Wise Monkey Financial Coaching

Spring clean your finances

Spring clean your finances

With the weather warming up and days getting longer, now's a perfect time to get yourself motivated to make some changes. So, here’s a simple springtime challenge for you...

Pick one of these 10 suggestions and decide to take action on it. If it helps find a friend or partner, pick a task you both need to do and do it together. Sit down one evening, open a bottle of Malbec and browse price comparison websites together. Or take turns to help sort each other’s paper mountains over a packet of chocolate biscuits.

Do whatever you need to do to make the tasks more palatable and then decide on one action - one small sweet step at a time. Never underestimate the power of doing what you say you’ll do…I guarantee it will put a spring in your step.

So, are you ready...?

Don’t let your Chimp take charge of your money

Don’t let your Chimp take charge of your money

Right now in the UK there’s a frenzy of drivers queuing for fuel. Whilst there’s no actual shortage of fuel – just a shortage of HGV drivers to transport it to petrol stations – people are responding emotionally to the Government telling us “don’t panic buy” and the contrasting media coverage of queues at forecourts. This has inflamed the situation and we’re seeing similar results to the lockdown stockpiling of March 2020.

The emotional reaction of many people to this situation makes me think of “The Chimp Paradox”, a concept created by Professor Steve Peters in his bestselling book of the same name. The concept aims to simplify complex neuroscience (the activity of different parts of the brain) into a framework that’s easy to grasp. I frequently use The Chimp Paradox when I coach people on their decisions around spending, saving and investing.

What drives our emotional relationship with money?

What drives our emotional relationship with money?

In my role as Financial Coach, I have the pleasure of meeting some incredible people - clients and colleagues alike. Jane Thurnell-Read is one of them. In her 70s, she embarked on a big new project – an international membership website for healthy ageing – www.upliness.net. The idea was to offer a more positive view of ageing, inspiring people to become happier, healthier and fitter as they age.

I really enjoyed my conversation with Jane as a guest on her membership site. In this video, I explained what Financial Coaching is, what drives our emotional relationship with money and how we can shift our money mindset. I also shared more about the community we're creating and the Financial Coach Practitioner Certificate training we offer.

Turning passion into profit

Turning passion into profit

So many of us have things we’re passionate about, but assume we have to fit in around the edges of sensible, earning lives. But over the last year or more – with Covid and Lockdown – everybody’s routines have been disrupted. And some of that disruption has proved really fruitful.

We’ve been forced to stop, and look at what we’re doing.

One Lockdown success story is Hanri van Wyk’s. Hanri, a long-term client of mine, has....

A smooth transition to online training

A smooth transition to online training

Like so many other businesses, we had to quickly move our in-person training to an online learning space. The challenge was to make this just as dynamic and engaging for everyone. But what we discovered far exceeded our expectations.

We hear from some of our trainees on how they found the experience.

Growing a Community of Financial Coaches

Growing a Community of Financial Coaches

We were hugely excited about bringing everybody who’s trained with Wise Monkey together for the first time this year – in spring 2020.

Our trainings have always been held in small groups, and we’d never before organised a big event. But we had one all planned and scheduled for April 2020.

Of course, by then, the pandemic had struck and it was not to be. As a substitute, we convened a meet-up online.

Still, we had no idea what was about to happen: a one-off check in has turned into a regular weekly fixture. The sense of community that has emerged has surpassed any expectations: it feels like we’ve become a movement.

Digital banks helping people manage money mindfully

Digital banks helping people manage money mindfully

Do the names Monzo, Starling, Chase and Revolut mean anything to you?

I often discuss with my clients how these type of digital banks help make money management more accessible and fun than a traditional bank by using your smart phone to track your spending.

These digital banks offer easy-to-use budgeting tools, instant notifications when you spend and straightforward ways to save. And this is all available at your fingertips, via your mobile phone.

They’re also helping to create conscious, mindful spending.

Seven ways to make 2020 the year you get your finances in order

Seven ways to make 2020 the year you get your finances in order

There’s no better feeling than being in control of your money. However much or little of it you have, these 7 tips will help you get organised and plan for the year ahead. Don’t worry if it takes a couple of months to put it all into practice – try setting a goal of mastering a new money habit each week. By the time 2021 rolls around, you could have your money management totally nailed.

A day in the life of a financial coach

A day in the life of a financial coach

Ever wondered what a financial coach does? Read on to find out...

