On this episode we speak with Sherry Andrew, a former manufacturing plant worker turned financial coach, who shares her personal journey from getting fired to mastering her finances and helping others do the same.
Sherry discusses the impact of a single-income household on budgeting, the importance of aligning finances with personal values, and the transition into full-time self-employment.
The interview also delves into addressing scarcity mindset, the power of having an abundance mindset despite financial constraints, and practical tips for managing money, especially for entrepreneurs.
Sherry emphasizes the importance of having a budget that matches your values and priorities so that you can feel more empowered with your money. Download her free budget tool to help you do just that!
About Our Guest
After being fired from a career of almost 17 years, Sherry took a leap of faith to follow her passion for personal finance, and launched Money Mindset Financial Coaching. Through her own financial journey after her job loss, she found her passion and now focuses on helping others with their money. She recently discovered that she has ADHD, and this has inspired a pivot in her business. She now focuses on helping individuals who also have ADHD make shifts in their finances. She loves working with ADHD entrepreneurs because the added complexity of self-employment can add financial stress.
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Summary
In a world where the conversation about financial well-being is often overshadowed by the noise of instant gratification and endless consumer choices, it’s vital to return to the basics of values-based budgeting. This method not only promises a way out of the financial fog but also aligns your spending with what truly matters to you. **Sherry Andrew**, a beacon of insight in personal finance, sheds light on how you can transform your finances, overcome scarcity mindset, and implement personal finance strategies that resonate with your life’s values, especially when navigating ADHD and money management.
Understanding Values-Based Budgeting
Values-based budgeting isn’t just about managing your money efficiently. It’s about aligning your financial decisions with your core values – what you truly find meaningful and important. This approach shifts the narrative from restriction to empowerment, allowing individuals to spend intentionally on what brings joy and fulfillment, while also ensuring long-term financial stability.
Overcoming the Scarcity Mindset
The scarcity mindset – a belief that there is never enough – can be a significant barrier to financial freedom. This mindset often leads to a cycle of stress, avoidance, and poor financial decisions. Overcoming this requires a shift towards an abundance mindset, where you focus on what you can control, including your attitudes towards saving and spending.
Personal Finance Strategies for a Fuller Life
Personal finance management need not be a tedious, joy-killing exercise. Here are tangible strategies you can start implementing today to see a positive transformation in your finances:
Set Clear Financial Goals:
Define what financial success looks like for you. Is it being debt-free, owning a home, or having the freedom to travel? Clear goals act as a compass for your financial journey.
Align Spending with Your Values:
Evaluate your expenses and ask whether they align with your core values. If health and family are your priorities, does your spending reflect this?
Embrace Technology:
Utilize budgeting apps and tools to keep track of your spending and savings. These can provide insights into your financial habits and help you stay on track.
Build an Emergency Fund:
Starting small, aim to save a portion of your income each month into an emergency fund. This will provide a financial cushion for unexpected expenses.
ADHD and Money Management: Finding Balance
For individuals with ADHD, managing finances presents a unique set of challenges, including impulsive spending and difficulty in maintaining financial organization.
- Automate Savings and Bills
Setting up automatic transfers to separate savings accounts for each financial goal and automatic bill payments can help manage finances more effectively.
- Simplify Your Financial Life:
Consolidate accounts where possible, and minimize the number of credit cards and bank accounts to reduce financial overwhelm.
- Set Short-Term Achievable Goals:
For those with ADHD, long-term goals may seem daunting. Break financial goals into smaller, manageable tasks that can be accomplished in the short term.
- Seek Professional Guidance:
Working with a financial coach or planner who understands ADHD can provide tailored strategies and accountability. Sherry Andrew provides financial coaching services for this exact population – visit her website to learn more.
Key Takeaways
Transforming your finances through values-based budgeting is not only about improving your financial situation but also about enhancing your overall quality of life. Here are the essential points to remember:
- Prioritize spending on what truly matters to you.
- Overcome scarcity mindset by focusing on abundance and gratitude.
- Utilize personal finance strategies that are realistic and aligned with your lifestyle.
- For individuals with ADHD, seek out strategies and tools that cater to your unique challenges in managing money.
Conclusion
Whether you’re navigating the complexities of ADHD and money management or looking to overcome a scarcity mindset, the journey towards transforming your finances begins with a single step. By adopting values-based budgeting, you open a pathway to not only financial stability but a life filled with more joy, purpose, and fulfillment. Remember, the goal is not just to manage your finances but to let your finances enable you to live the life you value most.
Radiant Vitality – Kim Hagle
Personal Trainer in Goderich, ON offering Size Inclusive Fitness to Women 35-55 in Huron County and Beyond
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