What Is a Financial Coach (and How Can They Help You)?

Making money and then wondering where it went is like punching yourself in a fistfight. That may sound a little over the top, but it’s true! And 78% of Americans are doing just that: living paycheck to paycheck and wondering where their money is going every single month.¹

But how do you get out of the seemingly endless paycheck-to-paycheck cycle? Well . . . by doing things differently than you’ve ever done them. And part of doing things differently is knowing when (and who) to ask for help. In this case, it’s time to bring in a coach—a financial coach.

What Is a Financial Coach?

A financial coach is a trained money professional who can help you make good decisions with your money from the minute you get paid to the minute you budget your last dollar.

When you work with a financial coach, you’ll become more aware of your money habits (the good, the bad and the ugly). Why is that important? Because when you work on your money habits, it changes everything. Believe it or not, money isn’t just a math issue—it’s a behavior issue.

A financial coach can show you how to overcome your stress, fear and yep—the lack of a plan for your money. Can’t you feel the stress melting away just thinking about the freedom and security you’ll gain?

Here’s the best part: Your financial coach is in your corner! They don’t judge, criticize or money shame. And they know exactly how to help you escape the hamster wheel of living paycheck to paycheck.

What Does a Financial Coach Do?

A financial coach will help you uncover your financial goals and then give you an action plan to help you reach them. Any good financial coach knows how to connect the dots from where you are now to where you want to be. But most importantly, they’ll offer you hope. This is the kind of hope that will help you go places. Your financial coach is going to understand exactly what you’re going through because chances are, they’ve been there.

But they’re not going to do all the dirty work for you. Nope. Your coach’s job is to help you change the way you handle money, but you’ve got to do the hard work.

Remember: Working with a financial coach is like working with a personal trainer. But instead of building your muscles, they’ll help you build your financial strength. Your financial coach will show you the ropes, but you’ve got to do the heavy lifting. Their job is to hold you accountable to the goals you set and encourage you when you feel like giving up—and help you celebrate milestones along the way!

How Does a Financial Coach Help?

When you invite a financial coach into your money problems, you’re inviting them into your life. And as we all know, asking for help can be hard. But living life in a cycle of debt and money fights with your spouse is even harder. And you’re already doing that, right?

When you work with a financial coach, they’ll go back to the basics of budgeting and getting out of debt. They’ll also guide you on how to set and reach your financial goals—for the next few months all the way to 20 years down the road. But a good coach knows financial goals aren’t a one-size-fits-all situation. They’ll help you choose the ones that make sense for you.

Set Financial Goals That Make Sense

• Pay off debt.
• Build an emergency fund.
• Save for a house.
• Save for a vacation.
• Save for retirement.
• Start a business.

All of these are great money goals, but that doesn’t mean they’re the right goals for you. And even if they are, the ones you choose as your highest priority may not be the same ones someone else would choose.

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That’s the biggest thing about setting financial goals—they have to be yours. If you don’t own them (or if they don’t make sense), you’re going to have a harder time achieving them. That’s where your coach comes in. Let them help you get to the root of where you want to go with your life. They’ll help you fine-tune your goals to help you get there.

Take It Step by Step

If you’re sick and tired of going nowhere with your money, it’s time for a big change. And the only way to make a big change is to start by taking one small step. That small step is finding a financial coach. A good coach is going to walk with you as you deal with the aftermath of money gone wrong and get you on the path to money done right.

But maybe living paycheck to paycheck is a thing of your past. If you’re more interested in learning how to take your finances to the next level, a financial coach can help you with that too!

How to Find the Right Financial Coach

Now, finding a coach with the same philosophy about money you have—or the same one you’d like to have—can be tough. Advisors who work for financial institutions or banks often teach some of the things that’ll help you take control of your money. But instead of having you cut up your credit card altogether, for example, they might just help you pay it off and then encourage you to use it “responsibly.”

Let’s be honest—that’s not a good plan for your money, and you’ll most likely end up right back where you started.

You’re looking for real help. You want someone with the heart of a teacher who will sit with you knee to knee, look at your entire situation, and help you come up with a step-by-step plan. You want the hope that you can change your life, and you want solutions that’ll actually help you get—and stay—there.

There’s a network of financial coaches all over the country who can give you hope and real solutions. These trained pros are called Ramsey Solutions Master Financial Coaches, and they understand you. Many of them have been where you are, and they all share the same philosophies on money that Dave Ramsey’s been teaching for more than 20 years.

Ready to save more, build better habits, and make stronger decisions for your future? Find a coach in your area today! And if you’re not sure if a coach is right for you (or if you have some financial questions), start with a free 15-minute consultation.