Financial Coaching

FINANCIAL COACHING

We understand that many college students and adults have money problems. This could be a lack of financial planning, bad financial advice, or financial management issues. If you are looking to become debt-free then you will need to acquire the financial literacy skills to help you achieve your financial goals. If you are looking for a Financial for Beginners lesson, this is the right spot for you. Our financial coaching sessions cover a wide variety of topics and you will receive individualized coaching. For example, you will be given instructions on how to obtain your free credit report from (annualcreditreport.com) which we will go through together to help you understand your credit history. We will provide you with a total money makeover. This will include helpful money saving tips, how to budget your paycheck, ways to save money on a tight budget, the pay as you budget, answer the question of how much house can I afford? and other helpful budgeting and money tips.

Our Financial Coaching is geared towards two audiences:

• People who are currently experiencing financial distress and need help finding a way out of their current financial situation and
• People who want to learn more about how the world of finance works.

FINANCIAL COACHING BASICS

What is it to why and should I care?

Generally when people think of who gives advice on finance, they think of Financial Advisors. That is, the people who have the required certifications so they can offer investment advice to customers. And people often think, “well that is certainly not for me, I can barely make ends meet and I would probably be in a world of trouble if I had to cover a $1000 emergency expense”.

But that begs the question of who helps the person who is struggling, to cover a $1000 emergency expense understand and take control of their finances? Well, you may have just found the right question! Our Financial Coaching is not designed to be a fast-paced course. Financial Coaches provide education and solutions so that you can learn to take control of your finances so that in the future you can talk to Financial Advisors about investments you want to make.

How is Financial Coaching Different from Debt Consolidation Programs?

Debt Consolidation programs often ask you to stop paying bills and to pay them directly so that they can negotiate with your creditors on your behalf. In doing so, a lot of times they create more problems than solutions because not all creditors wish to work with those Debt Consolidation programs. Further, while you are not paying those bills, your credit score may be taking a severe hit.

Our Financial Coaches do not negotiate debt on your behalf. Instead they provide you with strategies and support to tackle it on your own. Among the benefits of utilizing a Financial Coach are that you will learn how to effectively manage your finances, and save the fees that you would otherwise be paying a Debt Consolidation program. A good Financial Coach will equip you with the knowledge and skills to not only get out of debt, but assist you with planning for your future goals such as buying a first home, etc.

What are the typical rates that Financial Coaches Charge?

According to the National Financial Educators Council the average hourly published coaching rate charged is $125 an hour, while packages and annual bundles can cost up to $3000. As a non-profit, we think that is absurd. Our rates are roughly 60% less than the industry average. Our average coaching rate is $100 per session. However, if you are currently experiencing a hardship, have limited income, or are a student, we offer even further discounted rates, up to potentially free. We offer Coaching’s that range from a single session to 3 months, 6 months, and 12 months.

I’m Interested, How Do I Book a Session?

Do you have financial goals you would like to accomplish, would generally like to know more about finance, credit, home-buying, or want assistance in breaking out of the debt cycle? If so, please email info@financialfoundationsofvirginia.org to book your one on one session.