If your financial situation is standing between you and your bucket list, you’re not alone.
A recent survey found that a staggering 86% of Americans feel financially stuck, unable to chase their dreams because of economic roadblocks. Whether it’s exploring the world, buying a home, or simply experiencing new opportunities, money struggles can turn even our most cherished goals into “maybe someday” fantasies. And for Black women, these challenges hit especially hard.
We’re often balancing multiple responsibilities—caring for family, pursuing our passions, and building a career—all while facing the unique obstacles of the wealth gap. According to the National Women’s Law Center, Black women still earn just 69 cents for every dollar earned by white men. This financial disparity limits not just our income, but our ability to save, invest, and say “yes” to those big dreams we’ve held onto for years.
But here’s the truth: We’re also some of the most resilient, resourceful, and driven people on the planet. So, while our financial journeys may look different, we still have the power to turn things around. It starts with taking charge, changing how we think about money, and mapping out a plan to make progress—one step at a time.
The 2023 survey by Choice Mutual revealed that financial pressure is the biggest reason most Americans feel held back from their bucket list aspirations. Rising living costs, inflation, and stagnant wages have created a perfect storm that’s keeping people from checking off everything from traveling to starting a business. Nearly 80% of respondents said they dream of exploring new destinations, while others longed to buy a home, start a family, or even try an adventurous activity like skydiving.
These barriers are particularly daunting for Black women, who face systemic hurdles to wealth-building and financial security. When we add the pressures of student debt, caregiving, and the economic setbacks from the pandemic, it’s no wonder so many of us feel trapped.
But being financially “stuck” doesn’t have to be permanent. With a few strategic moves and a shift in perspective, we can reclaim the power to turn those bucket list dreams into realities. Here’s how:
Get specific with your financial goals.
Dreaming big is great, but breaking those dreams down into actionable goals is where the magic happens. Instead of saying, “I want to travel to Ghana,” get granular: Research how much the trip would cost, then set up a monthly savings plan. Even small contributions add up over time, and tracking your progress will keep you motivated.
Pro Tip: Use budgeting apps like YNAB (You Need a Budget) or Mint to visually map out your
Build an emergency fund first.
Financial experts often say that building an emergency fund is the first step to financial stability. For Black women, this is even more crucial, as we’re often the economic backbone of our families. According to a 2022 Bankrate survey, 56% of Americans can’t cover a $1,000 emergency with their savings. Start by setting aside small amounts—think $20 or $50 per paycheck—until you reach at least $500. This cushion will give you peace of mind and free up more energy to focus on bigger dreams.
Tap into passive income streams.
We’ve all heard the phrase, “Make your money work for you.” Passive income is a powerful way to create financial breathing room without sacrificing more of your time. Consider launching a side hustle, investing in real estate, or monetizing a hobby. Many Black women have turned platforms like Etsy and Shopify into lucrative businesses while still juggling full-time careers. The key is to find what aligns with your passions and make it work for you.
Take control of your debt.
Debt can feel like a mountain standing between you and your dreams. Americans collectively owe more than $1.7 trillion in student loans, a burden that disproportionately impacts Black women. If you’re feeling overwhelmed by your debt, start small. Consider the snowball method, which involves paying off the smallest debt first for quick wins, or focus on high-interest credit cards. Every small step forward lightens the load and moves you closer to financial freedom.
Change your money mindset.
Money isn’t just numbers on a spreadsheet—it’s also deeply emotional. Many of us have been conditioned to think that wealth isn’t within reach, but it’s time to flip the script. Start seeing money as a tool for empowerment, not stress. Surround yourself with resources like The Budgetnista or My Fab Finance to build your financial confidence and connect with a community of Black women who are redefining their financial narratives.
Your financial journey doesn’t have to be one of struggle and sacrifice. With small, intentional steps and a commitment to changing how you approach your money, you can make those bucket list dreams happen. Whether it’s traveling, owning a home, or simply feeling more secure, you have the power to rewrite your financial story. After all, we’ve always made a way out of no way—so why should this be any different?