Julia’s training experience

Julia’s training experience

"I was hoping we would be taught approaches and tools to help with coaching, guidance on structuring sessions and the cycle of helping a client. The coaching course has far exceeded my expectations. We were in a small group of six students plus Simonne, Jo a psychotherapist and Anne who has wide experience of coaching. We were given a large resource pack, that is organised clearly, each day is outlined with the tasks and materials for the day and the exercises are timed meticulously.

At the beginning of the course, we individually outlined objectives we hoped to achieve. The course has been structured so half the learning is through practical exercises to embed the knowledge and skills we are being taught, as daunting as this has been at times, it has been the most the challenging and promising part of the course. It has alleviated any fear and anxiety you face as a new coach when you are reframing a client’s negative narrative into a more a positive outlook, whilst asking open non-directive questions to uncover motivation, responding or addressing emotional responses or triggers and then leading the client to their own solutions which are informed by financial knowledge – to effect meaningful behavioural change.

Simonne has a wonderfully warm and engaging manner, sharing her contagious enthusiasm and passion for her work. Clearly so much thought has been given on how best to share her knowledge in a way that is easy to follow - despite our different professional backgrounds, experiences and intuition.

The resources and templates that have been honed during Simonne’s 17 years of coaching are shared to maximise learning and effectiveness in coaching, are made available to us all via dropbox afterwards so we can share them with clients.

I have learnt so many transferable skills and benefitted in my own personal development, I will be taking these reflective work practices to other areas of my private and professional life, such as active listening, reframing, and examining any self-limiting beliefs I might have."

Julia

Ditch New Year’s Resolutions – develop good habits instead

Ditch New Year’s Resolutions – develop good habits instead

Lose weight! Get fit! Start saving!

It’s that time of year again – the time of New Year resolutions and goal-setting. This year, though, let’s do something different and focus on habits instead.

Think of a goal as a result you want to achieve. And habits – the things you do regularly without even thinking about it - as the process that will get you there. Of course, goals are crucial in helping you determine the direction you want to do, but it’s far more important to spend time designing the right process.

With habits, thinking small can be the best way to bring about big change. Behaviour Scientist at Stanford University, BJ Fogg, invented the method of creating Tiny Habits. His philosophy is that motivation is only temporary and the easiest way to make a habit stick is to tack it onto an existing habit. BJ Fogg describes a tiny habit as a behaviour you do at least once a day, that takes you less than 30 seconds and one that requires little effort.

The habit-formation technique of ‘pairing’ is one form of automation that I personally use. When I turn on my computer in the morning, I check my bank account online. It’s a manual action but it’s so ingrained in me now that it’s an automatic habit – I do it without thinking.

My work as a financial coach is often focused on working with people who want to change their financial results, sometimes having buried their head in the sand with their finances for several years. This usually involves helping them change their behaviour with money and form new, positive habits that requires small and consistent action – small, because it’s more achievable; and consistent, because this helps habits ‘stick’.

Could a money coach solve your money problems?

Could a money coach solve your money problems?

Flic Everett, 46, is in debt, has no pension and does not own her own property, so she put her trust in me to help her get a grip on her finances, and to improve her relationship to money.

This article in the FeMail gives you Flic’s account of what she got out of our sessions and from the work she prepared in advance of us meeting. It also gives you insight into what goes on in a coaching session and some of the exercises I use.

Read the article here

What the ELLE is Financial Coaching?

What the ELLE is Financial Coaching?

Having worked with clients in a coaching capacity for over 15 years now, I know that Financial Coaching changes people’s lives for the better. Often the reason for someone’s money problems is rooted in their relationship with, and attitudes towards, money rather than their knowledge and understanding of finance.

What I also know is that unfortunately the vast majority of people still don’t know that financial support outside of traditional advice exists.

That’s why I was delighted when ELLE, the world’s best-selling fashion magazine, asked to come and experience a Financial Coaching session.

You can read Alex Holder’s full write-up here: Meet the money doctor who will change your life.

My journey from financial adviser to coach - NextGen Planners Podcast Interview

My journey from financial adviser to coach - NextGen Planners Podcast Interview

I recently had the pleasure of being interviewed for one of the NextGen Planners Podcasts.

If you haven’t heard of NextGen Planners, check it out. It’s a community founded by young financial planners, focused on creating an informal way for young advisers to share ideas, best practice and develop skills outside of the profession. Adam Carolan, one of the founders, asked me about:

•   My journey from financial advice to financial coaching
•   How financial coaching differs from financial advice
•   The way I work and types of clients I work with
•   The training courses I offer
•   My advice to younger financial planners

You can listen to the full podcast, or just the part where I talk about my training. But, to save you time (it's a long one!), click below to read some of the key points of the interview...

