Things You'll Need:
- phone/internet access
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Step 1
Before starting your money coach search, prepare yourself. It may be difficult for you to disclose personal, embarassing details about your finances but your money coach will only be successful if you are 100% upfront.
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Step 2
Research and interview money coaches that fit your needs. Financial planners primarily work with people who have money to invest, financial counselors work with people who have basic debt, saving and budgeting needs.
A great place to start you search is with the National Association of Personal Financial Advisors. You'll find a link to this organziation's website at the end of the article. Simply follow the link, choose 'Find An Advisor, and then enter your zip code. You can also check with your state board of accountancy. They issue certification to CPAs and handle complaints as well, so you'll be able to verify the credentials and background of financial counselors you are considering.
You should expect to pay $50-$100/hour, which is a lot of money when you are struggling to make ends meet. However, think of all the late payment fees and bounced check fees that you will avoid! Plus, your money coach will train you to control your own finances, save money, and invest for the future. -
Step 3
Find three potential individual advisors and interview them. Ask if they provide basic budgeting and debt management services, fees that will apply, how often they suggest meeting with you. Once per month is the minimum that you should consider. You may find that meeting every pay period gives you the most benefit for the services.
