Case Studies

While you may not know it, we all have a relationship with money that was probably formed in childhood, and it impacts almost every area of our lives. Below are some of the scenarios Mary sees most, each of these can be assisted by Financial Coaching.

Do you recognise yourself or someone you know in these case studies?  How much further could you go if these negative habits were addressed?

The over-giver

Tends to spend on everyone but themselves, enjoys spending money on gifts but feels uncomfortable receiving them in return. Spending on themselves is usually items they need, not things they want, and they may overextend themselves by giving – e.g. to charity or fundraisers, when they have minimal money. They may also undercharge for their services or discount them heavily, if self-employed. If employed, they don’t ask for a pay-rise.

How can coaching help?

Pinpointing the underlying feelings of shame, guilt, and unworthiness surrounding spending. Where do they come from? Do they spill into other areas of life? What will happen if you spend less money on others? How do we push this comfort boundary?  

How can coaching help?

Pinpointing the underlying feelings of shame, guilt, and unworthiness surrounding spending. Where do they come from? Do they spill into other areas of life? What will happen if you spend less money on others? How do we push this comfort boundary?  

The outcome

Spending on SELF increases whilst still remaining the kind and generous person you always have been and will be. Better confidence, able to ask for what you’re worth.  

The emotional spender

This is spending as an automatic reaction to an emotion like stress, sadness, loneliness or boredom, leaving them out of pocket or filling their home with unused internet purchases!

This often happens on ‘auto pilot’ and they may not notice the emotion, but they consistently overspend and often go into debt. 

 

How can coaching help?

Spending gives us the same endorphin rush as sex and gambling so it’s no surprise we subconsciously seek this out when we are feeling low. In some people it can form a very strong spending habit. Coaching identifies the root cause, helps you build new habits moving forward.  

The outcome

Conscious spending with a purpose and no more guilt after an internet shopping splurge.  

The over-planner

Most people think planning and money go hand in hand, on some level that’s true but any money behaviour can have positive and negative effects. Over-planners have no room for spontaneity in their budget, leading them to miss out on last minute plans and often causing friction if other people in their life don’t share the love of income and expenditure spreadsheets.  

 

How can coaching help?

Planners are protectors. There is a very strong internal motivation for this planning instinct and it’s often formed very early on in childhood. Coaching can help unpack this belief and separate the positives of planning (meeting financial goals/having a healthy savings account) from the potential negatives (intense fear of losing money/missed opportunities/struggling to spend money) 

The outcome

A more balanced approach to money. Satisfaction of having your planning and security desire met but also growing flexibility so no one misses out on things that weren’t originally in the plan! 

Will Writing Case Study

Lucy* got in touch, concerned about what would happen to her 5-year-old daughter, Amelia*, if Lucy died. She had put off talking to anyone about it as it upset her but the recent loss of her own parents had pushed her into tackling the uncomfortable subject of death.  

Mary put in place a will, including who Lucy wants to give Parental Responsibility of Amelia to if the worst were to happen. If Lucy dies before Amelia turns 16, there are nominated people who Lucy knows will take care of any money with Amelia’s best interests at heart. This was co-ordinated by choosing Trustees and creating a Trust.  

After spending an hour together tacking the ‘tough stuff,’ Lucy now has peace of mind that Amelia will be looked after physically and financially by people she knows and trusts.  

Lucy said: 

 

“I wish I had done this when my daughter was born instead of worrying about it for 5 years! Mary is so friendly and can make a scary subject easy to understand and overcome.”