What is a Financial Coach & Do I Need One?

While there may be a few definitions of a Financial Coach, it boils down to this: a Financial Coach is a guide to help you achieve your financial goals. No matter how big or small your goals are, without a clear path, it can be difficult to reach them. That is what a financial coach can do for you – help create a clear path for you to accomplish the goals that matter most.

Now, a biblical financial coach (or Christian money coach) is just a smidge different. A biblical financial coach does everything that a regular financial coach does, but with a faith-based twist. Instead of focusing on the worldly economy, we focus on the kingdom economy because as Christians, we know that God doesn’t do anything like the world, and neither should we.

Here’s what the bible says:

Proverbs 15:22 – “Plans fail for lack of counsel, but with many advisers they succeed.”
Proverbs 27:17 – “As iron sharpens iron, so one person sharpens another.”
Ecclesiastes 4:9-10 – “Two are better than one, because they have a good return for their labor: If either of them falls down, one can help the other up. But pity anyone who falls and has no one to help them up.”

What does a financial coach do?

This is a question I see quite often. A financial coach is essentially a guide or mentor that can help you improve your financial situation through custom financial planning, habit changes, accountability, and financial literacy education.

Financial coaching can take a variety of different forms, including:

1. Custom Financial Plans
2. Strategic Planning
3. Goal Setting
4. Budgeting
5. Habit Changes
6. Saving Strategies
7. Planning for Retirement
8. Improving Financial Wellness
9. Family Financial Planning
10. Debt Management

While this is not a fully exhaustive list of the services you may receive from a financial coach, it gives you a good idea of what you could expect or where you could get help with your finances if you’re struggling.

How can a financial coach help me?

To explain how a financial coach can help you improve your financial situation, let’s talk a little bit more about each one of these topics.

1. Custom Financial Plans

Custom financial plans are a staple in the Faithful Fortunes Financial Coaching program. Every client receives a 90-minute-deep-dive into their finances with me, Dionna Lee, where we talk about what the biggest pain points and goals are. We also discuss both short- and long-term goals that you would like to accomplish, and then how we could possibly get there.

Based on this initial conversation, I create a custom financial plan that helps you walk step-by-step to your goals, without all of the guess work. Think of it like your very own roadmap to financial success.

But that isn’t all. Once we have your plan in place, I will walk alongside you to help you accomplish your goals so that you can feel confident in every step you take towards financial success.

2. Strategic Planning Sessions

Strategic planning sessions are similar to a custom financial plan with one exception. We focus on the overall long-term goal, whether it be planning a wedding, going on vacation, retiring early, debt management, or something else, and we create a long-term roadmap that will help you create the life you want beyond our coaching sessions.

While I would love to keep working with you long-term, if I do my job correctly, you won’t need me beyond our sessions. And that’s my goal, for you to reach confidence in your financial situation and your ability to make choices with your money that will benefit you later in life.

I always say, don’t gratify your “today self” and make your “tomorrow self” pay for it. Meaning, don’t satisfy your immediate desires without considering the long-term consequences.

3. Goal Setting

In financial coaching, I help people like you set goals to take charge of your money and secure your future. It’s not just about dreaming big; it’s about making practical plans. We work together to figure out what’s important to you and where you want to be financially.

Whether it’s getting rid of debt, saving for a house, or retiring comfortably, we set clear targets with specific steps to get there. We keep things simple and easy to understand, making sure you know exactly what you need to do. And as life changes, we adjust those goals to keep you moving forward. Think of it like having a roadmap for your finances, guiding you towards a future where money isn’t a worry.

4. Budgeting

When it comes to budgeting, I’m here to help you take control of your spending and make your money work for you.

Now, now. I know budgeting is no one’s favorite thing, but it is one of the most important things you must do if you want to reach financial freedom, independence, and success.

Budgeting is all about knowing where your money is going and making sure it’s going where you want it to. Together, we’ll lay out a plan for how much you want to spend on things like groceries, bills, and fun stuff each month.

We’ll figure out where you can cut back and where you can splurge a little. And don’t worry, we’ll keep it simple and easy to follow. Budgeting isn’t about restricting yourself; it’s about being intentional with your money so you can reach your goals without stressing about finances. Think of it like giving your money a job and making sure it’s doing it well.

5. Habit Changes

If you think habits have nothing to do with your success with money, let me tell you… habits can either make or break your future.

Let’s look at 2 different scenarios really quick.

Consider Bob and Jerry.

Bob loves to treat himself out to a special lunch a few times per week when he feels he’s earned it. Sometimes this can be a quick $5 hot dog at the local stand in front of his work (thinking New York here), or it could be a nice meal with his lovely wife when their schedules are open. Maybe, it’s a simple coffee to start his day off right.

Now Jerry, loves to eat out but prefers to plan his meals out ahead of time. He chooses 1 meal per week and sets himself a budget.

Now, I know you see where I’m going with this.

Who’s going to have the better financial outcome? Bob, who acts impulsively when he “deserves it”, or Jerry who acts strategically and plans it?

Of course it’s Jerry!

You see, my point is that even if your simple habit isn’t going to lunch multiple times a week or buying costly coffees everyday (have you seen the price of coffee out lately?!), if you’re not intentional about how you handle your money, it can easily set you up for financial stagnation, if not failure.

So, when it comes to changing habits, I’m here to guide you through making small, sustainable tweaks that can lead to big improvements in your life. We’ll start by identifying which habits you want to change and why they’re important to you. Then, we’ll break them down into manageable steps, focusing on one at a time.

