Coaching for Finances

Hi and welcome back!

Are you interested in achieving a financial goal? 1:1 coaching is a great way to get started, but if you’re a DIYer like me and want to try it on your own first, here are some tips to help get your gears a turnin’!

1. What’s the goal you’re trying to achieve?

You need to be specific. It’s not enough to say “I want to be comfortable” or “I want to be rich.” You need to have a clear vision of the outcome you’re driving toward. Do you want to pay off a specific debt? Save for a car? Build an emergency fund? Start there.

2. What are your current expenses?

Take a good look at your monthly spending. Break your expenses into buckets:

• Necessities: rent/mortgage, utilities, groceries

• Non-essentials: streaming subscriptions, gym memberships, dining out

Knowing where your money is going is half the battle.

3. What are you willing to sacrifice?

I hate to break it to you, but no one has unlimited money. Even the wealthiest people in the world have limits. You must work within the income you have.

Start by ranking your expenses from most to least necessary. You have to have a place to live. You do not have to have five different streaming services. Be honest with yourself.

4. What is your income?

Figure out your monthly income. If your income fluctuates, look at past months and use the lowest number as your baseline. This gives you a cushion so you’re not caught off guard during a lean month. And if your income is higher one month while you’re working toward your goal? Great! You can send the extra straight to your goal.

5. How does it match up?

Compare your expenses to your income.

• If your expenses are less than your income - awesome! You’re on track. Now you can assign dollars to your expenses and then direct the rest toward your goal.

• If your expenses are more than your income - don’t panic. You’ll need to reduce spending or increase income.

  
  

6. What additional income can you take on?

There are tons of ideas online for earning extra money. You could:

• Get a part-time or freelance gig

• Pick up a work-from-home side hustle

• Use your current skills in a new way

Just remember: while the possibilities are endless, your time and energy are not. Be realistic about what you can take on and how much it could help.

7. Are you considering sacrifices?

If you’re thinking, “Ugh, I have to give up something?”, REMAIN CALM. You are not stuck. You are not doomed. You are simply making a short-term trade for a long-term win.

Try asking:

• Can I cancel my streaming services for two months and rely on the library instead?

• Can I pause my gym membership and do bodyweight workouts at home?

No, it might not be ideal. But it’s temporary. It’s purposeful. And it moves you toward your bigger goal.

8. What motivates you?

You need to want this - so make it fun, or at least satisfying:

• Gamify it: Promise yourself a small reward when you hit a mini milestone.

• Compete with yourself: Can you beat your grocery budget?

• Track your progress visually: Draw boxes and color one in every time you save $100. Watch that progress grow!

  
  

9. What if something comes up?

Car repair? Medical bill? Life happens. Here’s the thing: this is your plan. Your goal. Your journey. You’re in the captain’s chair.

So if an emergency comes up and you need to pause or shift your plan, that’s OK. Adjust and keep going. You’re not off track - you’re just navigating life with wisdom and flexibility.

I hope this gave you a helpful high-level approach to establishing and working toward a financial goal!

One last recommendation: find an accountability partner. Maybe it’s your spouse, a friend, or a family member. Or maybe it’s a coach (hint hint). Tell someone your goal and the steps you’re taking. Let them check in with you. That accountability can keep you motivated - especially on the days you really don’t feel like staying on track (because those days will come).

Feeling overwhelmed just reading this? Reach out today to learn more about 1:1 coaching with me. We’ll take it one baby step at a time, together.

Let me know what other tips or tricks you use when working toward a financial goal — I’d love to hear them!