Do you ever feel like for every two steps you take forward financially you take one back? Money coaching can help with that! This type of coaching reveals the reasons why you make the financial decisions that you do. The number of patterns and behaviors we all pick up on subconsciously when growing up is astounding. You may not realize that these still impact you as an adult, but they often do. Money coaching is beneficial for both individuals and couples.
Here’s a harsh reality: our society values money over everything else. Taking that into consideration, it is extremely important to understand your relationship with it. This is easier said than done because, to some extent, money is a taboo topic for many, like politics and religion. However, in order to lower any financial anxiety that you're experiencing (don’t lie, this happens to us all) you must be able to openly communicate with others, such as partners and hired professionals.
Without a doubt, more traditional styles of financial planning are often helpful. However, in regard to couples, if you can’t communicate well with each other about financial topics and you don’t understand what’s causing this disconnect it’s likely that your best-laid plans will eventually fall apart. Another reason this service is so beneficial for couples is because money affects every area of a relationship. You’ve probably heard the classic saying, “There are two major causes of divorce: money issues and intimacy issues.” Believe it or not, the two are usually connected.
Money coaching not only helps to get couples back on the same page, but it also identifies the financial patterns and behaviors of each individual, and importantly the genesis of these subconscious biases. Once you are able to openly discuss money and understand more about how your past affects how you make decisions in the present, you’ll have a better idea of what changes need to be made. If you haven’t been able to stick to a financial plan before, money coaching can help you figure out, and remove, whatever issues were blocking you on the road to success.
How can you know that you’ll benefit from a money coaching program? If you’re at your wits end and unable to stick to a personal, joint, or family financial plan this could be a good step for you. Even if you’re so frustrated that you’ve reached your breaking point, as long as you’re open to receiving help, money coaching will benefit you. Here are some more specific examples of behaviors and feelings that could be addressed with money coaching…
• You repress your feelings and beliefs to avoid confrontation when having discussions around money with your significant other.
• You are fearful, anxious or indecisive when it comes to making decisions around money.
• You are prone to blaming others when it comes to your money problems.
• You feel powerless or resentful when making money-related decisions.
• You are secretive when having discussions around money with your significant other.
• You hide your spending from your significant other.
• You feel like you are continually sacrificing for other members of your family while never buying even small things for yourself.
• You feel like you are undisciplined and financial irresponsible.
• You are overly generous when it comes to money.
• You live in the moment, spend money, then deal with any consequences later.
• You are totally detached when it comes to money decisions.
• You are controlling, rigid, manipulative or oppressive towards others when dealing with money.
The first step of the money coaching process actually requires you to take a quiz that will reveal which behaviors and attitudes you most need to address through telling you your “money type.” There are eight of these: The Victim, The Warrior, The Martyr, The Fool, The Creator/Artist, The Tyrant, and The Magician. Learn more about those here. If your result is Warrior, Magician, or even Creator/Artist, then your relationship with money is probably fairly healthy. However, it’s very rare for people to fall solely into those types. If you’re struggling with any of the issues listed above then you’re likely one, or a combination of, the other five.
Don’t worry, these results are not set in stone! Through working with your money coach, you can start to change your habits and subconscious biases around money. By assessing the choices you make, commonly occurring patterns in your life, and your day-to-day money management style, a money coach will be able to learn about your unique situation in order to offer you specially tailored solutions to any perceived financial problems. The end goal of money coaching is to ensure that you are more satisfied and at peace with your situation and you're making choices that will actually grow your wealth.
Since many of our behaviors and beliefs were developed subconsciously, it’s hard to point them out, much less address them, without the help of an unbiased third party. A good money coach will listen to you intently, respond without judgement, and help you make lifestyle changes that stand the test of time. Everyone deserves financial support and guidance. People often forget this because they’re under the impression that money is a logical and statistical part of life. For better or worse, that simply isn’t true. Most financial decisions are made emotionally. Therefore, exploring your feelings about money can create powerful change in your life for the better.