Career & Money
Money problems can do a number on our mental health, triggering anxiety, depression, and even substance abuse. Whether it’s the constant Russian roulette of living check to check, not earning enough to afford the basics, or drowning in credit card or student loan debt, the struggle is real for many.
And, according to the National Council On Aging, more than half of American women ages 25 and older report that they do not consider themselves financially secure and are concerned and worried about their retirement.
Much of this is tied to the gender pay gap, which is much wider for Black women, the challenges and stress that come with motherhood, and systemic biases that, over time, can snowball into full-on depression and anxiety disorders. Gen Xers and women who earn less are also more likely to share that a lack of money has a negative impact on their mental health, according to a Bankrate report.
If you’re dealing with financial stress and find yourself constantly fretting about bills and your future, there are several options:
Financial Stress & Black Millennial Women
1. Tap into free therapy and talk openly about your financial situation.
There's freedom in using your voice. Nonprofits and platforms offer free therapy services, or $0 copays if you have insurance, such as 7cups or Grow Therapy. Maybe you need to chat with someone to get a boost of confidence before calling bill collectors to work out payment plans or before giving up your 3-bedroom for a studio in order to cut costs. Do it.
Talk through your issues and get the support you need to cope with some of the shame, avoidance, and other behaviors that can come with facing debt and money issues.
2. Release the shame and honestly face the truth about your debt and lifestyle.
Oftentimes there’s shame involved when you feel like you can’t pay your bills, are always down to your last dime in your bank account, or you’ve racked up a lot of debt. But, just think about this: 60% of women have credit card debt, and women hold 64% of all student loan debt in the U.S. There's also a significant percentage of people who have been late or delinquent on rent and who cannot afford groceries. You’re certainly not alone, and it doesn’t make you a bad person just because you owe somebody money or you're having financial difficulties.
Get in front of it all by tracking your expenses to see exactly where your money is going and how you can make adjustments.
You can also find gaps where you may need to find simple ways to earn more money via a side hustle or even a second part-time job. In some cases, you’ll need to raise your income, while in others cutting back on expenses might be more ideal. Some women have found success in cutting debt and living more financially free by doing both. All of this will require a bit of humility, but you'll be better in the long run once you come to terms with the reality of your situation and own it.
3. Create a debt relief plan, or get help to create one.
According to Nerdwallet, debt relief is a process that can involve negotiating with creditors to settle the debt for less than the full amount owed, wiping the debt out altogether in bankruptcy, or using a debt management plan to get changes in your interest rate or payment schedule. Experts recommend that you consider these options when you literally cannot repay unsecured debt like credit cards, medical bills, and personal loans within five years, even if you “take extreme measures to cut spending.”
You’d want to consider how you can advocate for yourself by handling it on your own, creating a spreadsheet, and honestly facing your debt empowered by the options available to you, or you can get the help of a professional, coach, or nonprofit organization such as the National Foundation of Credit Counseling. If you have a financially savvy family member or friend you feel comfortable confiding in, ask for their help in adjusting your budget to accommodate and create a debt relief plan that you can actually follow, and lean heavily on a strong support system.
4. Find a program that can help you lower or temporarily cover your expenses.
There are government and city housing, meals, and rental assistance programs that you can apply for, and while the process might seem tedious (or maybe you’ve heard things that have led to stigmas), think about your own well-being and what’s best for your life.
If you need a bit of slack in paying for groceries, childcare, utilities, or rent in order to take care of a large debt (or just get a free moment to breathe and plan your next move), unapologetically apply and ask for the help.
This is especially important if you qualify for services or programs due to being a parent, your income range, or a disability. (Check out this list or this one for support and resource options.)
5. Look into grants that can help give you a boost.
While you need to work on financial fitness and management and make that a continuous journey, there are grants out there for women who want to start businesses, side hustles, or even need a bit of cash to get them through a rough patch. Research your options for grants (like those on this list or this grant program), and based on your eligibility, apply.
If you have a legitimate side business idea and you think it will help you bring in more funds, a grant might be the best option for you to get things going and improve your finances. There are grants for single mothers and more resources for women looking to start businesses or get help with their bills.
6. Find fun ways to affirm yourself and rebuild your confidence.
Self-care is important, and there are free ways to ensure that you are at your best and able to adequately advocate for yourself. Schedule walks, even if it’s five minutes during a work break. Use the help of coupons, sky miles, or free community events for beauty treatments, nature experiences, dance lessons, and other fun ways to spend your time versus sitting stressing about money.
Participate in free meetups with others so that you aren't isolating yourself due to shame or being in a rut of always being "broke."
You can do this, sis! You’ve got the power and resources to live comfortably and become financially free. It will take some work, but women like entrepreneur Arnita Johnson, personal finance coach Racheal Hanible, and writer Kiah McBride are proof that it can be done. Let their stories fuel your success.
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