A Peek Behind the Curtain of a Money Coach

Ever wondered what a money coach really does?

How do they transform money madness into mindful money mastery? Well, here's a backstage pass to see what money coaching is about.

This newsletter shares insight into some of the questions I get asked about money coaching. Here, I share some behind-the-scenes glimpses of my coaching practice, where I proudly transform financial lives every day.

Philosophy and Psychology

"We shine a light on the psychological biases preventing you from making sound financial decisions"

My coaching philosophy is grounded in understanding your unique relationship with money, uncovering the hidden biases that may hold you back, and empowering you to make financial choices that align with your values and dreams.

During our coaching, we shine a light on the psychological biases preventing you from making sound financial decisions. This may include biases like the endowment effect, where you value something just because you have it, although it's not ideal financially - think old bank account or old car. There’s also the empathy gap, where you underestimate the emotional state you will be in at a future date - commonly seen in those trying to save money but splurging when out for drinks on a Friday night!

Behind the Scenes!

Below is a snapshot of some of the processes I take people through. Of course, the specifics of what we dive deeper into and what receives more of a light touch depend on what we uncover along the way!

A Quick Overview

My coaching journey starts with a personalised assessment, where we explore your financial beliefs, habits and goals. Together, we create a roadmap that's uniquely yours. Then, we dive into your financials - I roll up my sleeves and hold your hand as we work to get things right. We build plans, set targets - ensuring they are realistic - and consider how you and your mind go about building systems that work for you.

First Things First

"We uncover your mental barriers - such as feeling unworthy, your financial fears, believing that the rich are greedy, or financial shame"

The initial phase is all about understanding you. We identify your financial challenges, debts, and spending issues. We set realistic goals, and establish a connection built on trust and empathy.

We uncover your mental barriers - such as feeling unworthy, your financial fears, believing that the rich are greedy, or financial shame - and we get crystal clear about where you want to be, your money habits, and what is stopping you from achieving your objectives. Read more about expanding and understanding your thinking with the NIP Framework.

Challenges and Solutions

From managing debt to planning for homeownership, my clients face various financial hurdles. Our journey together involves targeted strategies, continuous support and celebrating every success - big or small.

If you have debts that are dragging you down, we identify how we can reduce the cost, pay them off quicker, and ensure you maintain the repayment plan.

If you keep impulse spending, we spend time identifying why. Do you spend like I used to, after a stressful day at work? Diving into these details is the only way we can bring about lasting change.

Client Spotlight

Jane's Journey from Debt to Freedom

Let's dive into an uplifting story.

Jane (name changed for privacy), one of my incredible clients, came to me feeling trapped by her ￡11,000 debt. She had three children and was earning ￡50,000 per year, but she was ignoring her debt collection letters and burying her head in the sand (a common example of the ostrich effect). Every month, her overdraft got bigger, and she was filled with shame.

With some guidance, hard work, and a whole load of determination, she transformed her financial life. Now, she's thriving! To get there, we rolled up our sleeves, got clear on her debt position (and spotted a few mistakes the lenders had made), improved her credit profile, and built a financial plan.

Jane also had a complete mental transformation.

The Most Significant Change: Mental Shift

I recall our first meeting, where she spoke softly and ashamedly about money and was embarrassed and afraid about looking at her budget. Now, she feels like a BOSS - she's has a mental shift! She’s confident, excited for our calls, and for sharing her frequent successes, including where she mustered the courage to advocate for herself and challenge the lenders' mistakes.

This led her to clear ALL of her debt, save ￡7,000 for a deposit, and let go of the belief that homeownership was not for her.

Her journey is a testament to what's possible when you take control of your money.

The Ideal Money Coaching Client - It Might Be You!

The ideal client in my practice is not someone looking for a quick financial fix or a superficial answer. Rather, they are individuals committed to understanding and working on the more profound and sometimes uncomfortable parts of their financial lives.

They see value in engaging with external expertise and are ready to embark on a journey that goes beyond mere numbers.

I'd love to know...

Did anything here surprise you?

If you are looking for support shifting from a scarcity and limiting money mindset, get in touch to start the journey of financial transformation, just like Jane did.

I'm Krystle McGilvery, a finance and behavioral change catalyst, Chartered Accountant, and CBT Coach. My work helps individuals transform their money mindset, enhancing both their financial situation and confidence. Visit?Mind Over Money?to find out more. Or learn more about me?here.