goals when you know you can always start tomorrow, or when your goal is just a dream in your own head. When you work with a financial coach, not only do you have to say the goal out loud, to another person, you know that your coach is going to ask you about your progress the next time you see them. Just when you think you can put off paying that credit card bill one more month, you might get a friendly text from your coach asking about your progress. Having a financial coach is like having a little angel on your shoulder reminding you to stay on track.
2 Financial coaching puts you in the driver’s seat
A financial coach isn’t there to tell you what to do with your money. They’re there to help you figure out where you want to go and work with you to make a plan to get you there. You are the expert in your own financial life. For one person it might be putting all of their bills on auto pay so they don’t miss any payments. For someone else, it might be creating a bill calendar so they know exactly which bills need to come out of each paycheck without over drafting their account. There’s no perfect way to manage your money, it’s just a matter of finding what’s going to work for you. Your financial coach will help you brainstorm ways to take small manageable steps to get your closer to your goals. And if something doesn’t work, they’ll help you find something that does so you can be in control of your own finances.
3 Put your money where your values are
The goal of financial coaching is for you to become your best financial self. Does that mean buying a house? Traveling the world? Sending your kids to the best schools? Being debt free? Whatever it means to you, your financial coach can help you make the decisions that will get your closer to being that person.
4 Get a fresh perspective
Sometimes we feel like we’re trying the same strategies over and over again and expecting different results. It’s hard to get out of a rut! Your financial coach can act as a fresh set of eyes on your financial situation. They can look at your budget without bias and help you see patterns that you might be overlooking. They also might have some tricks for you that you haven’t tried yet. It might feel scary to have a new person looking at your finances, but a trained financial coach is there to support you and be your advocate in reaching your financial goals.
5 A financial coach is your own personal cheerleader
Dealing with your finances can be overwhelming and emotional. It can be hard to know where to begin and even harder to stay motivated once you do. Wouldn’t it be great to have a cheerleader on the sidelines encouraging you along the way? The role of a financial coach is to help you see the bright side of your situation and believe in you as you conquer your financial “to do” list. Your goals are their goals and you work together as a team. Whether you need a gentle nudge or a firm push, they can keep you moving in the right direction.
