CCCS OF MARYLAND AND DELAWARE LAUNCHES FINANCIAL COACHING PROGRAM

For almost 50 years national nonprofit Consumer Credit Counseling Service of Maryland and Delaware (CCCS) has promoted financial literacy in the local community through counseling and education. This month the agency plans to provide consumers with a new financial tool. It is launching a pilot Financial Coaching Program. According to Pam Wilson, who serves as Program Lead on the initiative, “Financial coaching fits closely with our mission here at CCCS. It empowers clients and puts them in the driver’s seat, where they have a chance to chart their own financial futures.”

Just exactly what is financial coaching?  Wilson says, “Coaching encourages clients to make self-directed behavioral changes that improve their quality of life over time. While in the program, they decide for themselves what they want to achieve financially, and they’re responsible for steering their own boats. CCCS is there to supply them with the resources they need to stay on course.”

CCCS financial coach Donnie Collins agrees. “As coaches, we fill the same role as sport coaches do.  We help clients identify the financial objectives they want to attain and give them a game plan for accomplishing these goals.  As they work on their plans, we cheer them on and give them feedback, so they do even better. Throughout coaching, we provide structure, encouragement, and support.” 

Clients often ask how financial coaching differs from financial counseling.  Wilson says one big difference lies in the type of help each service provides. “Counseling helps clients address specific financial emergencies. For example, if they’re buried in debt, they may need help digging their way out and dealing with creditors.  In contrast, coaching helps clients who are already relatively financially aware identify, practice, and perfect their money management skills. Say a couple wants to save toward a down payment on a home. We can help them examine their finances and develop concrete steps to meet this goal.”

Collins says financial counselors and financial coaches also wear different hats. “When clients come to counseling, they’re often worried and confused.  Counselors take charge and supply them with guidance and advice. As coaches, we take a more laid-back role. We help clients identify habits they hope to change and the goals they hope to reach. We help them brainstorm plans. Once they’re on the highway, if they get lost or encounter roadblocks, we help them think through solutions and keep motivated so they stay on track.”

One final difference between financial counseling and coaching:  How long they take to complete. Wilson says financial counseling normally can be provided in a single session. Coaching by its very nature takes longer. She says, “Changing habits, building skills, reaching goals -- these things don’t happen overnight.  Our coaching program takes a year to complete. This gives clients the time they need to successfully (or reinforce new financial behaviors and habits) navigate the process.” 

How does CCCS of Maryland and Delaware’s free Financial Coaching Program work?  When clients call for an appointment, they’re matched with a trained financial coach, and the first session includes an interview to make sure coaching is a good fit for them. Once they qualify for the program, they meet with their coach for an hour every month in-person or by phone. During these personalized sessions, the coach helps them:

Define their goals

Recognize their resources and talents

Develop an action plan

Take steps to achieve their goals

Identify goal-related problems and how to resolve them

Stay motivated

Assess their progress

Wilson says the goals clients realize during coaching are as unique as they are.  “You might want to improve your credit score, save so you can afford to put your child through college, or even design a financial strategy to help your blended family work as one.  As the client, you decide what you want to do.  Our job is to help you find a way to do it and provide you with encouragement and support along the way.”

She also believes CCCS offers clients an exclusive opportunity: “Our many years of experience and our full range of programs ensure you’ll receive the attention you need. Coaching is just one spoke in the circle of services we provide. If it turns out you need something else, you still land in the right place.”

Collins is excited to be part of the CCCS Financial Coaching initiative. “When I talk with people who are interested, I always stress this is a partnership and that everything works better with a plan. Best of all, investing just one hour a month can lead to big results!”

Personal financial coaching is the primary focus of CCCS’s pilot program. However, the agency also plans to offer coaching workshops on goal-related topics, such a budgeting and saving. Both services are free of charge. To learn more or set up an appointment, please contact CCCS’s Financial Coaching staff at 1-800-640-2227 x2054 or dcollins@cccs-inc.org today.

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Consumer Credit Counseling Service of MD & DE, Inc. (CCCS) is an accredited 501(c)(3) nonprofit agency that helps stabilize communities by creating hope and promoting economic self-sufficiency to individuals and families through financial education and counseling.  CCCS MD State License #14-01