Financial Coaching for Low Income Individuals and Families

To locate financial coaching for low income households, the NFEC has a solution: choose a coach from among their national network of Certified Personal Financial Wellness Consultants. These well-prepared financial counselor professionals have gone through a stringent educational program and proven their passion for helping people increase their financial health. These coaches support low-income families and individuals via education, guidance, clarifying your situation and future goals, and giving you organized action plans toward reaching those goals.

A Qualified NFEC Financial Coach Demonstrates Compliance with Standards

Financial coaches aren’t too hard to find, but to locate financial coaching for low income households – from a coach who meets top standards for education, background, and experience – the NFEC-certified coaches are your best option. The challenging qualification requirements for a NFEC Financial Coach help ensure your security and confidence. Four key industries informed these guidelines: coaching/counseling, psychological fields, educational methodology, and consumer/financial protection. Coaches must address clients’ emotions toward money, uncover their needs and goals, and supply tailored education, support, guidance, and accountability for low-income families.

Average Financial Coaching Compared with a NFEC Financial Coach

What will the typical financial coach give clients? Talk. On the contrary, an NFEC-certified financial counselor /certified-financial-counselor/ is trained to offer a broad spectrum of coaching services that help people improve their financial health. We understand this distinction because we conducted recent research, drawing upon Google search results using the terms ‘financial coaching’ and ‘financial counseling.’ A sum of 137 webpages came up in the first 50 pages of results. Obvious package and pricing data were found on 26 of those pages.

The most prevalent service offered by these 26 financial coaching sites was “talk with the coach.” The second most common was educational resources; a scarce few would provide personal finance plans; and only 2 would prepare revised reports when new information came available.

Financial Coaching for Low Income using a NFEC Certified Coach

First Step in Financial Coaching for Low Income Households: Discovery

If you’re wondering what process is involved in financial coaching for low income individuals, consider Byron’s case. He found out that an NFEC coach – like their certified financial coach for couples – will undertake coaching in four steps. The first step is a comprehensive analysis and discovery meeting, where the coach takes a deep dive into the client’s financial information. The coach reviewed Byron’s account balances, salary records, liabilities and assets, debt accounts, credit profile, and insurance coverages. Then Byron got a written personal finance plan report that reflected where he currently stood.

Second Step in Financial Coaching for Low Income: Tailored Education

The next phase in Byron’s financial coaching process was education, guidance, and working through action steps. The NFEC Financial Coach met with Byron regularly on a schedule they arranged together, and tracked his progress using a proprietary coaching website. The coach gave Byron high-grade financial literacy materials, training, and progress reports and supported him toward attaining his goals. Anytime Byron’s status changed, the coach made appropriate data-driven revisions to his plan.

Process for Financial Coaching for Low Income Families and Individuals

Third Step in Financial Coaching for Low Income: Supportive Maintenance

Eventually Byron reached a point where he was able to carry the ball on his own and continue working toward his goals without hands-on assistance from the financial coach. After all, responsibility for the final decisions about people’s money always rests on their own shoulders. Now the client-coach relationship became one of supportive maintenance, where the coach stood by just for those moments when Byron might need a little extra nudge.

Final Step in Financial Coaching for Low Income: Consultation with Niche Experts

Financial coaching for low income people and families can be found in your local area, but a NFEC Financial Coach offers additional value: connection with financial experts in key niche areas that can support your individual needs. The financial coach training course gives coaches a solid foundation in personal finance topics, but not expertise in every specialty. For instance, when you feel ready to purchase your first home, you can consult an expert from the NFEC team who will help you prepare for the home-buying process. Further, all these niche experts are completely independent. That means their first responsibility is to the client, and they never attempt to market or sell financial products to you.

Finding Financial Coaching for Low Income Individuals