Budget Coach (Budgetcoach)
Information on this skill...
A budget coach is someone who helps other people with their financial management. Not everyone is equally good at keeping a financial overview. For these types of people, a budget coach can offer a good solution. Whether it is for a longer period of time or just to put things in order in the short term. If someone has lost the overview for whatever reason, the budget coach can help to get this back. The budget coach helps to get the administration organized and to keep bailiffs out. Working as a budget coach occurs in practice in different ways, but the work of a budget coach is in all cases aimed at helping people who are experiencing financial problems. Within municipalities, too, there is more and more attention for budget management, to prevent people from getting into trouble. Budget management can also be used preventively to prevent real problems. There are many financial areas where the budget coach can help, such as with income, calculating with money, expenses, saving, eliminating deficits, estimating risks and keeping a cash book. All of these different things can cause someone to see light at the end of the tunnel. Working as a budget coach is not always easy. Often, in the beginning, critical discussion with the client must first be held. The problems that have arisen are often based on various causes, which must first be removed, such as spending too much money or simply not opening the mail anymore. In such cases, it is important to first make it clear that this cannot continue. The profession of budget coach originated from debt assistance. The budget coach should be seen as a confidant of the client, who assists him or her in a difficult period. It is important that the budget coach is certified.
Most people temporarily have to deal with a budget coach. During the guidance, the coach ensures that the client adheres to the agreements made. The budget coach helps with organizing the administration. The settlement of existing debts is also part of the work, to prevent further problems. In order to gain insight into the debts, it is important for the budget coach to organize all the client's mail, and thus gain insight into his debts. Being able to deal with money is not easy for everyone, and debts are quickly incurred. Often the making of debts starts at a young age, because people can still spend everything, because someone still lives with the parents, for example, and there are no fixed costs. If someone starts living on their own, many things change and there are more and more fixed costs, such as rent, groceries, tax, care premium, children and gas, water and electricity. If someone is used to spending money easily on luxury things, problems can quickly arise. If the fixed costs are not paid on time, the arrears can no longer be made up. Then someone keeps getting memories and the problems pile up. In the worst case, there will be bailiffs, who always come to the door to collect claims. This type of situation is very stressful for most people.
MANAGE INCOME AND EXPENSES
In order to get out of trouble, a plan will have to be made, where the fixed costs take precedence over everything, so that someone does not have to be evicted from home, because the rent arrears, but continues to grow. Often there are many luxury expenses, which have to stop in order to be able to eliminate the debts, such as magazine subscriptions, expensive telephone subscriptions and perhaps a car, which can be sold better to be able to get rid of the debts. If someone ends up in debt counseling, there are strict conditions that someone must adhere to in order to get rid of their debts after three years. It is no fun to end up in debt counseling, because someone else is going to manage your money and there are no more opportunities for luxury expenses during debt counseling. It is the budget coach who will try everything to prevent people from ending up in debt counseling. If the financial problems are too great, it may also be the case that people are appointed a special administrator.
MAKING THE FINANCIAL SITUATION MANAGEABLE
People who have lost insight into their financial affairs must bring the financial situation under control. The financial situation must therefore first be made manageable. This mainly relates to the wise handling of money and any existing debts. A budget coach can help map out all income and expenses. A good home administration and good balance can help enormously with this. Reducing financial worries can sometimes also involve finding a new job. This can also improve the personal situation.
PEOPLE WITH PROBLEMATIC DEBTS
It is not all poor people who may have to deal with problematic debts. A sudden acute drop in income can also cause problems. People with an acute drop in income sometimes experience major problems, such as no longer being able to pay the mortgage or rent. Other various reasons can also be the cause of financial problems. Think, for example, of a divorce or an addicted partner. So people get into trouble for a variety of reasons. Most people get into financial trouble mainly because they lose the overview. Good financial insight is therefore so important. The most important factor to avoid problems is knowing all the income and expenses.
WHAT DOES A BUDGET COACH DO:
TRAINING TO BECOME A BUDGET COACH
There are no training opportunities for budget coaches and/or debt counsellors through conventional schools. However, there are many ways to follow short courses for working as a budget coach, which will generally take four months to one year. The profession of budget coach has common ground with different industries and actually occurs everywhere. Think of rental organizations, banks and municipalities. The course to become a budget coach can therefore be attractive for different organizations. Nowadays there is also a professional association for budget coaches in the Netherlands. The course to become a budget coach is usually intended for people who have completed at least a bachelor's degree. During the training, attention is paid to conversation techniques, legal knowledge, collection procedures and recognizing debt problems. In addition, there are also plenty of external training institutes where you can follow a course. This usually concerns a short course and/or e-learning. By means of e-learning you can follow a flexible training. Accounting is also important as an independent entrepreneur.
COMPANIES WHERE A BUDGET COACH CAN WORK
As a budget coach you can work for different organizations. Think of municipalities, housing associations, addiction care, banks, insurers and specific debt assistance companies. Most new budget coaches are offered the course through the company where they work. To be eligible for the course, it is important that you have an affinity with finances. In addition, the profession of budget coach can relate to entrepreneurs and to volunteers. A budget coach often works with people who have problematic debts.
COMPETENCES BUDGET COACH
The most important competence as a budget coach is that you are able to put yourself in people's shoes and try to understand their problems. The profession is certainly not for everyone. In addition, it is important that you have knowledge of finances and that you can plan and organize. In order to be able to do your job well as a budget coach, you will have to be well-versed in communication, because in many cases you have to make agreements with various agencies. In addition to guiding and solving the problems, you will also have an advisory role to your clients. Perseverance and decisiveness are therefore important words within the service as a budget coach. Generally important words are listening, predominance, motivation, planning, organizing, controlling and vigilance.
LABOUR MARKET PERSPECTIVE AND CAREER OPPORTUNITIES AS A BUDGET COACH
Obtaining work as a specific budget coach is usually not very easy, because in most cases it concerns an ordinary employee with a different position within the organization who is offered the course. It is true that there is faster and more attention for people with financial problems and the demand for budget coaches is therefore increasing. As far as we know, there are no specific career opportunities for the profession of budget coach. However, starting your own business as a budget coach or debt counselor can of course be seen as growing.
TERMS OF EMPLOYMENT AND SALARY BUDGET COACH
As a budget coach, you can work at different companies and organizations, which can use different employment conditions. As an independent entrepreneur, you naturally determine your own terms of employment. The salary as a budget coach is not easy to indicate, because it can be a supplement to your usual work or a full-time job as a budget coach. In addition, you can work at various companies or institutions. There are relatively many people who carry out the work on a volunteer basis.
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