financial coaching training tool kit central new mexico community … · training offered by cnm...

FINANCIAL COACHING TRAINING

Tool Kit

Central New Mexico Community College

CNM is a CCE-approved Training Provider for

the Board Certified Coach Credential

Copyright 2016. CNM Ingenuity, Inc. All rights reserved.

This tool kit may be used by individuals who have completed the 40 hour Financial Coaching

Training offered by CNM Ingenuity, Inc. at Central New Mexico Community College. The

documents found in this toolkit are taken directly from the Financial Coaching Workbook.

These materials may be used when working with clients and, when reproduced, must display the

copyright at the bottom of each page. These materials may not be reproduced for any other

purpose without permission from CNM Ingenuity, INC.

We gratefully acknowledge the following copyrights for the

Financial, career and change tools used in these education materials:

Wheel of Life

©2007. Laura Whitworth, Karen Kimsey-House, Henry Kimsey House and Phillip Sandahl, Coaches

Training Institute (CTI), Co-Active Coaching, new Skills for coaching People Toward Success in Work and

Life. Davies-Black Publishing, Mountain View, CA, USA.

C O A CH Model

©2000. Ian Fleming and Allen J.D. Taylor, The Coaching Pocketbook. Sentinel Press Printing, St. Cloud,

MN.

SMARTERTM Goal Planning

©Jean Strosinski. Constructive Choices New Mexico, LLC. Reprint with permission of author:

[email protected]

mailto:[email protected]


HOW WAS MONEY MANAGED IN THE HOUSEHOLD WHERE YOU WERE RAISED?

Was money managed well or poorly in your household?

Was money modeled in a cooperative manner or did it create conflict

Were money matters discussed freely in your family or rarely discussed?

We all have different values, feelings and views about money. Where does that come from? It comes

from our personal experiences, culture, and economic background. Taking time to understand and

reflect about your our money beliefs will help you to understand why you manage money the way you

do.

Let’s spend some time discovering your money beliefs. Answer the following questions:

Was money discussed at all

while growing up with your

family?

If yes, how and when was

it discussed?

Who was “in control” of the

money in your family when you

were growing up?

When did you begin to

understand the importance of

managing your money?

Who is “in control” of the money

in your household now?

Do you now handle money

similarly, or differently, from the

money management style in

which you were raised?

If your close family or friends

were to describe how you

manage money, what would

they say?

What are your “aha” moments as you have gone through this exercise?


INCOME GENERATION

Finding that extra fifty, thirty or even twenty dollars in your budget can be trying, especially after you

have created a very tight budget trimming excessive/luxury cost. What do you do? Find a part time

job? Maybe seek a higher paying job? Or play your chips all on black?

Often times, when faced with financial difficulties, we overlook creative ways to increase our income.

Do you have a skill, hobby or talent that can bring extra dollars into your home? What about public

resources available to you that can help in the short term? Spend some time with your peers to

discuss ways you can generate income formally and informally.

Formal Informal

Collect child support Renting a room in your home


ANALYZING SPENDING

Creating Your Spending Plan

Budget … Financial Plan… Money Map … Spending plan…

It doesn’t matter what you want to call it, they are all the same. A spending plan basically shows you

how much money is going in and how much money is going out of your household. So, why develop

one, other than to know how much money is going in and out of your household? What are the

benefits of creating a spending plan?

Before you begin creating your spending plan, create a goal. Then begin tracking where you spend

your money? If you want an accurate budget, track yourself for a month. There are many tools out

there to help you track your money. A simple notebook, logging into your smart phone, tracking in

your planner, etc…just BE CONSISTENT!

Days What did I spend my money on? How much was that?

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Total $

* If you want a quick snapshot of where you are spending your money take a quick look at your last

three financial statements. Highlight everything you could have gone without and add those numbers.

What could you do with that number?


