It’s a great question – and one that has come up before.
If you’ve never heard of MyBudget, they’re a huge Australian business that’s been around for more than 25 years.
They’ve helped over 130,000 clients get on top of their finances, particularly people struggling with debt or who find managing money stressful. They’re credible, respected, and do great work for a lot of Australians.
But here’s the thing – while what they do sounds similar to financial coaching on the surface, it’s actually very different.
Done For You vs. Done With You
The biggest difference is this: MyBudget is a “done-for-you” service.
You hand over your bank accounts, they manage your bills, savings, and cash flow – basically, they take over your financial systems so you don’t have to.
That’s great for people who don’t want to manage the day-to-day or who are in a financial mess and need immediate help.
But as a financial coach, what I offer is a “done-with-you” service.
We work together. You don’t outsource responsibility – you take it back.
My clients aren’t typically in a financial crisis.
They’re doing well – earning good money, running small businesses, building families – but they want to take things to the next level.
They understand that money management is a skill – something you can learn, strengthen, and master over time.
That’s what coaching is about: education, empowerment, and ownership.
Above the Line Thinking
One of the first models I learned when I became a coach is the Above the Line / Below the Line model.
Below the line, people play the victim game – blaming, complaining, avoiding responsibility.
Above the line, people take ownership. They say, “This is my life. My results are up to me.”
Now, I’d argue that both MyBudget clients and my coaching clients are above the line — they’ve both recognised there’s a problem and are taking action.
But there’s a key difference.
If you’re working with MyBudget, you’re still outsourcing responsibility.
When you’re working with a coach, you’re embracing responsibility.
That’s a completely different mindset.
Employees vs. Business Owners
MyBudget’s model works best for people with regular, fixed income – like employees. Their systems are designed for consistent cash flow and predictable expenses.
But most of my clients are small business owners.
Their income isn’t consistent – it’s variable, seasonal, and often unpredictable.
Managing money in business is a different beast altogether, and that’s where coaching becomes so powerful.
You can’t just copy a cookie-cutter system like Barefoot Investor or Profit First and expect it to work perfectly – because your goals, values, and business rhythms are unique.
That’s why I help my clients design a money system that reflects who they are and what’s most important to them.
From Managing Money to Mastering Mindset
Now don’t get me wrong – budgeting, saving, and debt reduction are all components of what I do.
But financial coaching goes deeper than that.
It’s about shifting your thinking and behaviour around money and life.
Because when you change how you think, your results naturally change too.
When you shift your behaviour, you build confidence, consistency, and clarity.
And that’s what makes financial coaching so different — it’s not just about managing money.
It’s about mastering yourself.
The Big Takeaway
Both MyBudget and financial coaching are valuable.
It’s not about which one is “better.” It’s about what’s right for you.
If you need someone to take over, MyBudget might be a perfect fit.
But if you want to take ownership, grow your skills, and learn how to lead your money with confidence – that’s where financial coaching comes in.
At the end of the day, you’ve got to find the right messenger and the right model for you.
When you do, everything clicks.
If you haven’t already, tune into
Episode #106 of the
‘Money Mastery with Marshy’ podcast for the full conversation.
