LIFE COACH DIPLOMA
Samuel Oluseyi Oluwaseye
Date sent to tutor
08 October 2014
TUTOR USE ONLY
Date returned by tutor
The first task in helping Phil and Lindsey is to determine their perception of the problem and then assist the couple in identifying the underlying reason(s) for their money challenges. This will either confirm their theory that budgeting is the source of their problems or reveal new and interesting root causes. To achieve this, a questionnaire (Exercise 1) will be administered to ask the following questions:
Do you think you earn a competitive wage for the work you do?
Do you think your colleagues at the same income level have better control over their finances?
How often do you save money?
Can you survive for the next 4 weeks without your credit card?
How much of your current income goes into servicing loans?
I will also request that these questions are answered for their spouses to compare the different perspectives.
Once the perspective from both partners is established, a joint exercise to develop a breakdown of current income and expenditure for the home (Exercise 2) will be carried out. This will help determine:
a. Distribution of current income
b. Areas of excessive spending
c. Financially harmful habits or indulgences
d. Current financial priorities and patterns
To reinforce the observations from the above exercise and help the couple come into an understanding of what their optimal budget and expense distribution should be, another exercise will be carried out. This will require the couple to jointly develop 2 budgets (Exercise 3); 1 to plan their current income and the other will be a “dream budget” to show what their monthly expense distribution will look like if they could double their income. Both budgets must contain the following elements:
i. Repayment of bills and outstanding credits
iii. Charity and gifts