CFEE Guidebook

18 BUILDING FINANCIAL CAPABILITY THROUGH FINANCIAL COACHING There is no set template for each coaching session, but in general we tried to follow a consistent process:  ` 1ST COACHING SESSION (1 HOUR): Complete intake information, including background details and financial profile; review information needed for budget; discuss preliminary financial goals, including savings goal. Work with participant to set up savings account if they do not have one.  ` 2ND COACHING SESSION ( 1 ⁄ 2 HOUR TO 1 HOUR): Begin work on budget and financial plan; set savings goal according to budget. Check for credit report and credit score. Determine action plan to pay down debt, improve score, or build credit.  ` 3RD COACHING SESSION ( 1 ⁄ 2 HOUR): Review and revise budget as necessary. Finalize action plans for saving and debt management. Review credit report, if applicable, and identi- fy action steps needed.  ` 4TH–5TH COACHING SESSIONS ( 1 ⁄ 2 HOUR): Review goals and discuss progress made. Start to track goals that have been met.  ` 6TH–10TH COACHING SESSIONS ( 1 ⁄ 2 HOUR): Review goals and progress made. Establish an action plan for career plans and resumé, if appropriate. Helping students link their career plans to a financial plan is especially important, in that the coach can work with the student to estimate the cost of the steps they are planning to take, such as transferring to a four-year college or en- tering a certificate program for career training. Coaches will guide the student to research the cost of degree programs and sources of financ- ing available, as well as the realistic salary levels they can expect to earn upon graduation. A case in point is Linda, a student pursuing a career in social work, who wanted to transfer to a local private college to finish her bachelor’s degree after graduating fromWestchester Community College. Working with her coach, she projected the cost of tuition and potential amount of student loans she would have to take out. This analysis quickly revealed that her debt repayment would have been unaffordable in light of her expected salary as a social worker. She therefore decided to apply to a more afford- able public university, where she is now looking forward to graduating with a more manageable amount of student loan debt. Coaching is most effective when done in person, but occasions or emergencies may arise that require coaching be done by telephone or online services such as Skype or Zoom. If that occurs, we try to maintain appointment plans and schedules to keep students on track. Measuring Outcomes It is important for coaching programs to establish benchmarks to measure the progress of each student as well as the outcomes for the coaching program as a whole. The financial goals and targets that we used in the Money Smart Forum included data such as increase in personal savings, reduction of debt, credit score improvement, and number of consecutive months saved while in the program (see appen- dix 5). Not every student was able to achieve goals in all of these areas, because their finan- cial circumstances were different. However, we were deliberate about developing a consistent set of metrics from year to year, as we were better able to document our effectiveness and also identify areas for improvement.