SPENDING PLAN

Once you have tracked yourself for a couple of weeks (ideally a month), you will want to enter that

information into a SPENDING PLAN. See example below:

Month Income Projected Actual Monthly income Savings Projected Actual Monthly contributions savings Monthly contributions to investments Expenses Projected Actual Home Rent or Mortgage Insurance (home or renters) Property taxes Home repairs, HOA dues, etc… Other Utilities Electricity Water and sewer Gas Trash Other Transportation Gas Auto repairs/maintenance Auto insurance Other (bus, taxi, subway, etc..) Debts Payments Student Loans Credit Card Auto Loan Food Groceries Eating out, lunches Miscellaneous Expenses Medical bills and copays Prescription medicines Pet supplies and vet exams Clothing Toiletries, household products Grooming (hair, make-up) Entertainment, going out Cable, Movies Telephone & Internet Club dues Subscriptions, newspaper, magazine Church Tithes and Offerings Charitable contributions School tuition/ supplies Other TOTAL


PRIORITIES CHART

Importance to me How well I am doing in:

1----2----3----4----5 managing day-to-day expenses 1----2----3----4----5

1----2----3----4----5 home ownership / rent 1----2----3----4----5

1----2----3----4----5 saving for an emergency 1----2----3----4----5

1----2----3----4----5 children’s education 1----2----3----4----5

1----2----3----4----5 getting out of debt 1----2----3----4----5

1----2----3----4----5 improving my credit rating 1----2----3----4----5

1----2----3----4----5 living within my income 1----2----3----4----5

1----2----3----4----5 helping out family members 1----2----3----4----5

1----2----3----4----5 improving my career 1----2----3----4----5

1----2----3----4----5 having health insurance 1----2----3----4----5

1----2----3----4----5 having life insurance 1----2----3----4----5

1----2----3----4----5 home repair 1----2----3----4----5

1----2----3----4----5 car repair 1----2----3----4----5

1----2----3----4----5 dental or medical needs 1----2----3----4----5

1----2----3----4----5 having car insurance 1----2----3----4----5

1----2----3----4----5 retirement savings 1----2----3----4----5

1----2----3----4----5 starting a small business 1----2----3----4----5

1----2----3----4----5 keeping financial records orderly 1----2----3----4----5

1----2----3----4----5 going back to school 1----2----3----4----5

1----2----3----4----5 will and other estate documents 1----2----3----4----5

1----2----3----4----5 saving for a car 1----2----3----4----5

1----2----3----4----5 investing 1----2----3----4----5

1----2----3----4----5 tax filing/ planning 1----2----3----4----5

1----2----3----4----5 connecting to public benefits 1----2----3----4----5

1----2----3----4----5 having a job that supports my family 1----2----3----4----5

1----2----3----4----5 job retention/ promotion 1----2----3----4----5

1----2----3----4----5 checking my credit report 1----2----3----4----5

1----2----3----4----5 having job benefits 1----2----3----4----5


PRIORITIES HANDOUT

What are your top three priorities for your financial life?

What do you think your clients’ top three priorities are for their financial lives?

How well are you doing on your top three priorities?

Which of your priorities are similar to your clients?


MIND MAPPING


VALUES PRIORITIZATION WORKSHEET

List your five values, with your definition, that are important to you.

My Values Prioritized

I am meeting these values…

Most important not at all somewhat mostly definitely

1 2 3 4 5 6 7 8 9 10

1 2 3 4 5 6 7 8 9 10

1 2 3 4 5 6 7 8 9 10

1 2 3 4 5 6 7 8 9 10

1 2 3 4 5 6 7 8 9 10

Least important


BELIEFS ABOUT MONEY

Directions: Put a check mark ( ) next those statements you agree with.

People like my family and me can never get out of debt.

I'm not smart enough to do this.

I’m not disciplined enough to save and get out of debt.

I can’t get my spouse/partner to quit spending money.

The only way to get rich is to win the lottery or gamble at the casino.

Saving $10 a week is never going to get me enough for retirement.

Families are expected to support each other in our culture, so that means whenever I save any

money I end up giving it to a family member.

I'm a single parent. It's impossible to save.

I deserve a nice car, TV, clothes...

Investing is for white people, smart people, college people, etc.

Once I save a little, something happens and I have to spend it all...what's the point? I'll just spend

it now.

My credit is so bad, it doesn't matter what I do.

I can’t save enough to make it worthwhile. (What I can spare is too little.)

You have to have money to make money. (Investing is for the rich.)

Investing / the stock market is so confusing and complicated, it's like rocket science.

I'm too old; it's too late for me.

I'm too young to worry; I have plenty of time, why should I care?

What I want and will enjoy now is more important than what I might need in the future.

Buying things makes me happy.

There’s never enough.


