Practical Ways to Afford Career Coaching: Investing in Your Future
Investing in career coaching can be transformative, but for many people, budgeting for coaching can feel like a challenge. Whether you’re working toward a career change, advancing in your current field, or looking to improve your job search, there are various ways to make this investment more accessible. Below, I’ll share some practical strategies to budget for coaching, explore funding options, and maximize resources so that coaching can become a viable part of your career journey.
1. Factor Career Coaching into Your Severance Package Negotiations
If you’re in a situation where you’re facing job loss, factoring the costs of career coaching into your severance package negotiations can be a strategic way to afford this service. Many companies are open to offering coaching as part of a severance package, as it is often simpler for them to cover services than to provide additional financial compensation.
Here’s why this approach works:
Company cost benefits: Coaching or similar services are often more easily justified as business expenses, making it easier for companies to add this to your severance agreement rather than increasing the lump sum.
Learning and development budget: If you have remaining funds in your learning and development budget, this can sometimes be reallocated to cover career coaching costs as part of your transition.
For more tips, refer to my post on Negotiating a Severance Package in Germany.
2. Assess Your Existing Employee Benefits
Many companies offer learning and development (L&D) budgets for employees to enhance their skills. While these budgets are often intended for training courses, conferences, or workshops, some employers allow or even encourage using them for career coaching. If your goal is to improve your performance, develop leadership skills, or navigate internal career growth, there’s a strong chance your employer will support you in working with a coach.
How to get started: Talk to your HR department to see if L&D funds can be allocated for coaching. Present your case by highlighting how coaching aligns with your goals and can contribute to your role or the organization.
3. Utilize Flexible Payment Plans
Many career coaches, including myself, offer flexible payment plans to make coaching more accessible. Instead of paying upfront for all sessions, you may have the option to divide the cost over several months, making it easier to integrate into your budget.
How to make the most of this option: Before booking a coaching package, have a call with a coach to discuss options. Many coaches offer a free initial consultation, making it a great opportunity to ask about payment plans. Spreading out payments can alleviate financial pressure and allow you to start sooner rather than later.
Book a free call with me today, and let’s discuss how we can make coaching accessible for you. Together, we’ll create a roadmap that sets you up for success.
4. Leverage Professional Development Grants or Scholarships
Certain organizations and associations provide grants or scholarships for professional development. These funds are often aimed at individuals looking to advance their careers, change fields, or upskill. Research if your industry has grants, scholarships, or support funds that you may be eligible for.
Examples include:
Professional associations: Many industry-specific organizations have funding programs for their members.
Foundations and nonprofits: Certain nonprofits or foundations provide grants for education, training, or career development.
If you’re a member of a professional association or have ties to an educational institution, reach out to see if there are available funds to cover coaching expenses.
5. Explore Government-Funded Vouchers like the AVGS (Germany Only)
In Germany, the AVGS (Aktivierungs- und Vermittlungsgutschein) voucher is an excellent way to access coaching at little to no cost. This voucher, issued by the Agentur für Arbeit or Jobcenter, covers career coaching and job search assistance for those who qualify.
You may still qualify for an AVGS voucher even if you’re currently employed but at risk of job loss. For example, if you know your contract won’t be renewed or anticipate restructuring, you may still be eligible for this support. If this applies to you, check out my post “About to Lose Your Job? Act Now!” for a step-by-step guide on preparing for potential job loss.
To find out more about eligibility and how to apply, check out my post, “AVGS Voucher Explained – Unlock Free Coaching and Training”.
Disclaimer: While the AVGS voucher can be a helpful option for those without other means to fund career coaching, it’s important to be aware of the limitations that come with it—most of which are outside the coach's control. For example, AVGS-sponsored coaching programs often involve strict guidelines set by German Jobcenter/ Arbeitsamt, and some providers may rely on self-learning modules or group coaching instead of offering personalized, one-on-one support.
