Financial Coach Fees & Costs (Is a Financial Coach Worth It?)
An experienced coach shares typical financial coach fees (including the cost of Dave Ramsey financial coaches) and walks you through whether financial coaching will be worth it for you.
I looked down at the treatment plan in my hands. The bottom line read four-thousand dollars, and it wouldn’t be covered by insurance. When I heard that my 7-year-old had double vision and severely restricted peripheral vision, my heart nearly broke.
It was no wonder he struggled with his school, without the words to explain what he was experiencing or to even know that this wasn’t normal. I knew we had to do something to help him. But even as I signed the contract for vision therapy, I wondered, would it be worth it?
If you’ve ever thought about investing in financial coaching, you’ve probably wondered whether it would be worth the investment, too. You might have an inkling that it could be exactly what your family needs, but when you’re already struggling financially, it’s easy to hesitate.
Financial Coach Fees
Today, I’ll share my experience as a Master Financial Coach to help answer your questions:
- How much does financial coaching cost?
- What are the Ramsey Financial Coach fees, in particular?
- Is a financial coach worth it?
1. How much do financial coaches charge?
On average, I see financial coaches charge between $150 and $300 per session. However, there is a big range because all money coaches set their own fees for their services. Costs can vary depending on their level of experience and expertise, geographical location, and the way they package their services.
Some coaches offer a package of financial coaching sessions that’s slightly discounted from their usual coaching rate. A package works well for most people. It typically takes five to six sessions to get to become confident about working your plan on your own, so it makes sense to take advantage of the discount.
In addition, you can find financial coaching packages and services that address a specific issue or period of time. For example, I typically recommend my clients start with a Financial Coaching Roadmap session. This allows them to make progress and reduce financial stress quickly.
Alternately, you can access group financial coaching which is less expensive than one-on-one coaching. I have had many families achieve big financial success through my group financial coaching program.
However, if you decide to go the group coaching route, you won’t get as much hand-holding from your coach. You also need to get comfortable sharing about your finances with a group (which is a great skill to develop).
How much do Dave Ramsey financial coaches charge?
Financial coaches that are certified as Ramsey Solutions Master Financial Coaches work independently and set their own fees. However, one of the trainers did share that the Ramsey in-house coaching fees are $175 for the intake session. Subsequent sessions are $150. Thus, this is what many of my fellow Ramsey Solutions Master Financial Coaches use as a starting point for their fees.
Is a financial coach worth it?
Cost is one consideration when looking for the best financial coach for you, but the most important thing is to assess the return on your investment. Be sure to read up on the money coach’s reviews and success stories. What type of results are they getting?
Similarly, research shows a bachelor’s degree consistently allows graduates to dramatically increase their income over a lifetime. This is true despite high tuition costs. With a graduate degree, you’ll learn even more.
In short, it’s worth it to invest in your skills and knowledge for a few years during college, so you can enjoy a lifetime of higher earnings, and the same is true for financial coaching.
When you invest a little time with a financial coach now, you can watch it pay dividends over your lifetime. Here are just a few examples of how financial coaching can be worth the investment.
1. Paying Off Debt and Saving for the Future
For instance, my typical financial coaching client saves or pays off $5,000 to $10,000 within the first three months of working with me. This is something they’ve tried to do before but haven’t been able to accomplish on their own.
It’s easy for them to see that they come out way ahead on what they invested in financial coaching. In addition, they then have the tools to continue to manage their money with confidence into the future and only need to check in with me occasionally.
Of course, their results will depend a lot on how engaged they are in the process and how ready they are to make a change in their finances. (I’ll talk more about who benefits the most from financial coaching in just a minute.)
2. Save Thousands On Interest Payments
In addition, financial coaching can help you cut down on interest you pay on your debt.
For example, I pulled up a debt profile of one of my recent clients. She and her husband owed over $50,000 in an assortment of car loans, credit cards, medical debt, and personal loans.
They had tried to pay off debt before, but were never able to get traction. Instead, there always seemed to be more month than money and they were constantly sinking further into debt.
Together we put together a plan, and they’re now not only do they have their 1-month emergency fund completed, but they’re also on track to pay off debt and to save over $7,192 in interest payments.
Again, you can see how the relatively small cost of financial coaching pays dividends when you can avoid thousands of dollars in interest payments, on top of saving money and paying off debt.
3. Stress Less & Improve Your Health
We’ve already talked about the monetary benefits of financial coaching. As a financial coach, I can help you pay off debt and save for the future, but the biggest value comes from the ability to stress less as a result and to truly enjoy your time with your family.
For instance, the other day I got an email from a new coaching client. She told me that since beginning to working with me, her blood pressure was down and she was finally sleeping through the night.
Another one of my favorites was the mom from Australia. She reported that not only was she on track with her budget, but her health was also improving. She even lost a few kilos because she and her family were eating out less and making healthier meals together at home.
4. Improve Your Relationships
Most importantly, the value of financial coaching is in the strengthening of relationships with your spouse and kids. I loved when one long-time client told me the other day that she and her husband were sitting down together to discuss their upcoming expenses, including purchasing a new-to-them car.
She noted that the days of her husband sneaking off to the dealership and coming home with a brand new truck were long gone. They now have the security of being on the same page with their finances and working together toward their financial goals.
