q 5 Coaching Tools for Money Management (Part 1 of 3) | CCC Blog

5 Coaching Tools for Money Management (Part 1 of 3)

We all have a choice — control our money or it will control our lives. To control money, we need a basic understanding of money, to know where our money is going, a simple plan, and to decide what we want to do with our money. This is the foundation for setting and achieving financial goals.

A great way to make money management easy and relaxed is to set aside one hour each week to sit down and handle finances (if you are married do it with your spouse.) Handle everything to do with money at this time and the rest of the week there is nothing else you need to do so relax. If it takes more than one hour the first few times, you are normal — and it gets easier!

From a coaching perspective, when your client has goals around debt or savings or spending, use these tools. Ask questions about what they have now, what they want, and how they plan to move forward. Coach, ask your client how aware they are of when money comes in and when it needs to go out. Ask if they know where all of their money goes. As an example, ask if they have ever had $20 in their pocket, then a day or two later wonder what happened to it. Most have had this experience, which means that rather than controlling what happens with money, the money is in control. Taking control is easy with these basic tools.

1. Calendar: Use a calendar to write when money is coming in (paychecks, retirement, etc.) by date, and write when to mail payments by date. Remember to mail payments at least one week before the due date to ensure it arrives on time.

The concept here is simple, and the impact when used is often surprising. Consider how often life gets busy and we simply take care of what comes up when it comes up rather than thinking ahead and choosing how we want it to happen.

In the blog post on Wednesday, watch for a tracking sheet and spending plan, then on Friday a savings ledger, and information on setting financial goals. With the blog posts on Wednesday and Friday, the tools described those days will be available on request via email.
What are common barriers to managing money successfully?

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