Financial Coaching

//Financial Coaching

What does financial stability mean to you?

At Avenue CDC we offer one-on-one financial coaching and counseling to all customers seeking to improve their financial situation and move towards financial stability.  Many of our clients define financial stability as having a cushion to fall back on when life happens.  Financial stability is often characterized as a feeling as opposed to a number. What does it mean to you?  How does it feel for you?

Through a thoughtful coaching process, our staff can help you pinpoint your financial goals and translate them into actionable steps that will put you on the path to achieving them.  These goals are largely colored by what you need in your life to feel financially stable, like an emergency savings account in case of a job loss, or a costly car repair.  They’re also shaped by the things you want for yourself and for your family, like to buy a home or go back to school.  Other goals could include building or repairing your credit because you know it is a means to getting the other things you need and want.

By actively engaging in coaching you will increase your odds of achieving your goals.  Start the process today and schedule an appointment with one of our Financial Coaches.

NOTE: Financial Coaching is different from our Homebuyer Advising/Counseling.  If you are specifically interested in preparing to buy a home, start your process through one of our Homeownership Classes.

Did you know?

  •  Financial professionals recommend every household have an emergency savings account with enough money in it to cover your minimum monthly expenses in case you lose your job. To figure out the amount you need you need to first create a Budget/Spending Plan that outlines your current spending.  Then, you’ll need to do a worse case scenario budget and strike out all of the unnecessary expenses (like cable, entertainment, buying new clothes, etc).  The total expenses left in your spending plan (like rent, health insurance, non-deferrable loan payments, etc) is the minimum amount of money you need per month. Multiple that by 2 or 3 and you’ll know how much money to save in your emergency savings account.
  • You can request to more the due date of many of your monthly expenses, like utility due date or car loan payment?
  • Saving money can be painless if you plan your spending properly to know how much you can honestly afford to save every month and then have that amount auto-draft from your paycheck into a separate savings account.  You won’t be tempted to spend it if you can see if or access it easily. And you won’t miss it if its taken out of your check before you receive it.
  • Simply not spending money isn’t the same as saving money.  To save money you have to separate that money into a designated savings account.  Otherwise, you could easily spend it without noticing it.  Here’s an example: you have been paying $100 per month on your cable bill but went to basic cable in order to reduce your expenses and now you’re only paying $30 per month. You made the change to spend less money but you aren’t done yet.  Now you should setup an auto draft to move those $70 you are no longer spending on cable into your savings account.  Then it becomes savings!
  • A budget/spending plan is a living breathing document.  You should check-in on it regularly to keep yourself accountable to it and to update it as your expenses vary.

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