Simone from Galway came to money coaching with a very specific goal. To find out how long she could afford to take off work. She was three months away from the birth of her third child.
Simone is a self-employed Occupational Therapist. Work that she loves. But, like many self-employed people in Ireland, this can leave her vulnerable when she needs to take time off.
Planning ahead is one of the areas we look at in money coaching. Planning for expected costs like Christmas and car servicing, but also for times of reduced income like maternity leave. Putting money aside is a vital financial skill. Unfortunately, many people just muddle through on a wing and a prayer. We believe that God wants more for us than that.
Everyone has this sorted
Simone actually felt that she was lagging behind her peers in managing her money. She thought that most people at her life stage have mortgages, savings and are planning well for the future. When she came into the money coaching group, she realised that is not the case at all.
The Irish Times this year reported that almost 50% of us have no savings and are struggling financially.
Simone was embarrassed to approach financial services like the bank for a mortgage meeting. As she says “it is quite a vulnerable process”.
She is not unusual in her thinking. We can assume that because someone is an expert in their profession, that they have all areas of life sorted. But we can easily compartmentalise our lives and our participants come from all walks of life. From Barristers to health professionals, many people have benefited from money coaching. There is no typical money coaching participant. The only thing they have in common is their bravery to seek help and to learn new skills.
Money coaching gives a unique opportunity for people to talk about money, to dispel the myths they are believing. It is rare that people discuss these issues together. And participants don’t have to give any personal financial details to do this. Simply discussing how to manage money helps. This breaks down the idea that they are the only ones who don’t have it all together, lifting shame. It then goes on to give the knowledge and tools to improve their situation.
Your budget – you decide
Initially Simone struggled to put limits on herself. Then she realised something really important. That her budget belongs to her. She was setting the limits herself. They were not being imposed on her and she can change them if they aren’t working for her.
As we say in money coaching…
A budget is simply you, telling you, what to do.
She can also manage the odd week that she spends a little bit extra without beating herself up about it. She knows where she can take that overspend from in her budget. This was truly liberating for an all-or-nothing, black-and-white thinker like Simone and it freed her mindset around budgeting. We love to see people extending grace to themselves.
We are all different – and that’s OK
For Simone, things like a cup of tea with the family, or a friend, at a cafe are important. That’s not true for all people, one young man on a recent course prioritised his gym membership above other things. He is at a different life stage to Simone.
But what Simone now knows is that she does have to have limits. She feels empowered to say no to a coffee date invitation that is just not in her budget that week. She might suggest a walk instead. Who knows? her friends may be secretly thanking her for saving them money.
Important conversations
A real conversation around managing money is vital to improving both financial literacy levels and mental health. Just like Simone, all money coaching participants report increased levels of confidence and peace around money after taking part.
Simone has successfully navigated her time away from work since having her baby. She is now focused on building for the future as her income increases again. Because she now has financial management skills learned in money coaching she has the confidence that she can do this. She has also gained enough confidence to have a mortgage meeting with the bank and see a financial adviser. Things she would not have done before. We wish her all the best as she and her husband look to buy a home soon.
Are you interested in Money Coaching? We need church partners and coaches across the nation so we can offer help to people like Simone. Will you join us to bring lightness to people’s lives in Jesus name?
Check out our Money Coaching Page and contact us to discuss how you can move ahead.
helen@capireland.ie or alan@capireland.ie
One response to “Self-employed mum Simone now has the confidence to plan for the future”
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