debt

How to Pay for Financial Coaching When You're Broke

4 Minute Read

People usually don’t visit a financial coach because they’re just looking for someone to have coffee with. They do it because they need serious help taking control of their money! Maybe they’ve tried on their own and given up. Or they know they can reach their goals faster with a coach’s accountability. Or maybe they’re struggling with specific areas that require a coach’s knowledge and expertise.

Whatever their reason, one thing’s often certain: They’re wondering how they can afford financial coaching.

It’s true that coaching typically isn’t cheap. That’s because it’s time-intensive, and you’re paying for the coach’s skill and knowledge to help you escape a bad situation. But for someone who feels like they’re drowning in their finances, it’s one of the best investments they can make.

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Now, most coaching clients are struggling to manage their finances. They might be broke, but they’re almost never poor. There’s a big difference!

In the United States, true poverty is rare. We’re talking third-world conditions. Many people in those countries (and, yes, in some pockets of the U.S.) are truly poor. They lack clean drinking water, don’t have enough to eat, and deal with leaky roofs and torn, dirty clothes because they can’t afford to repair or replace them. Here in America, lots of people say they’re poor, but in most cases, poor is just a state of mind.

The bigger problem is that most people struggling with money are just plain broke—and that’s nothing more than a stage they’re passing through. Broke people make enough money to get by, but their bad money habits have them living paycheck to paycheck. They don’t handle their money properly, so they don’t feel like they have any. They’re not truly poor, and they don’t have to be permanently broke.

Sometimes they spend more than they make (whether they mean to or not). Other times they confuse wants with needs and spend money on non-necessities, leaving little for the four things you really need to survive: food, shelter, clothing and transportation.

In other words, you can be broke while earning $35,000—or even $350,000.

Consider this: Lots of broke people—including many of those who have met with a financial coach at Ramsey Solutions—easily spend $150 a month on cable. Multiply that by 12, and they’re spending $1,800 a year on something that gives them nothing in return. They could work with a financial coach for a full year for less than that! And in return, they could keep more of the money they earn, improve their marriage, and lower their stress. Being broke really is a choice!

But that also means that even broke people can find the cash to pay for a financial coach. They just have to make their financial future a priority.

So what do you do? You get creative.

Can you sell some stuff? Pick up a part-time job or some freelance work? Maybe cancel that cable or downgrade your data plan? If you spend just a little time looking at your options, you can probably find the money it takes to get the help you need.

And the truth is, that’s good practice for what’ll happen once you do meet with that financial coach.

Your coach will take a close look at your budget—or help you make one if you’ve never done it before. They’ll work with you to figure out where every dollar you earn is going. And they’ll help you make a plan for your money. Not only will you be able to afford the things you need, but you’ll also save for your future, give to others, and even enjoy some of your money for yourself!

But they can only help you if you take the first step.

At the end of the day, taking control of your finances is your choice. Ready to start the journey? Find a Ramsey Solutions Master Financial Coach in your area today!

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