The IEBN Podcast recently welcomed Peggy McInnis, a certified personal finance and money management coach, to discuss her mission to help mid-career women take control of their finances, eliminate debt, and build a secure future. Having navigated financial struggles herself, Peggy now empowers other women to gain financial confidence and independence.
From Personal Struggles to Financial Coaching
Peggy’s journey to financial coaching started with her own financial challenges. Despite working as an accountant for over 50 years, she found herself in her 50s with little savings and significant debt. Realizing the lack of financial education among women in similar situations, she decided to make a career shift from accounting to financial coaching.
After taking Dave Ramsey’s Financial Peace University course, she successfully eliminated her own debt and helped her mother regain financial stability. This experience fueled her passion for coaching, and she now specializes in helping mid-career women—particularly single women without children—who often find themselves unprepared for retirement.
Key Takeaways from the Interview
1. Why Financial Coaching Matters for Women
• 52% of women report being stressed about debt, yet many don’t know where to start.
• Women, especially those without children, often lack financial support systems, making it crucial to take control of their finances early.
• Peggy provides one-on-one coaching to help women develop personalized financial strategies and stay accountable.
2. The Power of Budgeting
• A budget is the foundation of financial success. Peggy developed her own Excel-based budgeting system before financial apps were widely available.
• Unlike automated budgeting apps, manually tracking expenses in a simple spreadsheet helps individuals stay mindful of their spending.
• Peggy offers a free budgeting template on her website coachpeggy.live.
3. Steps to Getting Out of Debt
• Start with an emergency fund: Save $1,000 before tackling debt.
• Use the “debt snowball” method: Pay off the smallest debt first to build momentum.
• Cut unnecessary expenses: Identify areas to reduce spending, such as unused subscriptions, dining out, or impulse purchases.
• Sell unused items: Extra income from selling items can be used to pay off debt faster.
• Consider additional income streams: A second job or freelance work can accelerate debt repayment.
4. The Emotional Side of Money
• Many people struggle with emotional spending, using shopping, dining out, or luxury purchases to cope with stress.
• Peggy encourages delayed gratification, focusing on long-term financial security rather than short-term comfort.
• She also incorporates meditation, prayer, and self-care practices into her coaching to help clients develop healthier money habits.
5. The Value of Financial Coaching
• While financial advice is widely available online, working with a coach provides accountability and structure.
• Many people fail to implement financial strategies because they lack guidance and follow-through.
• Peggy customizes her pricing based on income, ensuring that coaching remains accessible.
Final Advice: Take Control of Your Finances
Peggy’s key message is simple: Get on a budget and stay consistent. Financial freedom is achievable, but it requires discipline, awareness, and a step-by-step approach. By focusing on small, consistent actions, women can overcome financial stress and build a secure future.
Want to start your financial journey?
Watch the entire interview on the IEBN Podcast via Youtube or wherever you get your podcast.
Download Peggy's Budget Template on coachpeggy.live or contact Peggy at peggy@coachpeggy.live.
Want to Get Featured on the IEBN Podcast?
Contact Naja Faysal via email at naja@parrotslab.com or text +1 (209) 237 9926, or book a 30-minute discovery call today!