How to Get Financial Coaching if You Don't Know Where to Start
Want to improve your personal finances, but not sure how? Here are a few easy ways to find a financial coach.
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During times of high inflation, when many Americans are feeling financial pressure, it can be helpful to get financial advice. Not everyone can afford (or needs to hire) a financial planner or investment advisor; instead, many people need help with their everyday personal finances, like budgeting, spending, and saving.
Unfortunately, this type of "middle class financial advice" is often hard for people to find. How can you get help with managing your money, in a way that's reliable and trustworthy?
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The good news is: financial coaching is available in a number of ways. Let's look at the best options to get financial coaching to improve your personal finances.
Talk to someone at your bank or credit union
The best place to find financial coaching might be your local bank or credit union branch. Many credit unions offer financial counseling for people who are struggling to pay bills or who just need some helpful advice on what to do differently with their money. Other types of financial coaching and advice that you might find at a bank or credit union could include:
- Recommendations for how to budget
- Understanding your credit score and how to build credit
- Ideas for how to invest for retirement
- Best ways to save money for college
- How to improve your home with a home equity loan or line of credit
A few prominent national banks also offer free financial coaching and mentoring programs. Capital One offers free financial mentoring through its "Money & Life Program," with coaching sessions available in-person at Capital One Cafés. Wells Fargo is partnering with Operation HOPE to provide free one-on-one financial coaching sessions at over 150 Wells Fargo branches in 20 cities.
Banks and credit unions are ultimately supposed to serve as a "home base" for your financial life. The best financial institutions don't just take deposits and charge fees; they want you to succeed. When you make more money, save more money, and invest to build wealth, that's ultimately good for your bank, too.
No matter where you have your bank account, if you're struggling with bills, or just want some expert advice on how to handle a big financial decision, contact your local bank branch. See what kind of financial coaching might be available for you.
Ask about financial wellness benefits at work
Does your company offer a generous package of employee benefits? Many companies are going beyond health insurance and 401(k) matches to offer a wider range of financial wellness benefits -- which sometimes can include free financial coaching or access to a financial advisor.
Ask human resources or check your employee benefits handbook or website to see if there are any special programs available for you to get free (or low-cost) financial advisor services. For example, Financial Finesse is a company that works with employers to provide financial coaching benefits for employees. If your employer offers it, Financial Finesse's service can help you get free financial coaching from a Certified Financial Planner (CFP®).
Need serious help? Try consumer credit counseling
Do you need financial coaching, or something more urgent? If you're having serious financial trouble, such as falling behind on credit card payments or becoming delinquent on an auto loan, you might need to consider a more serious step: and sign up for consumer credit counseling.
Credit counseling is a special kind of financial help for people who are at risk of defaulting on their debts or declaring bankruptcy. If you are struggling to pay credit card bills, don't despair: you can get help from a nonprofit credit counseling agency near you. These organizations can help you set up a payment plan with your credit card companies so you can pay off your debts at a more manageable monthly payment. They can also help you learn a lot about credit scores, budgeting, and saving money. Learn more at the National Foundation for Credit Counseling.
Bottom line
Financial advice isn't always about retirement planning or choosing investments. Financial coaching can help you navigate the money decisions of everyday life, like saving, spending, budgeting, and paying off debt. You might find great financial coaching help at your local bank or credit union, or through your employee benefits at work. People who are going through severe financial distress should consider signing up for consumer credit counseling.
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