A budget coach is someone who helps people with their financial housekeeping. This may or may not be for a fee.
What is a budget coach?
A budget coach works as an independent entrepreneur, in paid employment or as a volunteer. The budget coach acts as a (temporary) coach and creates an overview of the income and expenditure. The coach usually makes a budget plan that is tailored to the personal situation. The plan aims at a better balance between income and expenditure. The client also learns how a good home administration is set up. In case of larger financial problems, especially debts, people are referred to debt assistance.
Young people, adults and the elderly can get into financial problems because they have lost their overview of their money matters. For various reasons, more money is spent than there is. People with financial worries often lack the strength and the insight to pick up the thread themselves. Due to low or non-solvency debts, people threaten to lose their social status.
By engaging a budget coach on time, they prevent problematic debts or administrative chaos. An attempt is made to help people at an early stage, so that they do not have to end up in debt counseling. The intention is to give people an overview of their finances and to deal with them independently and in a responsible manner.
A budget coach usually comes to the client at home. After people have contacted, there is usually an intake or introductory meeting. Then the income and expenses are listed to gain insight into the financial situation of the client. The budget coach then examines whether the client ‘leaves money’ somewhere. This could include, for example, a tax refund, a personal subsidy, allowances, exemptions from taxes or levies, savings options or increasing income.
In addition to finding solutions, it is the intention to learn new insights and skills to change the old spending pattern and henceforth to learn how to deal with the new, often more limited budget.
Budget coaches can work independently, or work at an organization, such as a welfare institution, a budget shop, a municipality, a housing corporation, an income management institution, (home) care centers, an educational institution, a utility company or operate as a commercial company with a certain chosen reward form.