Financial coaching is having one-on-one sessions with participants to assist them in fulfilling their life goals. This is completed between a coach and the participant through encouragement, advice and the drive of the financial participant. A coach can be a great asset to have because they can a guide to self-control and can adjust to the participants ever changing financial needs and situations. Coaches are not “experts” but largely assist the financial participant in setting out realistic goals and ongoing behavior change.
All financial participants travel through different parts of life and that includes college, having a family, career changes, health concerns, mortgages and so on. The purpose of financial coaching is to set goals and again, these are goals that will be set up by the coachee. To achieve goals, a plan must be implemented and some type of accountability should be set so that goals are reached. The whole point is to move the participant forward by becoming aware of any problems that are preventing them to reach financial wellness and addressing those problems through behavioral changes like building skills, monitoring credit scores, savings, and debt repayment.