It’s all about building new routines and behaviors that support your goals. I’ll be here to cheer you on and help you stay accountable along the way. Remember, it’s okay to stumble sometimes; what matters is getting back up and keeping going. Together, we’ll create lasting changes that move you closer to the life you want to live.

6. Saving Strategies

Let’s talk about saving strategies – We’ll start by figuring out your saving goals, whether it’s for an emergency fund, a dream vacation, or retirement. Then, we’ll explore different ways to save that fit your lifestyle, like automatic transfers or setting up a separate savings account.

I’ll show you some tricks to cut back on expenses without feeling like you’re missing out on fun stuff. And hey, we’ll celebrate every little win along the way! Saving isn’t about depriving yourself; it’s about giving yourself peace of mind and the freedom to do what you love. Together, we’ll turn saving into a superpower that helps you build the future you’ve always wanted.

7. Planning for Retirement

If you haven’t been thinking about retirement, now’s the time!

Sometimes we like to ignore this and think we’ll play catchup later, but the truth is, it’s so much easier to just get started! That’s why, our first step in retirement planning is to figure out when you want to retire and what kind of lifestyle you envision. Then, we’ll crunch some numbers to see how much you’ll need to save to make that dream a reality.

Don’t worry, I’ll break it down into easy-to-understand steps. We’ll explore different retirement accounts, like 401(k)s or IRAs, and how to make the most of them. And we’ll keep adjusting your plan as life throws curveballs your way. Retirement isn’t just about kicking back and relaxing; it’s about living your best life on your terms. Together, we’ll make sure you’re ready to embrace every moment of it.

8. Improving Financial Wellness

“What is financial wellness?”, you may ask. Well let’s put it this way – it’s like giving your wallet a spa day and your peace of mind a boost!

Now, I get it. That may sound a little silly, but just like taking care of your body and mind, taking care of your finances is essential for overall well-being. In order for you to make any improvements to your finances, you must first assess where you are right now.

So, together we’ll start by assessing your current financial situation and identifying areas where you can make positive changes. From there, we’ll work together to create a personalized plan to help you achieve your financial goals and reduce stress.

Whether it’s creating a budget, paying off debt, or saving for the future, I’ll provide guidance and support every step of the way. Think of it as a journey towards financial freedom and greater happiness. With the right tools and mindset, you can transform your financial health and live life to the fullest.

9. Family Financial Planning

Let’s talk about family financial planning – it’s like creating a roadmap for your family’s future prosperity! From setting goals to navigating unexpected expenses, I’m here to help your family build a solid financial foundation. We’ll start by understanding your family’s unique needs, priorities, and dreams.

Then, we’ll craft a comprehensive plan that covers everything from budgeting and saving to investing and insurance. Together, we’ll ensure that your family is prepared for whatever life throws your way, whether it’s buying a home, saving for college, or planning for retirement. With careful planning and smart decisions, we’ll pave the way for a brighter financial future for you and your loved ones.

10. Debt Management

Ugh, debt! Am I right? It’s everyone’s arch nemesis. You think you’ve beat it, but here it comes, creeping back up on you again.

Rest assured, if you’re struggling with debt, you are not alone.

With debt management, we’ll assess your current debt situation and create a plan to pay it off strategically. We’ll prioritize your debts, explore options for consolidation or negotiation, and find ways to reduce interest rates or fees wherever possible.

I’ll equip you with practical tools and techniques to stay on track, like budgeting effectively and making extra payments when you can. We’ll celebrate each milestone along the way, knowing that with persistence and determination, we’ll break free from the burden of debt and pave the way for a brighter financial future.

What does a financial coaching session look like?

While a financial coaching session may look different for each client, it typically goes like this…

1. Initial consultation – together we’ll discuss your current situation including your debt, goals, wants, and needs and determine if financial coaching is right for you.
   
2. Strategic Planning Session 1 – We’ll take a 90-minute-deep dive into your financial situation and talk about what matters most to you, so that I can understand the best way to help you meet your financial goals. Following this session, I will craft a custom roadmap or financial plan to help you reach your goals.
   
3. Strategic Planning Session 2 – We’ll review your custom financial plan and talk about the necessary steps to take to reach your goals. From there, we’ll continue meeting every month (depending upon the length of coaching you choose) to ensure you are making progress towards your goals.

This is a typical run-down of what coaching looks like at the start for each client, but I really believe coaching should be individualized and on a 1:1 basis and should fit the needs of the client I am working with.

Is financial coaching worth it?

Financial coaching can be a huge benefit if you’re willing and ready to put in the work. And it can help you achieve great things in your finances without all of the “figuring it out”.

Hear what some of my clients have had to say…

Can I talk to someone about financial coaching?

If you’d like to learn more about how financial coaching can help you, please reach out. I’d love to talk to you about your financial goals and see if coaching is right for you.

Links & Resources for You! 

30-Day Money Makeover – Ready to align your finances with God’s plan? Join us on this transformative 30-day journey to financial freedom guided by biblical principles! Let’s steward our resources wisely and watch God’s blessings overflow! 

Budget & Bill Planner – Take control of your finances with our Budget & Bill Planner! Organize your expenses, track your bills, and honor God with faithful stewardship! Let’s manage our finances with wisdom and glorify Him in all we do! 

For more FREE RESOURCES, check out our resources page here >> Faithful Fortunes Free Resources

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