Military Finances 101: What is Financial Coaching?Managing Your Finances
Today's Blog Post Was Written by Financial Coach, Tonia Peasley
Your Relationship With Money is OK
Do you find yourself wanting to do better managing your funds? Are you looking to invest but are not sure where to start? You may have read our previous blog post on deciding if Financial Therapy is right for you and, after reading, you have decided your relationship with money seems to be in line. You have discerned that you are not an impulse shopper, nor do you feel you have extreme behaviors when it comes to money management.
If any of the above statements describes you, Financial Coaching might be what you are looking for. Coaching is not designed to be a "therapeutic relationship.” Instead, it is designed to provide you with one-on-one sessions to "coach" you on financial tools and education. The tools provided, help you make improvements to your spending habits and develop a path to meeting your financial goals. Coaching is a program that can help you start the process of building assets while also identifying any challenges you might face concerning how you view money in your life.
Where Did You Learn About Money?
Let's face it, most of us learn our money habits from our parents or peers; a practice which may lead you to having an unhealthy relationship with money. Or, maybe you just don't know that your current habits are not well suited to your lifestyle (nor your pocketbook for that matter). Working with a Financial Coach helps you focus on changing your behavior and provides a solid plan to organize and establish the building blocks required to set goals and stick with them. Financial Coaching is not a "spectator sport"; You are an active participant in the relationship, and success will be determined by the amount of effort you devote.
Financial Goals and Accountability for Military Officers and NCOs
A Financial Coach provides life lessons based on knowledge and accountability, and helps you form realistic goals. These goals are your own, not some pre-defined objectives, and help create a program specifically for you. A Coach will follow up with you and check in on your progress as you work towards these goals. Throughout the program, your Coach will address issues in your spending and change your financial behaviors to achieve the end result. The only way to address such issues is to have tools at your disposal that will help you re-define how you spend and save. Maybe you have multiple forms of debt you just don't know how to tackle; A Financial Coach will help you prioritize the debt, based on certain criteria, to help you find success in becoming debt-free.
Working with a Financial Coach can provide lessons and tools that will help you throughout your entire life as situations present themselves and changes need to be made. If you have questions, or maybe want to explore Financial Coaching more in-depth, we here at C.L.Sheldon & Company would love to help you walk down the right path.
If you liked this article, you might enjoy the following blog posts:
Military Finances 101: 8 Tax Pros and Cons After "I Do"
Military Finances 101: 15 Must-Know Financial Terms
Military Finances 101: What is the Time Value of Money (TVM)?