What Is Financial Coaching?Aug 29, 2022
What is Financial Coaching? It’s a relatively new area but one that I consider such an important part of financial well-being. It’s not just the practical side to money that we need to consider, but also the emotional side to money. The feelings we have about money impact on our daily lives and we don’t really stop to think about our relationship with money and where this comes from.
Your relationship with money is unique as it's been shaped by your own personal environment, experiences and societal and cultural influences. Every single influence you've grown up with filters through to form your core beliefs, which impacts on your relationship with money. These core beliefs keep you safe, even though they may not be logical.
Financial coaching is about helping you to understand your beliefs around money and to help you make better financial decisions.
If you think that you're not good enough then you fear you won't have enough and this creates a scarcity mindset. Fear sits behind this mindset and when we come from a place of fear then this in turn will impact on your behaviours around money and the decisions you make. You may be more cautious or make delayed decisions, you may be afraid to spend or you may worry that you don't have enough. These emotions can stop you from doing things and taking the next steps so we need to find what's driving the emotion in the first place. What are your core beliefs? What are you telling yourself about money?
If your core belief is that you have to work hard for money then dropping a day a week will make you feel threatened. You may do it initially but you would feel uncomfortable and stressed and then go back to not taking a day off again.
If your core belief is that you are only worthy of something when you are giving to others then you may feel guilty when you spend money on yourself. You may have difficulty setting boundaries and saying no, and end up giving away your time and money to the detriment of yourself.
Financial coaching is about understanding your relationship with money and yourself so that you're not operating from a place of fear. It’s about bringing awareness and curiosity to your beliefs around money and helping you make better financial decisions and bringing you forwards. You can't change the past but you can change the meaning you attach to your experiences. It's the meaning that you attach to your experiences that changes the emotions.
Understanding and regulating our emotions through thoughts and behaviours can help us take greater control of our brain and achieve our goals.
Emotions are powerful and drive our behaviours, both helpful and unhelpful. Many of our emotions happen unconsciously and understanding and regulating our emotions through thoughts and behaviours can help us take greater control of our brain and achieve our goals. By changing your perceptions you can change your beliefs, which can change your life.
By bringing awareness to your narratives and stories, you can start to think, feel and behave differently. You can get into a state of flow with money where you are comfortable to receive, hold onto and give money. You can feel less fear, have a freer mind, feel empowered and give back to yourself as well as to others. What would be possible for you if you started to shift your way of thinking?
A lot of core beliefs are passed down subconsciously and are generational. Changing your mindset around money can have a massive impact on your future family tree. The emotions that are possible when you let go of the parts of you that are trying to protect you can be life-changing and it all starts with bringing awareness to your beliefs around money.
If you would like to explore how financial coaching can help you, please click here to arrange a 30 minute discovery call.
If you would like to receive the free gift '25 powerful questions to ask yourself about money' please click here.