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This work was funded by Smallwood Trust.
It’s often said that ‘money makes the world go round’, but sometimes it can be challenging to get the big picture on your spending cycles and habits when managing personal finances. Demystifying finances is especially important for some of society’s most marginalised groups because it offers a level of autonomy and certain freedoms. For these reasons and because of our mission to support Black women, non-binary and LGBTQ+ people, we’ve provided free one-to-one financial coaching sessions to members of our My Moon Landing Community. Here’s what they’ve discovered through the process.
Reaping the benefits of a financial action plan
For the 15% of Black households that operate on a persistently low-income, focusing on immediate needs or desires can sometimes take priority over long-term financial goals.
Once our My Moon Landing members are paired with a financial coach, they work together to identify financial goals and create a plan to achieve them. The plan is where the dream becomes workable because detailed processes are outlined to achieve those goals step-by-step.
Participants in the financial coaching sessions have shared how the sessions helped them consider how to plan for their futures. One participant said the sessions taught them to use precise language when thinking or talking about their future financial growth. Another said she learned to be more specific about their life goals as a result of the coaching. Similar feelings were shared by others who took part in coaching sessions, with many emphasising how the sessions prompted them to think beyond their current financial situations and make long-term planning a priority.
Coming unstuck through candid discussions about money
A recurrent theme from our coaching sessions was how financial coaching helped provide clarity when it came to money management. There’s often a sense of dread, overwhelm and mystery surrounding financial knowledge and education. One of our core aims was to make financial literacy accessible and relatable for our My Moon Landing community. Given the lack of financial inclusion for Black people in the UK, it’s essential that the financial tools are timely and relevant for participants.
Our My Moon Landing participants said the coaching sessions made financial literacy easy and simple to understand. Several participants said the time they spent with the coaches provided clarity and they praised the coaches for taking time to understand their unique financial situations. For some, the sessions provided a launchpad for helping them establish their entrepreneurial goals. Others gained clarity through the creation of a budget to guide their financial planning.
Building confidence through financial literacy
In their own words, our My Moon Landing community has benefitted from participating in these coaching sessions. A noticeable transformation from participants is the growing confidence and fearlessness associated with money. Our community has expressed intentions to be savvier with their finances and to take calculated risks where appropriate. Most importantly, issues causing mental roadblocks have been addressed, granting our community more autonomy and decisiveness in money matters. ‘It’s never too late to start or too early to begin’ has been the overarching theme in our financial coaching community feedback, and with such a go-getting attitude, we can’t wait to see how our My Moon Landing family continues to blossom as a result of these sessions,
If you are a Black woman, Black non-binary and Black LGBTQ+ interested in our free financial coaching sessions, join here.
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