What Is Money Coaching, and When Do You Need It?

Undoubtedly there are multiple support programs to help you learn about your financing. However, the unique attributes of money coaching are incomparable. Here is what the concept means and when you may need it.

What is money coaching?

Unfortunately, money coaching is not a school you attend. It is a skill that is sometimes called financial coaching. The skill is taught by a money coach who teaches their clients an in-depth understanding of their current monetary stance. Subsequently, you will learn adequate tools to save money and manage it efficiently through money coaching.

In short, money coaching will help you:

  • Identify and set financial aims
  • Supervise the income channels
  • Invest after sufficient research and risk assessment
  • Future planning, such as saving for unpredictable events and personal milestones
  • Build confidence with sound financial knowledge.

Regardless of whether you earn big or small, money coaching is crucial. Some of the best-earning companies and individuals, such as Mike Tyson and MC Hammer, declared adjudication because they did not manage their financial position wisely. They participated in shady investments or lost million in divorce.

Reasons for money coaching


One of the most unlucky ways to lose money is settling a divorce. As per the Canadian and provincial laws, the property is distributed legally between the ex-spouses. Moreover, more than 2.5 million Canadians have divorced without remarrying prospects, increasing the divorce rate.

In Canada, a straightforward and uncontested divorce will cost $900-$3000. The expenses do not account for inflation and travelling allowance. However, contested divorces can cost up to more than $75,000. You can lose out on half of the savings and property. Thanks to a money coach, an extensive understanding will prevent such grand-scale expenses.

Eliminating debts

Secondly, a money coach will also help you eliminate or minimize debts. Even when you are earning at an above-average scale, you may be finding it difficult to get out of debt. A money coach works closely with the clients to develop a detailed plan that prioritizes debt repayment.

A money coach will create a budget for each client that factors the income and the scale of expenses. It complements the lifestyle you wish to live by drastically reducing costs with the primary intention to eliminate debt. No doubt, it is challenging to stick to the budget. However, think of the bigger picture for encouragement and motivation when the going gets tough.

Future planning

Finance factors present components with future contingencies. With so many variables involved, planning financially becomes psychologically draining and overwhelming. While some may choose to ignore the planning altogether, working with a money coach is advised to record how much you spend so your life is not left on an autopilot setting.

Money coaches will analyze your income pattern to match it against the expenses. They will foresee the future factors to every cent, ensuring you feel confident when spending. As a result, you can easily make decisions regarding family and children’s education. A money coach will teach you to hold yourself accountable.

Teaches you to save

On the other hand, some people earn sufficiently but do not own the skills to save adequately. Money coaching teaches you the secrets to living a comfortable life even when your expenses are high. Assuming you live in a city such as Vancouver or Toronto. In that case, you are likely paying high rent and utility bills.

After graduating from money coaching, your behavioral practices will guide you toward a robust and reliable financial future. You will minimize spending and enjoy economic liberation. Money coaching is one of the times change is a good thing.

Improve your finances today

Debt and income determine your financial well-being. Managing the two variables will establish confidence with strategic planning and minimized gearing. Visit https://www.merrickfinancial.ca/ to schedule a meeting online or learn more about our financial services.

We look forward to discussing your monetary literacy.

Ellen Hollington

Ellen Hollington is a freelance writer who offers to ghostwrite, copywriting, and blogging services. She works closely with B2C and B2B businesses providing digital marketing content that gains social media attention and increases their search engine visibility.