EMOTIONAL STATES WHICH MAY ACCOMPANY MONEY BELIEFS

Abundance Amusement Anger Anxiety

Assuredness Calm Compassion Competence

Curiosity Desperation Determination Discouragement

Driven Ease Enjoyment Enthusiasm Fear

Frustration Generosity Grace

Gratitude Greedy Guilt Happy

Helpless Hope Impatience Insecure

Insignificance Inspired Interest Isolation

Joy Mistrust Obsession Overburdened

Overwhelmed Pleasure Pride Prudence

Safety Satisfaction Self-sufficient Serenity

Shame Skepticism Stress Tension

Tranquility Victimization Weariness Worry


BELIEFS ABOUT MONEY

Write one of your beliefs about money (either from the list or create your own).

What emotional states tend to accompany that belief (see list)?

What money related behaviors do you engage based on your belief and accompanying emotional

states?

What is one money-related behavior you would like to engage in?

What emotional states would accompany that behavior?

Write the new belief you would have after consistently engaging in your new behavior and feeling the

emotional states that accompany that behavior.


SMART GOAL WORKSHEET

A SMART Goal is:

Specific

Save $2,400.

Able to be measured

I’ll put $100 a month into a savings account.

Likely you can attain it

I will cook dinner at home and save the money from eating in restaurants.

Realistic

It will take commitment so I will have $50 automatically deposited into savings 2x a month.

Tied to a time schedule

In two (2) years, I will have saved $2400.

Your SMART goals:

Coaching:

Financial:_


PURCHASING BIG TICKET ITEMS

When do you know if you are ready to buy a vehicle? How about a home? Can you remember what it

felt like to purchase one of these items? If you knew then what you know now about purchasing a

vehicle or a home, what would you do differently?

Let’s spend some time discussing the advantages and disadvantages in the following categories:

Vehicle

Advantages Disadvantages

Renting


Homeownership



WHEEL OF LIFE


TEN DAILY HABITS

Keeping yourself well between coaching sessions is essential. Coaching can require energy: emotional,

intellectual, and physical. Given this, you’ll want to take extraordinary care of yourself while in the

coaching process. Only you know what this looks like, and you can go much further than you ever

have in this regard.

The place to start is to develop a list of TEN DELICIOUS DAILY HABITS that can keep you well. Many of

these do not cost money, just time. They will and should change over time, but some EXAMPLES to

help you get started are:

* Exercise: walking, yoga, running, and martial arts.... whatever you enjoy

* Read inspiring books – from the library

* Listen to great music

* Eat right: more vegetables, less: fat/sugar, caffeine, & alcohol

* Write in your journal

* Start being early for everything; avoid the tension of rushing

* Handle a completion (i.e. work on finishing something you have started that has been in

“limbo”)

* Under promise: give yourself the luxury of extra time

* Call a friend

* Meditate

Add anything to the list that nurtures you. Make yourself a promise to do these things for your “self”.


MY TEN DAILY HABITS LIST

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.


MY MONEY TIMELINE

On your Money Timeline, include events that had an impact on you over your life span such as:

Births, deaths, divorces, marriages

First credit card, checking or saving account

New jobs acquired or old jobs relinquished

Purchasing large ticket items like homes or cars

Purchasing stock or retirement accounts

Educational goal completions

Name It – give it a theme:

Name It – give it a theme:

PAST $ TIMELINE

FUTURE $ TIMELINE


RESOURCE MAP


INVESTING FOR YOUR FUTURE

How old will you be in 25 years? What do you hope to be doing when you retire? Are you ready?

Let’s spend some time thinking about your golden years. What would you like to be doing with family,

where would you like to travel, what sort of toys do you see yourself having, and the list goes on.

Spend some time listing some goals for each category below:

Family Travel

Toys Hobbies

Health Other

Do you have enough saved for retirement to do the above activities?

What does investing mean to you?

Investing means having your money work for you so that you have the life you want to live. Typically

if we want more money, most people think that we need to work more hours or get another job.

Some people may even think that gambling is a form of investing - it is not. When you begin to think

about investing, first decide why this is important to you. Is it that you want a sense of personal

security, knowing that you will have the ability to afford the things in life, or what else?

Before you begin to invest there are some basic steps that you should consider taking what are they?

Learn basic money skills


INDIVIDUAL PLANNING TOOL

What do you want to work on? What’s going on right now? What have you already tried?

What result do you want? What is your outcome?

What steps do you need to take?

This outcome is important to me because…

What is your deadline for achieving this result?

How will you let me know that you achieved it?

financial coaching training tool kit central new mexico community … · training offered by cnm...

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