Finances on separation

Finances on separation

The process of divorce or separation forces you to make big financial decisions at a time of intense emotional upheaval. There is an urgent need for clarity, understanding and clear planning to ensure those decisions are made well, as they could have a big impact on your future.

The financial side of divorce can be a daunting process, especially as many of us struggle to understand where our money goes at the best of times. There may be financial issues – such as pensions, investments, debts or a family business – that you have never really understood, and now decisions need to be made about how to share these. Even apparently straightforward questions, such as ‘how much do you need to live on?’ are complex when on the cusp of a big life change.

Financial coaching provides support and guidance in understanding money, and so can be particularly helpful for navigating the financial aspects of divorce and facilitating discussions between couples.

Changing Financial Behaviour

Changing Financial Behaviour

I've been a great fan of Pete Matthew at Meaningful Money, who shares my passion in delivering financial education to the masses and helping people build a better financial future for themselves. I often suggest his podcasts or videos to clients to listen to, and would strongly recommend taking a look around his site and, if you're interested in learning how to invest, signing up for his free 10 day email course.

This week, I was delighted to be inverviewed by Pete for his latest Meaningful Money podcast, as part of his season covering the subject of behavioural finance. In this interview I talk about the power of coaching and how we also need to address our emotional relationship with money to create a secure path towards our goals. I also share some tips and insights.

You can listen to it by clicking on the audio link above (the interview starts about 6 minutes into the recording) or via the Changing financial behaviour page on the Meaningful Money website. If you scroll down the page on the Meaningful Money website, there's also a transcribed version of the podcast and a list of resources that I mention during the interview. Please do take a look at Pete's website, as there's tons of valuable resources on there.

Money Nuggets Interview with Financial Coach Simonne Gnessen

Money Nuggets Interview with Financial Coach Simonne Gnessen

My interview with Money Nuggets sharing tips and advice, talking about financial therapy and our 'Do Money' online behaviour change programme...

"Simonne is a certified life coach, Master NLP practitioner and Registered Life Planner, who has a great deal of experience in helping her clients manage their finances.

She is also founder of Wise Monkey Financial Coaching and co-author of Sheconomics – a personal finance book which provides practical and actionable money tips for women to take charge of their finances. Using a non-traditional approach to financial planning, with a blend of skills and experience gained as an ex-independent financial adviser (IFA), Simonne has successfully motivated her clients to take control of their finances, take responsibility for their financial future and most importantly transform their relationship with money.

So what exactly does a financial coach do? And how can a financial coach help me overcome my money worries? Find out in our exclusive interview with Simonne..."

Change your money habits one Do at a time

Change your money habits one Do at a time

I transitioned from being a traditional financial adviser to a financial coach partly as a result of asking myself this question: 'Why don’t we do what we know we need to do?'. I became interested in opening my doors to people who had challenges and blocks when it comes to money. My research since then has been focussed on ways I can provide, not only practical solutions, but also address the obstacles that get in the way of financial success.

That was why I became interested in the ‘Do Something Different (DSD)’ approach. Professor Karen Pine, with whom I co-wrote Sheconomics, is one of the founders.

DSD have created a range of innovative online behaviour change programmes, designed by Psychology Professors and delivered by text and email. Each cost only £14 for a 6 week programme. The principle behind it is that...

Are you thriving or simply surviving?

Are you thriving or simply surviving?

I was interviewed by a journalist recently who wanted to write an article about ‘financial therapy’ - a combination of financial advice and therapy for unhelpful money behaviours - that is currently popular in the US.

The article - Do you need financial therapy? – was published by The Guardian this week. While I don’t describe myself as a therapist, my work often involves helping clients address the emotions they experience surrounding the subject of money and helping shift unconscious patterns of behaviour around money.

As well as interviewing me about my work, we did some work on the journalist’s relationship with money so that she could experience what I do. She’d never before given much thought to her relationship with money.

What was revealing was that she can get herself out of trouble but can’t maintain that forward momentum once it no longer feels like a problem. We did an exercise where I got her to personify her relationship with money, and what came to her was ambivalence, disinterest and discomfort about engaging with money. We realised that her focus was on survival: getting through the month, paying off debts, but not on thriving.

Are you holding yourself back from financial success?

Are you holding yourself back from financial success?

I always find it interesting how often we hold ourselves back. How often female clients, in particular, voice their concern over feeling like a fraud professionally despite sincere recognition from the outside world and extensive experience within their profession. Yet, despite that external acknowlegment, internally there's something else going on.

