What Is a Financial Coach?

When someone tells you they have a coach, the first thing you might think is that they’re training for a huge race or an epic hike. And while that could be true, coaches aren’t just for athletes anymore. In fact, now there’s a coach for just about anything you need, and every coach has their own specialty:

• Life coaching
• Personal coaching
• Career coaching
• Leadership coaching
• Financial coaching

A financial coach is a trained money expert who meets you where you are and uses language you can understand. If you choose to work with a financial coach, the experience can be a game changer. They can help you stick to a budget, cheer you on as you attack your debt, and help you gain more confidence in your personal finances.

Pay off debt fast and save more money with Financial Peace University.

With a financial coach in your corner, you can overcome money stress and get financial peace. And who doesn’t want that?

What Is a Financial Coach?

A financial coach is a guide (and a money whiz) who joins you on your journey. They’re there to help—think of them as your personal cheerleader. As a trained money expert, they’ll teach you how to:

• Set money goals
• Create (and stick to) a budget
• Eliminate your debt
• Change your money habits for good

And the best part? A personal financial crisis isn’t required! You’ll benefit from working with a financial coach even if you feel like things are going pretty well. When it comes down to it, we all have something to learn about how we can manage our money better. And if you change your money habits, that changes everything.

It’s important to remember that, while financial coaches help all kinds of people in all kinds of ways, they’re not legally able to give you investment advice. (If you’re looking for that, you’ll need to talk with an investment pro.)

What Does a Financial Coach Do?

At this point, you might be thinking to yourself, Wow, this sounds really great. Heck, maybe you’re thinking of connecting with a financial coach yourself. And you should!

But first, it’ll help to know what a coach does. Every coaching session is a little different. Typically, a financial coach will:

• Help you uncover your financial goals
• Work with you to make a plan (so you’ll actually achieve those goals)
• Hold you accountable to that plan (with a budget that works)
• Keep you informed with expert guidance and money tips
• Help you change your money behaviors
• Cheer you on through all your wins—from small to big

The best coaches understand what you’re going through because so many of them have been there themselves. They might even nudge you out of your comfort zone a little. Why? They know from experience that it’ll be worth it.

And unlike a lot of credit counseling services, which often only step in when things are going south, financial coaches walk with you through your entire money journey—whether you’re getting out of debt, building wealth, or just trying to make smarter choices.

But remember, you are the one who makes progress happen in your life—because your coach doesn’t do the work for you. You do. And that means you get all the (well-deserved) credit for your wins!

A financial coach can help change behaviors.

Making your money do what you want it to isn’t about what you know—it’s about what you do. In other words, there’s a why behind every action. We often do stuff because of how it makes us feel.

You may be looking for a coach because you feel like you have no control over your money. But personal financial coaching is a process that can teach you how to make a plan—and help you stick to it even when it’s hard. Once you’ve proven to yourself that you really can change some of those old habits, that pesky out-of-control feeling will be long gone. And that’s the kind of stuff that can change you for life.

That’s why money coaching is a process—an ongoing relationship—not a one-time transaction. Your financial coach isn’t just there to give you a to-do list (heck, an app could do that). Nope. They’re a real person who’s passionate about helping you for real, and they’ve got your back when you have questions or need a little encouragement to keep going.

A financial coach helps you set financial goals that make sense.

Your financial coach knows goals are never one-size-fits-all, so they’ll help you set goals that make sense for you, like:

• Paying off your debt
• Building your emergency fund
• Saving for your house, a vacation or retirement
• Starting a business

Whenever and however you set financial goals, they have to be yours. Because if you don’t own your goals (or if they don’t make sense for you), you won’t feel a deep desire to achieve them. And if your goals don’t make sense, you’re back to square one. So coaches help you set goals that make sense for you—and help you stick with your plan.

Take it step by step.

The coaching process isn’t always easy, so don’t expect to see instant improvement. It’s a step-by-step process, and it takes time. Making big changes isn’t easy or quick—but there’s a light at the end of the tunnel.

Your financial coach can walk with you through the hard stuff. If you’re in a tough place with your money right now, you know at least two things: It didn’t happen overnight. And neither will getting out of it. But your coach understands making progress and achieving goals is so worth it, which is why they're your biggest fan.

How to Find the Right Financial Coach

Listen, finding a coach you can trust can be tough. It’s not easy being vulnerable about this stuff. But at the very least, you know you want a coach who:

• Offers real help that actually works
• Knows their stuff thanks to top-notch training
• Has the heart of a teacher
• Truly hears you

Want a simple, trusted way to do that? Good news! There’s a national network of Ramsey Preferred Coaches (RPCs) who understand exactly what you want and need. And they’re ready to help you!

Each of these professional financial coaches shares the same philosophies on money that Dave Ramsey has been teaching for more than 30 years. Talk to an RPC and book your free consultation now.

How to Pay for Financial Coaching

By now, you might be sold on this whole financial coaching thing. But here’s the million-dollar question: How the heck am I supposed to afford a financial coach, especially if I’m already struggling with money? That’s the reason I need one in the first place!

Hey, don’t sweat it. The good news is, it’s completely possible to afford a financial coach. First, you need to look at financial coaching as an investment. And with a good coach, the value and insight you’ll get back is worth way more than what you’ll put into it. Here are a few solid ways to get it done:

• Make a budget. If you don’t have a budget yet, you need one. Honestly, none of this works without it. Why? Because when you give every dollar a job, you take control of your spending—and you might even discover you have more money than you thought. Take that extra cash and put it to good use. Hire that coach!
• Reassess your priorities and cut spending. When you’re looking at your budget, see if there are any areas you can trim or cut. That might mean brewing your coffee at home and skipping the $8 daily lattes for a bit. Or maybe it’s nixing that streaming service you never use. Check it out—you might be surprised how much you can actually trim to put toward something more useful (you know, like a financial coach).
• Find ways to save on expenses. While there are some things you simply can’t cut out of your budget (food, utilities, shelter, transportation), you can look for ways to save some money. Hacks like taking shorter showers, adjusting the thermostat before you leave the house, and some good old-fashioned carpooling can free up a decent chunk of extra cash.
• Make extra money. That means side hustles, baby! If you can do it without taking away from your nine-to-five or adding too much extra stress to your life, there are tons of opportunities to bring in some extra cash. Look into delivering groceries, driving for a ride-share service, mowing lawns, or snatching up a few freelance gigs.

Bottom line? When you make space in your budget (because, again, nothing works without one), you make space for real change. And with a few smart tweaks—and maybe a little extra income—you can bring a coach on board to help you chase your money goals.

How to Become a Financial Coach

Maybe you landed on this article not because you’re looking to hire a financial coach but because you want to become one! If you’re inspired and believe you have what it takes to help others overcome their money stress, launching your own financial coaching business could be a perfect fit.

Here are a few good questions to ask yourself before diving in:

• Do you want to make a bigger difference in people’s lives?
• Do you want to fill a need in your community?
• Do you want to help people through tough times?

If you answered yes to all, you might have discovered a true, purpose-driven calling in financial coaching. The best part? You don’t have to be at the finish line of your own financial journey to get started. In fact, this could be a great way to keep yourself accountable by practicing what you preach.

But what you do need is top-notch training and certification.

We’ve been training coaches for a long time here at Ramsey Solutions. Our Financial Coach Master Training online course is the best way to kick-start your financial coaching practice. We train and support thousands of coaches in the art and science of guiding their clients from confusion to success. Want to work with the best?

There’s an open seat with your name on it!