To ensure you get the best value from this option, it’s essential to carefully vet and interview potential AVGS coaches. Ask detailed questions about their approach to coaching, whether sessions are individual or group-based, and if self-learning modules are involved. Taking the time to evaluate your options can make all the difference in ensuring you receive genuine, tailored coaching.
I’ve written more about these challenges and how to navigate them in my blog post, “The Downside of AVGS Vouchers: When Free Career Coaching Isn’t Freeing.” Additionally, you’ll find practical advice for selecting the right coach in “Don’t Choose an AVGS Coach Before Reading This.”.
If you have the ability to use your learning and development budget from your company or negotiate career coaching as part of your severance package, I strongly recommend prioritizing those options instead. These approaches typically provide a more personalized and flexible experience, free from the structural limitations of AVGS-sponsored programs.
6. Prioritize and Adjust Your Monthly Budget
If you’re highly motivated to work with a coach but need to free up some funds, consider adjusting your monthly budget to prioritize coaching. Even small adjustments to daily spending can make a difference over time.
Here’s a simple approach:
Identify non-essential expenses: Track your monthly expenses and look for non-essential items or services that could be cut back temporarily, such as dining out, entertainment subscriptions, or luxury purchases.
Set up a coaching fund: Open a separate savings account or set aside a portion of your income specifically for coaching.
Track your progress: Monitor your savings toward your coaching goal. Many people find that these incremental changes add up quickly.
A small budget reallocation can make a significant impact, allowing you to fund coaching without major sacrifices.
7. Explore Success-Based Payment Agreements
If you’re not currently in a financial position to pay for coaching upfront, some coaches may offer a success-based payment structure. This means that rather than paying immediately, you and your coach agree on a payment plan that begins once you’ve secured a new role. Often, this fee is structured as a percentage of your new salary or a pre-set amount that’s deferred until your job search is successful.
Benefits of a success-based payment structure:
Immediate access to coaching: You get the support you need now without waiting until you have the funds.
Shared investment in your success: This structure incentivizes the coach to fully invest in helping you reach your career goals, as their compensation is tied to your outcome.
Reduced financial pressure: You can focus on the coaching process and job search without immediate financial strain.
How to discuss this with your coach: If you’re interested in a success-based arrangement, ask your coach if they’d consider this type of payment plan. Be transparent about your financial situation, and discuss how you can set up a fair agreement based on your future salary or job placement.
8. Budget for Coaching as an Investment in Your Future
Career coaching is ultimately an investment in yourself and your future. When considering the cost, it can be helpful to view it as an investment in your long-term success and earning potential. Think about the potential return on investment (ROI) coaching could bring through a higher salary, better job opportunities, or a fulfilling career path.
Strategies for reframing the cost:
Reflect on your long-term goals and the financial benefits that could come from achieving them.
Consider the value of gaining clarity, direction, and confidence in your career journey.
Remind yourself that this investment can lead to career satisfaction, which often translates into a more balanced, purposeful life.
Consider asking yourself these powerful questions:
How much more could I earn if I finally reach for that promotion that’s been on my mind?
How would a more fulfilling career impact my overall happiness, and could that lead to even greater financial gains?
What if gaining confidence and clarity now could save years of being in a less fulfilling role?
By shifting your perspective to view coaching as an investment rather than just an expense, it can feel more justifiable to allocate resources toward it.
Final Word
Affording career coaching may seem daunting at first, but with these strategies, there are several ways to make it manageable. From exploring funded options like the AVGS voucher in Germany to leveraging existing employer benefits, severance negotiations, and adjusting your budget, there are practical steps to bring coaching within reach.
Ready to take the next step? Book a free call with me today, and let’s discuss how we can make coaching accessible for you. Together, we’ll create a roadmap that sets you up for success. Not yet ready to book a call but have questions? Feel free to reach out! Contact me via email or WhatsApp, and I’ll be happy to help.
Until our next breakthrough!
