Personal Financial Coaching FAQ
Why would I need a personal financial coach?
You may need coaching if you are currently dissatisfied with your income, your progress or your understanding of your finances. Coaching can help you clarify your goals and create a roadmap to make those goals a reality while supporting you in your journey. Paying for financial coaching is like paying to learn any other skill. You may have a talent or technical skill that’s important for the business you offer, but your skills in managing, planning and understanding how to create the financial life you desire through your business may need more development. Coaching provides a space for that development as we map out a path towards your most profitable business and fulfilled life together. For more thoughts here, feel free to read my article “Why Hiring a Financial Coach is Worth It.”
My business has a money system, can I apply a money system to my personal life?
Yes! I actually got started with personal financial coaching because my clients were seeing such success in their business finances, and they wanted to know how they could apply the same principles to their personal finances. My work in this realm frequently involves helping business owners integrate their personal and business finances. In my blog posts on money mapping, I go in depth on visualizing how your business and personal finances relate. In our work together, we can spend time creating a system for your personal finances that can interconnect with the system you already have in place with your business.
I notice you distinguish between “emergency expenses” and “periodic expenses.” What’s the difference?
The term “emergency expenses” is widely used but somewhat misleading. I am a Certified Financial Recovery Counselor (SM) through Karen McCall’s Financial Recovery Institute, which teaches that your emergency savings are designated for use only in job-loss emergencies to spend as income replacement. “Periodic expenses” describes the sometimes foreseeable, sometimes unexpected expenses that come up on a less-than-monthly basis, such as semi-annual property taxes, school supplies, car maintenance, etc. By anticipating some of these expenses and setting aside money explicitly for them, you can avoid touching your emergency fund and plan proactively for life’s surprises.
I’m self-employed and unsure whether I should focus on my business or personal finances. What should I do?
In our initial Financial Self Care Consultation, we will be able to pinpoint what areas of work feel best for us to focus on. I also offer a 6 month Profit Coaching Engagement which addresses both the business and personal aspects of financial wellbeing. Read more about this offering and find out whether it’s right for you.
My income fluctuates a lot because I am self employed. How can I really even make a personal spending plan?
In this case, making a spending plan is especially important. Though many people find fluctuating income to be a challenge to making a financial plan, creating one can actually add more structure and create stability in your finances. Through our work together, we also review patterns in your income to better anticipate and iron out the fluctuations to ensure your comfort and financial security throughout the year.