How a money coach could help you reach your financial goals

Money can be a tricky topic—it’s not just about dollars and cents but also our habits, values and beliefs. That’s where money coaches step in. They’re not financial planners or counsellors, they’re the in-between, helping people understand their behaviours and values around money.  

For Sydney-based Lel Smits, working with a money coach was a game-changer. “I thought I was disciplined but I realised I was so focused on saving that I wasn’t investing in areas that could drive future growth,” she recalls. Lel prided herself on her dedication to saving, cutting back on everything from takeaway coffee to gym memberships. “I felt like I was doing everything right but I was overlooking the big picture and wasn’t investing enough in areas that could drive growth.”

Her money coach helped her shift perspective, introducing strategies that balanced her instinct to preserve with the need to leverage her finances. “I gave myself permission to spend intentionally and plant seeds for my future.”  

Andrew Woodward, founder of The Investor's Way

Bust the money myths holding you back

When it comes to managing money, the biggest hurdles aren’t always financial—they can be mental. “The first step is figuring out your own mental jigsaw puzzle when it comes to finances,” says Andrew Woodward. He believes mindset is key. “I could give you the best wealth-creating strategy in the history of mankind. But if what’s going on between your ears isn’t right, you’ll find a way to mess it up.” The takeaway? Success with money starts in your mind. 

Don’t strangle your money

When it comes to managing money, clinging too tightly can actually hold you back. “People tend to strangle money, which sounds weird but it’s true,” says Woodward. “You have to be willing to take a few risks and let money flow into your life.” While saving is important, it’s rarely the whole solution. “You can be a very savvy saver but not many people ever saved themselves into wealth,” he says. The key is to find balance between caution and confidence and let your money work for you. 

It’s never too late to take control

No matter your age or financial situation, there are always options to improve, says Woodward. “I’ve had clients in tears looking at the numbers. People think that they’ve left it too late but there’s always a way to improve your situation.” The key, he says, is overcoming the fear of facing your finances. “A lot of people are scared to look but the first thing that changes when you take back control is that the stress disappears. Once that’s gone, you can then focus on building wealth.” 

Darlene Neu, co-founder of The Money Collective 

Find the balance between now and later

Happiness, according to Darlene Neu, is all about striking the right balance between enjoying life now and planning for the future. “Everyone wants to be a saver. But one of the downsides of being a really great saver is that they might not be creating memories with the people they love in the moment.” It’s a reminder that financial wellbeing isn’t just about what’s in your account—it’s about making choices that bring joy both today and tomorrow. 

Unflinching honesty is the first step

When it comes to money, facing the truth about your spending can be a game-changer. Neu recalls one client who came in with a clear condition: “I’ll do whatever you want but don’t make me give up smoking.” Together, they reviewed her expenses and the numbers spoke volumes. “She was spending more than $10,000 a year on cigarettes,” says Neu. “Once she saw that, she made the decision herself. Nobody had to tell her what to do.” That client’s story is one Neu loves to tell. “She paid off her debts, bought a house and even quit smoking for good. She found her reason and once she had that, she stuck to it.” 

Never underestimate the power of a plan

“If you’re more optimistic for the future then you likely have better financial wellbeing,” says Neu. “And to get that way, you need to set goals and then feel yourself moving towards them.” But the most remarkable thing, she says, is that it’s the practice of goal setting, rather than the actual goals themselves, that helps the most. “The secret is, it doesn’t actually matter what the goal is. The goal can change a million times. The act of simply working towards a goal means we feel more optimistic for the future and then we have better financial resilience.”  

Liza Lyttle, financial coach at Good Shepherd 

We walk beside you without judgement

Working at Good Shepherd’s Financial Independence Hub, Liza Lyttle helps people impacted by financial abuse—which is a form of domestic and family violence and coercive control where someone, usually an intimate partner, uses money to hurt, manipulate or control another person. “What I love about my job is that I meet people where they are,” she says. “I’m guided by their goals and I walk beside them without judgement.” 

Overcoming shame around money is key

One client—a mother with a toddler—sticks in Lyttle’s mind. “She had deep shame around money management in our first coaching session and wanted to learn to budget and manage bills. We worked together to create the budget and identified her needs versus her wants and developed a savings plan. Within four sessions she was able to pay her bills and was saving towards her first holiday with her little girl.” 

Financial wellbeing looks different to everyone

It can be tempting to get prescriptive about what we should be working towards, says Lyttle, but it’s different for everyone—which means her job changes daily. “Success in coaching looks different depending on the client’s goals, values and circumstances,” she says. “Some people want to learn to save for a car. Others want to understand their beliefs about money so they can create a more empowering money story for themselves.” Finding out what makes you tick is a crucial first step.  

Are you financially well?  

It might mean something different to everyone but objectively, you need these three things:

1. You can fully meet your current expenses and ongoing financial obligations.
2. You feel financially secure now and into the future.
3. You can make choices that allow you to enjoy your life now and down the track.

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• How your mindset can affect your finances