CFEE Guidebook

29 BUILDING FINANCIAL CAPABILITY THROUGH FINANCIAL COACHING set up, we sent an email or text confirmation, depending on the student’s preferred mode of communication. The day before the first appointment, the coach called or texted the student with a reminder of the meeting. These communications not only alerted students about their scheduled appointment, but also gave coaches an additional opportunity to establish a connection. Rewards and Recognition Small, simple rewards or forms of recognition can provide significant motivation for a student to stay engaged. One concept that works well is a tool to help students track their own goals and recognize their progress. The Action Plan and Coaching Progress form (see appendix 3) includes goals and action steps the student identifies with the coach, and then indicates when the action steps or goals have been met. It does not take a great achievement to provide a student with a sense of accomplishment. Any action step completed or small goal met can be a reason to celebrate. Another motivational practice we found effective was offering a Certificate of Comple- tion to students who met a series of financial goals and who had undertaken a set of related activities. To earn a Certificate of Completion, a student must meet at least three financial goals, such as achieving a savings goal, saving for three consecutive months, reducing debt, or improving a credit score. Career goals can also be included, such as completing a resumé, attending a career workshop, or going to a career fair. Related activities may involve completing online personal finance modules, which help students continue to build their financial knowledge. Incorporate Technology to Track Coaching Progress and Results Coaching has been proven effective in helping individuals build financial security, but it works because it is a one-on-one process and is time-intensive. For any college interested in coaching, it is important to utilize technology in order to make the process more efficient and minimize the amount of time coaches spend per student. There are many ways to use technology to enhance the per- son-to-person coaching process. Most of the effective strategies include using online coaching platforms and interactive personal finance learning sites with budget- ing tools and apps. Coaching Platforms There are very few online coaching platforms designed specifically for use in a college setting, but there are several systems widely used by asset-building orga- nizations and other practitioners that can be adapted to a college coaching program. One of these platforms is Change Machine (www. change-machine.org) , offered by the Financial Clinic, a nationwide nonprofit whose mission is to help the working poor build financial security. Change Machine was created specifically to support coaching practitioners and provide them with the structure and methodology to enhance coaching outcomes. The platform incorporates tools and resources for financial coaches, including a “Learn” feature that provides training tools for coaches; a “Coach” feature that includes data tracking, monitoring, and recording outcomes for participants; and a “Share” feature that is a real-time forum where coaching practitioners can exchange informa- tion and updates. Change Machine is available on a licensing basis. Since being part of the program, I now have proper budgeting skills. I also have confidence in building credit and obtaining my first credit card. Money Smart Forum student