Perspectives: Lessons from a Capital One Money Coach

Financial wellness has become an increasingly important part of overall well-being. It’s an area of our lives that many of us long to improve: According to a 2020 study by the American Psychological Association titled “Stress in America 2020,” nearly 64% of adults reported that money is a significant source of stress in their lives.   

If reducing financial anxiety is one of your goals, you might want to consider a free session with a Money Coach. Capital One Money Coach Jen Pavich offers these pointers to help you determine if money coaching might be right for you.

What’s a Money Coach?

Before she became a Capital One Money Coach, Pavich experienced the same sense of stress that many people do when attempting to improve their financial well being. She read piles of how-to finance books and tried a few systems from well-known money gurus, and she quickly realized that there’s no one-size-fits-all strategy when creating a financial plan. 

But, Pavich notes, “once I understood my spending triggers and what type of savings plan worked for me, I was able to succeed at my financial goals,” she says. 

Just like a sports coach, a Money Coach gives you the knowledge, insights, and mental fortitude to play the game. A good financial coach can help you to explore the basics of personal finances and develop some healthy financial habits. “Money Coaches aren’t financial advisers,” says Pavich. “We’re trained in coaching skills to help people get in touch with their inner wisdom.” 

A financial advisor helps you to build wealth and develop a long-term financial plan. Typically, they work with clients who want to manage assets, build a portfolio, or plan for retirement. Unlike a money coach, an advisor must be licensed and registered with the Financial Industry Regulatory Authority (FINRA), which regulates the financial services industry. While financial advisors work to manage and build existing wealth, “working with a Money Coach can help you develop a money plan based on your priorities and personal working style,” adds Pavich.

A Money Coaching session provides a chance to slow down and get clear on what’s important to you. Money Coaching from Capital One is offered through our Cafés, and you can book up to three, free confidential sessions (and you don’t have to be a customer to sign up!). Your health and safety remain our top priority, which is why we’re currently offering Money Coaching virtually from the comfort of your home. 

What’s a Money Coaching Session Like?

Each session with a certified Coach lasts one hour. “These sessions are also an opportunity to figure out what’s really going on with your money and to identify areas where you may be getting in your own way,” she says.

One of Pavich’s favorite topics to explore at an initial consultation is clients’ value systems. She asks questions about what makes them feel joyful and satisfied. “There are no right or wrong answers because they come from within,” she says. “While some value compassion or honesty, others prefer freedom or fun.” 

Once your Coach understands your values and how they interact, you can work together to align your goals with those values. “Developing my awareness of what really works for me has made the biggest difference in my financial life,” says Pavich.

Will We Create a Budget?

Budgets feel restrictive for a lot of people, therefore, Pavich swiftly dispenses with that terminology. “I help clients develop a money plan that works for them,” she says. “It’s not about depriving yourself of the things that you really want; if a latte or a pair of new shoes makes you feel great, go for it!” But figuring out how much money is coming in, where it is kept, and where it’s going, is essential. That information is power, adds Pavich, and sets the foundation for building a plan to give you the flexibility and freedom to do what you want with your money.

If you’re thinking about booking a session with a Capital One Money Coach, do so with an open mind. “Stop judging yourself and practice self-kindness.,” advises Pavich. “Everyone makes mistakes and beating yourself up over past decisions doesn’t help.” Instead, remember that you are choosing to learn how to make your money work better for you. 

Getting Started

But where do you begin? It's easy to schedule an appointment with a Capital One Money Coach. This service is free to everyone, not just customers, and can empower your financial decisions along the way.