I've noticed that many of us experience an internal conflict. While a part of us knows who we are and what we're capable of, at some level, another part may believe the complete opposite. 'Who am I to achieve/desire/deserve that?’. Sometimes it feels like there’s a fight going on inside with both parts vying for attention and neither getting heard.

I do a lot of work with this in relation to people’s behaviour around money. One part of you ...

Coping with money worries

Coping with money worries

The words ‘money’ and ‘worries’ go together so often they can seem inseparable. For many people, their relationship with money is fraught with anxiety. In Sheconomics we talk about ‘Money Anxiety Disorder’ (MAD) – a fixation with money worries and a persistent sensation of simply not having enough. I also come across something I call ‘net worth anxiety’ – where people assess themselves at a certain stage of life and compare themselves to friends or colleagues or to their own expectations, and feel that they’ve fallen behind.

Money worries can leave you trapped in a relentless cycle of anxiety.

Five money lessons that clients have shared this week

Five money lessons that clients have shared this week

We can learn a lot from other people's experiences. Here's some recent money lessons that clients have shared:

Re-invigorating my ‘why’

Re-invigorating my ‘why’

I've had an exciting few months, which has caused me to be relatively quiet on the Wise Monkey social media front for a while. I took a bit of time out from tweeting and facebooking to take stock and plan my next direction. Some recent tasks and events - updating my website, creating a new video to succinctly explain what I do, regulatory issues and preparing a one-minute speech as well as a teleseminar - have required me to assess what I do and why, and to distill the essence of my work.

Emotions of Money

My interview with Wired For Success TV, talking about my pioneering approach to helping people deal with their finances and tackle their
relationship with money. Boy, do I blink a lot!

You have the choice of watching a videoed recording or listening to a podcast of the interview.

Want to train to become a financial coach?

Want to train to become a financial coach?

I’m still buzzing from our training last week, taking six trainees through our five-day Financial Coach Practitioner Certificate programme. We had a great mix of participants - including one who travelled from Mozambique to join us – and from different professional disciplines.

It was wonderful to work with Jude Kutner again, our training consultant who helped me turn my methodology, tools, resources and experience into a powerful experiential training that was interactive and fun. Everyone received focused feedback to enable them to build and consolidate their skills throughout the week. The feedback we’ve received has been incredible and I felt such immense pride seeing the transformation in each of the trainees as their confidence and skills expanded.

I’m very excited…

Would it be all right with you if life got easier?

I’ve found myself mentioning Maria Nemeth’s work quite a bit to clients recently. She wrote a compassionate and empowering book in 1997 called ‘The Energy of Money’ and she talks about success being ‘doing what you say you’re going to do in life, with clarity, ease, focus, and grace’.

The same goes for financial success. In other words, it’s not about how much money you have in the bank, or invested in property, pensions and ISAs. Or anything to do with where you go on holiday, whether your kids are privately educated and whether or not you can afford a cleaner or shop in Waitrose. It’s about moment by moment decisions where you do what you said you were going to do with money, with clarity, focus, ease and grace.

Smoothing your financial ride

Smoothing your financial ride

Suddenly it’s December again and Christmas is coming hurtling towards us in a blur of sparkly lights and parties and last minute shopping, making excessive demands on our budgets. That’s how it often feels – to have come suddenly at us, even though December follows November each and every year.

One of my clients, Anna, is taking Advanced Driving lessons and her instructor had said that the most common word in accident reports was ‘suddenly’: ‘suddenly the van came hurtling round the corner’; ‘the car ahead braked suddenly’. Anna was learning that Advanced driving skills are all about anticipation - looking well ahead, adjusting your behaviour to ensure a smooth ride. Things rarely happen ‘suddenly’ if you’re anticipating well. She realised that ...

Do you have a high tolerance for low pay?

Do you have a high tolerance for low pay?

Are you someone who doesn’t live up to your earning potential? Try our Sheconomics quiz to find out.

Women in particular often undervalue their worth and dread asking for pay rises or increasing their rates. We happily give away our time and skills at bargain prices because we don’t trust that we’re worth more.

If you can identify with this, here’s a trick to help you convince yourself that you’re worth whatever you want to earn:

Women show the way to post-RDR success

This article was created by Joanne Wallen from Complinet (joanne.wallen@complinet.com) and is reproduced here with her permission.

While some financial advisers are still fretting about the impact of the Retail Distribution Review on their business, two women are fired up by new business models to suit both ends of the financial spectrum. At the higher end, for those with at least some money to invest, Financial Life Planning is rapidly gaining momentum, while at the other end of the spectrum, financial coaching offers people who may have nothing but debt or a bad spending habit some tips for relieving money-related stress.