Recommendations for "personal finance advisor?"

[PVD_Kev]

Hello folks, my girlfriend has credit card and (I believe) spending problems that she does not like and wants to change. Neither of us want me to be her "personal finance advisor" so I wonder if the community here has recommendations for finding one. This person would untangle her debt, help her track her spending, and put together a plan for her to get on the road to building wealth again. Is this a thing? Has anyone used a service like this? Thanks for your recommendations.

[FLBiker]

I can't recommend anyone in particular, but maybe a "money coach" would be appropriate for this situation.  My guess is that they'd be cheaper than a financial planner, and more relevant for these types of behavioural things.

[PVD_Kev]

I can't recommend anyone in particular, but maybe a "money coach" would be appropriate for this situation.  My guess is that they'd be cheaper than a financial planner, and more relevant for these types of behavioural things.

Yes, exactly, a "money coach" is a better term for what she is seeking.

[uniwelder]

If she's up for scrutiny by random internet people, she could post her information here as a case study.  It would require a more active role on her part, but she'd get a lot of varied advice and wouldn't cost her a dime.

[GuitarStv]

Relationship red flag.

[catccc]

If she is self-motivated, there are probably a number of good books that could guide her through the process of getting your finances in order.

[MDM]

For getting out of non-mortgage debt: Dave Ramsey's 7 Baby Steps

After that is handled (or in tandem), Investment Order and Prioritizing investments.

[Freedomin5]

+1 for Dave Ramsey especially for getting out of debt and getting your financial house in order. Dave Ramsey also has the Financial Peace University personal finance course, which I think is free.

I also second the recommendation to become active here on the forums and have your gf post a Case Study.

Your Money or Your Life is a great book she should read regardless of the path she chooses to get out of debt.

[eyesonthehorizon]

I think the fact that she's resolved on not liking her situation, committing time & effort to change it is a good sign, not a red flag, though maybe a yellow one if you're the sort of person to go from zero to financially entangled in six months.

Honestly I'd love to do exactly this sort of thing for other people, but I'm waiting out a non-compete which comes too close for comfort. Financial therapists also exist if it turns out what she needs to talk about is feelings more than logistics; a money coach would focus on the practical stuff.

Thirding the suggestion that she could register & post a case study, or start a journal. She'd have a whole crowd cheering her on.

[Metalcat]

Well it all depends on the source of the problem.

A financial advisor isn't the right resource, that name is a misnomer. They mostly just sell investment products. They really should have a different title because it's incredibly misleading. Some are more educated and can provide really great investment advice, but they're still not actually personal finance advisors, more like personal investment advisors.

There are money coaches, and this *may* be the right path to take, but the credentials of "coaches" are highly varied. Most financial coaches I know don't have any particular expertise beyond what a decent personal finance/budgeting book would have. But if all that stands between her and financial responsibility is a bit of accountability, then even with minimal credentials, this could be helpful.

However, if there's a larger impulse control problem at play here where she find it hard to control her spending and has psychological blocks to managing her money responsibly, this is therapy territory.

So the question is, is she just someone who never gave personal finance much thought, kind of stuck here head in the sand, and is now growing the hell up and determined to get her house in order?

Or is this an issue she's well aware of, has tried to control before and failed, and has anxiety about dealing with?

Basically, is her debt a product of dumb, childishness that she's matured out of, or is it a self-destructive maladaptive pattern that is persisting into her adulthood?

The thing is, these aren't really your questions to answer. They're hers.

Good luck though, and congrats on having honest money conversations at this stage of your relationship. That's a great sign.

[clarkfan1979]

Hello folks, my girlfriend has credit card and (I believe) spending problems that she does not like and wants to change. Neither of us want me to be her "personal finance advisor" so I wonder if the community here has recommendations for finding one. This person would untangle her debt, help her track her spending, and put together a plan for her to get on the road to building wealth again. Is this a thing? Has anyone used a service like this? Thanks for your recommendations.

My wife and I started dating in 2009. She wasn't reckless, but she wasn't good with money. She tried to live on her own after college in an apartment, but had to move back home with mom and dad because she couldn't stick to a budget. She had a bad habit of spending money that she didn't have. She recognized the problem and moved back in with her parents before it got out of control. When she moved back home, I think she had around 8-10K of credit card debt.

I was brutally honest and I told her that if she is interested in a long-term relationship with me, she needs to figure out how to pay off her credit card. I'm going to give her space and let her figure it out on her own. I told her that if she can't figure it out, I'm going to look elsewhere because I have no interest in being broke my whole life.

We got married in 2012 and overtime she has vastly improved on her spending habits and money skills. She eventually learned on her own that some of her habits were not healthy. Me lecturing her never really worked. She had to figure it out on her own. I was patient and supportive and over time, it worked.

[JupiterGreen]

Good advice has already been given. When someone is first starting to become financially aware, the small steps they make on their own really make a difference. Being responsible for herself and her own spending and saving is part of that growth. A personal financial advisor is going to cost her money, perhaps this is what she needs, but maybe not. It would be helpful to know what her issues are and what she has already tried. In general, I have found people like to give their power away to others by hiring out the tasks we really should be doing ourselves/putting our problem on others. So along those lines, I find it interesting that you are posting for her. Why is she giving her power away to you and not asking questions for herself? Please let her know we'd be happy to discuss this with her. Having power over one's life (and that includes money/spending) is empowering. So I'd second the advice for her to join, read the MMM blog, and make a case study here.

Here are a few suggestions I found helpful when I was starting out. I'm guessing all of these can be found someone around this forum/site:

1. She needs to be brutally honest with herself about her spending and to that end she needs a budget (that includes long and short term goals and rewards)
2. Download a spending tracking app like Mint or Personal Capital
3. She needs to disconnect her CC from all sites (e.g. Amazon etc.)
4. She should look at other CC strategies like getting rid of them (or sinking it in water and putting it in the freezer)
5. If she is in debt, she obviously needs to tackle that first (starting with highest interest).
6. She should automate all bills, savings, and investment
7. Envelope method for spending money (not for everyone, but might resonate with her).
8. Stay the course

It is important for her to remember this is a long term/lifetime project and so generally not a fast process, and success is defined by making one step at a time towards financial goals.