Do I need a financial accountability coach?

A financial accountability coach could help you to take control of your financial situation. But are they worth it? We take a look.

Teacher teaching student with the text “Do I need a financial accountability coach?” and The Motley Fool jester cap logo

Do you struggle with your finances? Are you earning a good amount of money, but don’t seem to have any spare at the end of the month? Then you could benefit from having a financial accountability coach.

Much like hiring a personal trainer to improve your health, you could use a coach to improve your financial fitness.

What is a financial accountability coach?

A financial accountability coach is someone who provides support and education on money management basics. An accountability coach is different from a financial adviser in that a coach won’t advise on any products. A coach will focus more on helping you to understand your financial situation.

So this means covering the basics of money management, like savings, debt management and budgeting.

A financial accountability coach takes a more holistic approach. So they look at your financial behaviours and discuss your money values with you. It’s not all about what is the cleverest way to invest your money. Rather it’s more about identifying your own financial challenges and what improvements you could make to achieve your goals.

Do I need one?

You could benefit from using a financial accountability coach if you:

  • Struggle to keep to a budget, or even make one
  • Have higher levels of debt than you want
  • Find saving difficult despite having a healthy income

Most financial coaches focus on education, guidance and support. So they will take a look at your current financial situation, discuss your financial goals and your attitude to money. At the end of the day, it’s not just about the numbers.

While they are focused on improving your financial situation, they will also look at your spending patterns and negative behaviours. For example, are you an emotional spender? Does that spending get you into financial trouble? Do you struggle to talk to your partner about money? Or do you lack confidence when it comes to dealing with your finances?

Financial coaches also introduce an element of accountability. Sometimes just knowing there is a plan and someone you need to justify your financial decisions to can keep you on the right track.

Are they worth it?

If you are already struggling with your finances, stumping up the disposable cash for a financial accountability coach may seem like a waste. Fees can vary widely depending on what sort of package you use.

They can be anything from £200 to £600 for a set number of coaching sessions. Or there could be a more open-ended fee structure.

This may seem like a lot. But if you are feeling a bit lost with your money and need to break some negative behavioural patterns, then it could be worth it.

As with anything to do with personal finances, it is down to your individual circumstances. For some, the ability to talk to someone about money matters and change their financial situation for the better could be priceless. For others, it may seem like an unnecessary expense when they could find the information they need themselves.

If you want to find out more, most financial accountability coaches offer a free discovery call. Here you can discuss your situation with them and see if money coaching is the right fit for you.