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

Coaches, after creating the three tools described in the previous two blog posts, a calendar, tracking sheet, and spending plan, the next tools to provide your coaching client are a savings ledger based on different needs or wants, and a plan for how to move towards financial goals.

Consider what often happens with savings: money is saved and then used quickly when something comes up without consideration of what else is coming. When your coaching client thinks about upcoming expenses, they have more ability to intentionally choose how to handle different situations. A savings ledger develops perspective for considering multiple needs or wants.

4. Savings Accent Ledger: Use a savings account for saving toward multiple things and include amounts to save in your spending plan: A) Set aside money each month for planned expenses like car repairs and clothes. For example, to plan $300 per year for car maintenance, divide that $300 by twelve and plan to save $25 per month. B) Save money for emergencies. Set an initial goal of one month’s income in savings and then build from that point (three to six months recommended). C) Save money for goals: a new car, a house, a vacation, or college. D) Save money to make long term investments for the future. Transfer money from checking to savings every month!

Coaches are aware of the value of defining specific goals and planning the action steps to make them happen. This applies in personal money management too.

5. Goals: Because you are now controlling your money, decide what you to accomplish. This will help with your decision making and motivation. Think about paying off debt, saving, investing, and future spending goals such as college, a vacation, etc.

Coaches, create a goal sheet with what the client wants and the total cost. Ask the client their time line for achieving the goal and divide the cost by the number of months. When your coaching client knows the monthly amount, they may choose to change the timeline for the goal or they may now simply be aware of what money to set aside to achieve their goal.

If you would like an excel worksheet with the savings ledger in excel, just email TrainingDirector@CenterforCoachingCertification.com and ask for what you want – a reply to your email will include the attachments requested.

How often do clients want the freedom controlling money will provide?

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