Cost of Living Adviser
What Is a Cost of Living Adviser?
Cost of Living Advisers are financial coaches: people who guide others through making
financial decisions. To coach, you need to figure out where your client’s at financially and then
create a plan to help them identify and achieve their goals.
Purpose of the role
Cost of Living Adviser’s work gives people a basic financial education to help them make better
budgeting, borrowing, saving and banking decisions. It aims to encourage people to manage
their finances more effectively and help people take control before they reach crisis point.
Main duties & responsibilities may include
Helping clients with the following –
Budgeting
Maximising income
Borrowing & saving
Reducing expenditure
Debt management
Banking
Are they paying more for your energy than you need to?
We can help them to find the best energy deal
We look at ways of cutting the cost of their energy and can help with cost comparisons.
Other cost comparisons ·home phone, broadband and satellite TV costs; mobile phones; and Insurance.
Often, these costs can increase year on year without us noticing and changes in financial circumstances can suddenly make these a problem.
Price comparisons can help to control and reduce these costs
Budgeting
We can help clients with putting a budget together.
Without a budget, it is difficult to work out what is being spent where and therefore, where you could achieve savings.
Saving
Having some savings set aside for a ‘rainy day’ can help when the need for unexpected spending occurs.
Borrowing
Even with good budgeting, events can occur that require extra spending. Knowing where to look for lower cost borrowing can avoid financial problems in the future.
We cover options for borrowing including Credit Unions and credit cards
Opening and managing bank accounts
Most people will already have a bank account but may not be aware of options that are better suited to their needs. We can look at what bank account options are available to you, and which best suit your circumstances.
Dealing with debt
Addressing debt early can avoid it becoming a major problem.
We can help you think about what you should do if you get into debt or think that you are about to get into debt in the future. We look at how to respond if they get into debt, getting support with debt issues; and things to avoid if the client gets into debt.
Personal skills and qualities:
- Understanding of, and commitment to, the aims and principles of the CAB service and its equality and diversity policies.
- Excellent communication skills.
- Understanding the basics of coaching and motivating individuals.
- Understanding the basics of money management, and of the skills and confidence required to manage money effectively.
- Understanding the difference between financial capability training and debt advice.
- Friendly and approachable.
- Able to work as part of a team.
- Respect for views, values and cultures that are different to their own, and an empathy with clients.
- Understanding why confidentiality is important.
- A positive attitude to self-development and assessment.
- Full training will be given to enable our volunteers to undertake this very rewarding role.
