Would you pay for a "budgeting coach"?

[Anonymous]

I'm a former teacher with a continuing passion for teaching, and one of the new topics I am passionate about is budgeting, believe it or not. I lived paycheck to paycheck in my 20's and debt to debt in my 30's, resisting the idea of budgeting all the way....I felt I "deserved" to spend whatever I earned, and budgeting felt a bit like dieting...like punishment and deprivation.

My perspective has changed completely due to learning and integrating some basic budgeting principles and using budgeting software that works for me. In a year I've gone from having credit card debt to being out of debt and having a healthy emergency fund. Best of all, I have all the $$ I need for all of my non-monthly bills, like property tax and insurance, that used to throw me for a loop when I was living paycheck to paycheck. I am not rich by any means, and I am a long way from financial security, but I can honestly say that almost all of my day to day financial STRESS (worry about bills, guilt about not paying things, overspending and then feeling guilty) is completely gone. I've helped three other friends set up budgets since then and they all feel similarly great about the process and the results.

I read here at DCUM so many other people who don't really budget, don't know how to organize finances with a spouse, etc., and it strikes me that I could teach people to do this as an extra side income...that is, if people will pay for it. I don't propose to be a financial planner (I still know little about investing), but rather would be coaching people as they set up systems to manage their income & expenses and create a budget so that they pay all of their bills on time, begin to crawl out of debt, and/or begin to save for periodic expenses and long term savings goals. I think I could be particularly helpful with couples who are trying to set up joint budgets for the first time.

Would you be willing to pay for such a service from someone?

[Anonymous]

Hmm...I wouldn't, but I think it's an interesting idea! Particularly your idea about helping couples - I think a lot of couples need to have a neutral third party step in when it comes to money issues.

I wonder if people would prefer to have someone with the financial planner training, though. I really don't know.

[Anonymous]

I think someone who is living paycheck to paycheck probably doesn't think they have the means to pay for an extra service like this, so I have two suggestions.

First, you can do financial planning/budgeting for target audiences- like seminars for parents and college kids on managing a budget, etc, or for couples who are moving in together or starting a family or whatever.

You could also create some sort of media that would appeal to the masses, either a blog of sorts, or videos, or a short book.

[Anonymous]

I wouldn't pay but someone would. Write a book too so you can cover more basis. Start building a brand. Give free lectures that don't give away all your secrets but makes people want to buy your book or hire you. I could tell you more but it is $150 hr.

[Anonymous]

I wouldn't pay for this and, frankly, don't know anyone else who would either. There are already a lot of books and software out there that deal with budgeting.

[Anonymous]

Anonymous wrote:I'm a former teacher with a continuing passion for teaching, and one of the new topics I am passionate about is budgeting, believe it or not. I lived paycheck to paycheck in my 20's and debt to debt in my 30's, resisting the idea of budgeting all the way....I felt I "deserved" to spend whatever I earned, and budgeting felt a bit like dieting...like punishment and deprivation.

My perspective has changed completely due to learning and integrating some basic budgeting principles and using budgeting software that works for me. In a year I've gone from having credit card debt to being out of debt and having a healthy emergency fund. Best of all, I have all the $$ I need for all of my non-monthly bills, like property tax and insurance, that used to throw me for a loop when I was living paycheck to paycheck. I am not rich by any means, and I am a long way from financial security, but I can honestly say that almost all of my day to day financial STRESS (worry about bills, guilt about not paying things, overspending and then feeling guilty) is completely gone. I've helped three other friends set up budgets since then and they all feel similarly great about the process and the results.

I read here at DCUM so many other people who don't really budget, don't know how to organize finances with a spouse, etc., and it strikes me that I could teach people to do this as an extra side income...that is, if people will pay for it. I don't propose to be a financial planner (I still know little about investing), but rather would be coaching people as they set up systems to manage their income & expenses and create a budget so that they pay all of their bills on time, begin to crawl out of debt, and/or begin to save for periodic expenses and long term savings goals. I think I could be particularly helpful with couples who are trying to set up joint budgets for the first time.

Would you be willing to pay for such a service from someone?

If my ex and I had tried something like this 5 years ago, maybe we would not be headed for divorce today. We were a disaster when it came to money...bickering, fighting, always trying to control the other and then resist control by the other. In response to the PP above, I think the difference between a neutral coach and a budgeting book is that a neutral coach could guide the couple toward budgeting models together. In my marriage, my husband was always reading budgeting books and then telling me how we should do things. When I'd later read the same book, he'd have moved on to another book with another way to do things...he needed to be the expert with the ideas, rather than a team of equals.

Of course the big difference would also be if it were some kind of ongoing coaching. I've set up many budgets. The key is sticking to them. I can see a coach being helpful with that.

As the other PP said above, though, a key to this would be how to market and price your services. If you could find a niche to break into -- say, other teachers -- that might get you going.

[Anonymous]

I know a retired accountant who does this type of coaching for free as a community service. He said that he has a waiting list since there are a lot of people who don't know how to manage their money but can't afford to pay for someone to help them.

[Anonymous]

Agree with PP above that people who need it most - those living paycheck to paycheck - would be the least likely to pay.

In my experience, though, a lot of mid- and high-income couples still really need this. There are a lot of people who walk around looking rich but still have unsecured debt that is half their annual salary...not because they can't afford to pay it back, but because they just keep buying and buying and never reckoning themselves with past purchases.

I'm not sure how you'd convince them to sign up for such a service, though -- even if you charged something minimal, they've got to already be in the mindset of wanting to change priorities.

[Anonymous]

I would!

[Anonymous]

Anonymous wrote:

In my experience, though, a lot of mid- and high-income couples still really need this. There are a lot of people who walk around looking rich but still have unsecured debt that is half their annual salary...not because they can't afford to pay it back, but because they just keep buying and buying and never reckoning themselves with past purchases.

Isn't this society or world? People only judged other by the cover, they don't care how much debt they have.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

In my experience, though, a lot of mid- and high-income couples still really need this. There are a lot of people who walk around looking rich but still have unsecured debt that is half their annual salary...not because they can't afford to pay it back, but because they just keep buying and buying and never reckoning themselves with past purchases.

Isn't this society or world? People only judged other by the cover, they don't care how much debt they have.

OP here. A lot of people, sure. Even me, before I started budgeting and changing my mindset. When I was growing up, we didn't really have money, so when I had a decent paying job out of college, there was a rush to being able to buy (finance) a new car, buy new furniture, go out to restaurants, pick up the check, etc. It felt like wealth. It looked like wealth.

Now, my husband and I share a car. A one-car family in the DC suburbs! A teenage cousin asked me if I was worried that people thought we couldn't afford another car, and it struck me that 10 years ago I would have cared. Now, I just say, "Woo hoo" every month I don't have a car payment on a second car, every errand we manage by bike. Now, I look at big flashy new SUV's and think what a waste of depreciation and gas mileage!

Now, I have less stuff, older stuff, more peace, less stress. Years from now I'll have more options to work less and travel more. Finally, that feels like wealth to me, even if I may not look wealthy.

[Anonymous]

Sounds like it could be a good idea, but would this business be close enough to financial planning to require certification?

[Anonymous]

I also would do it. I like to outsource stuff to experts to get upfront help.

[Anonymous]

Anonymous wrote:I also would do it. I like to outsource stuff to experts to get upfront help.

What would you be willing to pay?

[Anonymous]

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