Even with careful planning, managing money as a Black adult can feel overwhelming, and it can take a real toll on your mental health. Rent, student loans, helping family, and unstable or unfair workplaces all add up. Over time, the weight on your wallet can start to feel like a weight on your chest. This is why financial stress and mental health are so closely connected.
Bedford Palmer II, PhD, CEO and founder of Deeper Than Color, often sees people replaying financial decisions and wishing they could do things differently. That regret can feed shame, anxiety, and hopelessness. As Dr. Palmer explains, most of us make choices with the options we have at the time, not the ones we wish we had. With grounding, context, and support, it is possible to move from panic to a plan.
Why Money Stress Hits So Hard
Financial stress rarely appears out of nowhere. Dr. Palmer reminds us of the importance of understanding both your personal history and the larger systems that shaped it.
In the past, you may have made financial choices that you would change today. However, debt or instability often isn’t about irresponsibility, it’s about survival. Maybe you used a credit card so you could make rent when it was due. Maybe you lost a job because a company downsized, or you were in a racist or hostile work environment. These are not moral failures; they’re responses to real conditions.
He also points out that being in debt is common. Many people who shame others for debt are also paying mortgages, car notes, or business loans. Wealthy people borrow money frequently. Recognizing the external forces at play can loosen the shame. Once you do that, you can focus less on blame and more on what is possible now.
Two Ways to Ease Financial Stress
While acknowledging the role systemic forces play in our financial circumstances, there are also some practical ways to care for your mental health and regain a sense of direction. Here are two strategies to try:
1. Understand Your Full Story
Start by reflecting on the situation you were in when you made financial decisions you regret. Ask yourself:
- What options did I realistically have at that moment?
- What external factors shaped my choices?
This reflection helps separate fear from facts. It helps you understand how your financial story connects to larger forces, not just personal choices.
2. Shift from Regret to a Plan
Remaining stuck in the past keeps anxiety alive. Dr. Palmer suggests creating a simple, actionable plan. You can try things like:
- Listing all bills in one place
- Identifying urgent responsibilities
- Setting small payment goals
- Exploring options like debt consolidation or income-based repayment
The goal isn’t perfection, it’s progress.
Managing money as a Black adult can feel heavy, but your story is shaped by history, racism, capitalism, and survival. With planning, resources, and support, you can lighten the weight on your wallet and protect your mental health.
Disclaimer: These strategies are meant to help with stress and mental health. They aren’t a substitute for professional financial guidance. Consider consulting a financial advisor or counselor for advice tailored to your situation.
