What's a Money Coach & Five Benefits to having one.

Updated: Jun 1

"Money and Finance Coaches help you develop, implement and most importantly guide you through the process of getting your personal finances in order. It is more than just budgeting and getting out of debt, it’s about learning new habits and ensuring follow-through."


By: Allan R Kirby

Describing what a money coach is and top reasons why you should use one. Money and Finance Coaches help you develop, implement and most importantly guide you through the process of getting your personal finances in order.

About Money and Finance Coaches


A financial coach looks at your habits and lifestyle and helps build realistic financial goals while guiding you through the process and make adjustments when required. They are not there to just provide you more information, there is enough of that on the internet, it is more transformational,  helping you deal with the underlining issues and habits that are holding you back from actually succeeding.  This is fundamentally different than experts such as financial advisors or even personal finance gurus who provide you information on what you need to do. The problem is that they do not provide the tools you require to transform and guide you through the process.  However, Money and Finance Coaches are not therapists but they do help focus on some of the underlying issues that may be holding you back from financial success. 


“Money and Finance Coaches help individuals and couples build the bridge between financial planning and actually doing it.”

Is a Money and Finance coach worth it?


What makes a money and finance coach so effective is that instead of selling products and services, the focus is on you, the client. This a breath of fresh air, something that is missing with many financial experts. For example, I found financial advisors to focus on the products and services they want to sell you, oversimplify the entire financial investment process, and in some cases make you believe they have the secret sauce that will build your wealth quickly and effortlessly.  Maybe that is true, however, to truly take control of your financial well-being,  money and finance coaches bring not only the experience and expertise required to achieve your goals but also provide a support system to ensure you actually complete your goals.


“Why a Money and Finance Coach? they help break down obstacles and help you make good financial decisions and gain the confidence necessary to succeed with your finances. ”

Five Benefits of a Money and Finance Coach


Money and finance coaches provide sound advice and strategies to help you manage your finances, additionally, the five specific benefits of using a money and finance coach include:


o Learning about the budget process and understanding how to manage finances.

o Strategies to help reduce debt and improve spending habits.

o Understand how to build your savings and emergency funds.

o How to improve communications and discuss money with your partner and family.

o Developing ways to make smart and informed financial decisions.


A financial coach is just one of many tools you can utilize to help you with managing your finances and well-being,  it’s a new and different approach to personal finance,  keep in mind that like many other forms of learning,  there's no relationship between how much you spend on education and how much value you actually receive from it.


Be careful because if you are unable to follow through and work with a financial coach, you will not succeed. The reality is that there is a lot more commitment and financial coaches are not going to steer you into specific products and services. They will guide you and help you make sound but sometimes difficult decisions while also ensuring you build up confidence.  To me, the key is money (financial) coaches. They not only provide guidance and expertise, they provide, in my opinion, honest support, positive feedback, and of course the toughest part, making you become more accountable and help you follow through on what you have committed to. Although adjustments can be made, it’s not written in stone, it’s a journey to success.


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Final Thoughts


Money and financial coaching as an industry is a relatively small and newer field. However, I believe it’s one that definitely fills a gap that has been lacking for many years.  Specifically, I think it empowers people to be more engaged and active with their finances and breaks down the barriers necessary to succeed.  For myself, I did not use a financial coach when I set out to learn how to manage my finances Either the field really did not exist or I was not aware of it at the time. I did it all through education and just simple trial and error, but in retrospect had there been a coach available, I would have used him/her.  


Remember, you have the choice to determine the path you want to take to manage your finances. You can do it alone or you can work with a bank but maybe a personal financial coach might be the ticket your looking for to help you succeed.  


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Here are some Question and Answers on Money and Finance coaches:


Is a money and finance coach worth hiring?


Yes, as mentioned in the article the five specific benefits of using a money and finance coach include:


o Learning about the budget process and understanding how to manage finances.

o Strategies to help reduce debt and improve spending habits.

o Understand how to build your savings and emergency funds.

o How to improve communications and discuss money with your partner and family.

o Developing ways to make smart and informed financial decisions.


Money and finance coaches are worth hiring because they will not focus on selling products or services, instead, the focus is on you and how you can make the necessary financial changes to succeed.


How much does a money and financial coach cost?


Generally speaking, rates start in the low teens up to a few hundred dollars per session, usually one hour. Some money and financial coaches do bill for monthly and in some cases yearly rates, which provides a certain number of sessions per month for ongoing coaching support.



This is a MySmallBank.com blog written by Allan Kirby, who writes and produces Personal Finance articles.