If thinking about money is stressful, it may help to talk with a financial therapist. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website.
Assistance Managing Debt & Improving your Credit score
The revenue these partnerships generate gives us the opportunity to pay our great team of writers for their work, as well as continue to improve the website and its content. The challenge isn’t how to Financial coaching for millennials make more money, it’s how to make and use money to live a life you love, with time and space for yourself. At no extra cost to you, some or all of the products featured below are from partners who may compensate us for your click. This does not influence our recommendations or editorial integrity, but it does help us keep the site running. Coaches know that if they do this work for you, once your work together is done you’re much more likely to return to your old ways without any long-term improvement to your finances. Someone on our team will connect you with a financial professional in our network holding the correct designation and expertise.
The Financial Coaching Game
There are no official licensing requirements to become a financial coach. That being said, most financial coaches usually have at least some training in finance. They may have professional licenses, a degree, or years of experience in the financial industry. Some even choose to get accredited through an independent agency, like the Association for Financial Counseling and Planning Education (AFCPE). A financial coach is a person who is trained (and trusted) to look at your finances and identify opportunities to better manage your money. Instead of making decisions for you, they’ll focus more on teaching you money management skills to help you become more confident in reaching your financial goals and build a solid financial foundation. Financial coaches typically meet with their clients on an ongoing basis to work toward a specific financial goal.
They typically have extensive knowledge of investment strategies, retirement planning, estate planning, tax optimization, and risk management. Some financial coaches are volunteers, such as retirees with other sources of income. Some may work for organizations that pay them to provide coaching services. If you plan to hire a financial coach to work with you, you’ll likely pay them either an hourly rate or a flat rate for a package of services. The CFPB had launched its own financial coaching initiative two years earlier to provide guidance to military veterans making the transition to civilian life as well as to economically vulnerable consumers. Most people who work with a financial coach are looking for someone to take a look at how they have been spending their money, then helping them make decisions on what might need to change. Next they’ll work with you over subsequent sessions to see what works and doesn’t work so that you can work toward your bigger goals like paying off debt and/or saving for future goals.
I personally use Calendly, but you can use ScheduleOnce, Acuity, etc., with, I’m sure, similar results. The main reason to have this is to limit email back-and-forth about scheduling, which is obnoxious. It’s pretty good and isn’t too difficult to set up campaigns, email automation, etc. That being said, there are some features that I feel should be standard that they’re just testing out in beta. I’m sure I could be doing 99% of the same things with a free version of MailChimp, but there’s just too much of a switching cost at this point. You will not be good the first time you try to do something, but don’t let that discourage you.
Financial coaching is distinct from traditional financial advising or planning, as it focuses on the behavioral and psychological aspects of money management, rather than solely on investment strategies or financial products. It can be conducted one-on-one, in group settings, in person, or online. 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. A financial coach is a trained money expert, only they meet you where you are and use 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.
I’ve used QuickBooks Online in the past and it’s pretty good (has come a looooong way), but ultimately heard great things about Xero and wanted to give it a shot. It’s built specifically for small business and I really like it and would recommend it. The only issue is, it doesn’t offer ACH integration (QuickBooks Online does for $.50/transaction). This is a great way to reduce credit card transaction fees, which can be a lot. I’ve had to use a third-party workaround for $30, and while it saves me that and more by processing fewer credit cards, it was a bit of a pain to set up. Essentially, you’ll need to take some time to test out what works best and tweak as you go.