I am often asked by potential clients about the difference between coaching and counseling. This article will explore the differences and explain how a money coach can help you manage your finances effectively.
At its core, coaching focuses on personal and professional growth. Counseling focuses on diagnosing and treating a mental health issue. While counseling focuses on the past and early childhood traumas as they relate to current day functioning, a coach focuses primarily on the present and the future. The past is only explored as it relates to barriers that are preventing growth and success in life.
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Personal finance is something many people do not take very seriously. That is why so many people are fighting with debt problems. Personal finance is about keeping a balanced debt to income ratio and ensuring that expenses never exceed income. Personal finance is crucial to keeping a good credit record and maintaining credit worthiness.
Personal finance starts with a budget. Every person should have a budget to track and mange their income and expenses. A simple budget lists all income and all expenses for a month. The bottom line of a budget is that the income should never be less then the expenses. Should the expenses exceed the income the person is going to have to cut back on expenses. They should start by cutting out non-essential expenses. This can be difficult, but for someone wanting to be serious about their personal loans, it is important. Budgeting takes a lot of self control and little sacrifice.
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You’re probably heard of the old cliché, “a road to somewhere, will lead to a town called Nowhere.” Have you ever thought about what this actually means? It means, that if you don’t know where you’re going anything will do. This holds true in finances as well as life. If you establish goals for you and your family, this will help keep your financial picture in perspective. For example, if one of you would like to stay home with the new baby, you can budget to do this well in advance. You can budget to get out of debt or put some savings aside in order to do this. Keeping your long term goals in mind will help you when you’re tempted to spend money on things you really don’t need.
In order to establish your financial life goals you need to evaluate your life. Asking yourself a few of the following questions will help you establish your long-term financial goals:
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There are number of things that every couple will have issues with. To narrow them down for you they are sex, family, and finances. If you are in a relationship with someone that likes to spend money like it is going out of style, and you are incredibly frugal, then you may have some issues. In order to live the frugal lifestyle both partners need to share the same general financial goals, even if their money styles are not the same. If both of you would like to save money for your children to go to college, get out of debt, or save for retirement, it is important to discuss your different approaches to money management and find some common ground. If you do not do this in the beginning, your efforts may be voided by your partners spending habits.
Clearing up any differences in your financial views is essential if you would like to live a frugal lifestyle. This will also help you to have a happy marriage. The way to get your mate to understand the benefits of the frugal lifestyle, is to openly discuss them. Your partner needs to understand the benefits of living this type of lifestyle. Their many benefits and stop a lifestyle. One of the benefits is lack of stress. It is true some people stress themselves out worrying way too much and trying to be too cheap when it comes to money. You don’t have to be that person. You are just trying to control your spending and not waste your hard earned money. Being aware of your spending habits, and controlling them is half the battle.
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