Confronting a world event like a global pandemic is not an easy task to handle for any person or business.
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Confronting a world event like a global pandemic is not an easy task to handle for any person or business. In addition to the obvious health concerns, increased stress comes from many people’s finances, which can be helped by financial coaching.Â
10) Understand your expenses. Many people do not know how or where their money is being used. The pandemic has opened the door for you to better understand where your hard-earned money is going.
9) Prepare for an emergency. When the pandemic hit, the vast majority of the people in this country were not prepared to absorb a financial shock. Think about paying yourself first no matter what.
8) Get life or disability insurance. Most people know the legality of having home, auto, and health insurance, but most don’t talk about life or disability insurance. Think about how to protect your family in the event you can’t provide enough income to fulfill their needs.
7) Use support wisely. If you received stimulus program funds, use the funds to increase your savings or pay down debt. If you own a business with access to Paycheck Protection Program loans, work with your business coach to use the loan in the most sustainable way.
6) Be flexible. Money behavior is one area within financial coaching where people struggle the most, because they get so attached to a routine. Once you adapt, it does become second nature.
5) Have patience. During the pandemic we have shown our capacity to tolerate delay and be patient. It is the same with financial coaching. Being able to slowly take one step at a time is part of the process.
4) Ask for help when you need it. A solid financial strategy will always give people and business owners a better chance to overcome adversity. If you don’t have a coach, find one. Every financial institution’s business representative should serve as a coach.
3) Share information without shame. It’s powerful when coaches listen to their clients, empathize with them, and give them a welcoming feeling of being present and self-aware with no sense of embarrassment.
2) Draw on your past, present, and future. Look to the past for experience, the present for consistency, and the future for inspiration. As financial coaches we must understand the human component of financial wellness.
1) Pursue happiness. Financial coaching during COVID-19 has shown me people want to be happy. Happiness is a universal goal, even if the definition of happiness is unique to each of us. They want to enjoy life, and having a coach putting happiness at the center of any financial plan is a good partner to have.