By now, you’re probably starting to see the value of financial coaching, but you might still have a few practical questions.
What do the coaching fees include?
The most important thing you’re paying for when working with a financial coach is their expertise. Having that second set of eyes looking over your shoulder can make all the difference and help you get results faster than you could on your own. As a money coach, I’ve worked with thousands of families on their finances, so I can instantly tell you what’s realistic, what needs to change, and how you can reach your goals faster.
But even the best plan will only get you half the way there. For most of us, we’ve tried to budget, save money, and pay off debt, but it can be nearly impossible doing it on your own. That’s where a good financial coach comes in and provides ongoing support and accountability to help you stay motivated to reach your goals.
Of course, this isn’t a new idea:
Plans fail for lack of counsel, but with many advisers they succeed.”
When you work with a good financial coach you get:
- A proven roadmap that gets results
- Ongoing support
- In-person or virtual coaching sessions
- Tools to help you take action
- Coursework or training
When are financial coaching fees worth it?
I’ve already shown you how investing in financial coaching can render big dividends for your family, both financially and emotionally. However, whether or not the fees will be worth it for you depends on one important variable: YOU.
You will likely benefit from financial coaching if you:
- Have tried the books, apps, and spreadsheets, but you’re still stuck in financial stress
- Are tired of struggling and not making progress on your own
- Know it’s time to let go of old beliefs about money and learn what really works
- Are determined to learn to manage your money with confidence…
- Even if you’re afraid to try again and aren’t sure how it will all work out
I’m already struggling financially, should I invest in money coaching?
Again and again, I’ve noticed that it is NOT the people who have the highest starting income who make the fastest progress. Instead, it’s those who are truly ready for a change.
In fact, do you remember the mom I mentioned earlier who was so relieved to be putting a financial plan in place that her blood pressure went down and she started sleeping again? She’s a single mom with an average income raising two tiny ones on her own. Though life hasn’t taken the path she might have planned, she’s rocking her finances. This week told me that since we’ve been working together, she’s saving more than she ever has in her life.
So who can benefit from financial coaching?
In short, anyone who is dedicated to learning to manage their money with confidence. I’ve worked with:
- Moms on disability
- Families who homeschool
- Single moms
- Full-time working moms
- Families living on one income
Most of them came to me earning just enough or a little less than they needed to make ends meet, yet in they still have benefited from financial coaching because they were truly ready to take control of their financial situation. In fact, it’s sometimes actually harder for families who earn a higher income to stay focused on their goals because the extra breathing room in their budget makes them a little over-confident.
But financial coaching isn’t worth it for everyone
I was recently doing a consultation with a potential client to see if she would be a good candidate for financial coaching. After we’d had a chance to discuss her unique financial situation and goals, I gave her a chance to ask me any questions she had about me and the coaching process.
As a pediatric therapist, she told me that she could easily predict which of her young clients would be successful and which wouldn’t make progress within just a couple of weeks. Curious, she wondered if I had a way of knowing the same thing about my potential clients.
She was right.
It isn’t the people who make the most money, that are the most successful
It’s those who are really ready to turn around their finances onces and for all. A lot of times that means they’ve hit rock bottom and they’re really struggling financially. Their money troubles are often affecting their daily stress, their health, and their relationships with their spouse and children.
On the other hand, if a potential client seems to be hoping that I’ll sprinkle a little fairy dust on their finances and magically fix them overnight, I know right away they’re not a good fit.
In fact, that’s a big reason why I offer a complimentary consultation for every potential client. By the time I agree to take on a new client, I’ve typically talked with them for almost an hour about their finances and vision for their money. I ask a lot of questions to help us both gain clarity, so I can be as confident as possible that I will be able to help them get results.
Money coaching is a partnership. It takes both the coach and the client working together to make a lasting transformation. I can provide the information and support needed to get results, but ultimately you have to be ready to make that change.
If you want financial coaching to be worth the investment, you have to be willing to let go of your old ways of managing your money (they’re not working for you anyway, right?) and be open minded to the advice your coach provides.
We’ve covered a lot, so let’s review
- You learned that financial coaching can cost can cost anywhere from $150 to $300 and up per session
- We also discussed some different financial coaching packages, roadmapping, or group coaching
- And what might be included with money coaching services
- I also walked you through some considerations on how to discern whether financial coaching will be worth it for you
- And how to know you’re ready to make the most of the support a financial coach can provide
A little over a year later, I’m happy to report that my son’s vision is dramatically better. His ability to focus his eyes is off the charts, and his eye doctor even taught him to do some wild tricks with his new eye strength and coordination that I could never even attempt.
He’s no longer walking through life as if looking through binoculars but has a full range of peripheral vision. While it was hard to plunk down the cash for his vision therapy, looking back it’s easy to see that it was 100 percent worth it. Our investment changed his life forever.
Here’s the thing.
When you’re even 80 percent certain that something is going to give you life-changing results for your family, you find a way to make it happen — no matter what it costs, and the same is true for financial coaching.
Your next step
Are you thinking that financial coaching might just be exactly what you need to transform your family’s financial future?
Then, your next step is to schedule a complimentary consultation with me.
I look forward to talking with you over Zoom about your unique situation and seeing if we’d be a good fit to work together.