Money—it’s a subject that many of us avoid, struggle with, or feel like we’re just not “good at.” But the truth is, our relationship with money is deeply personal, often rooted in our upbringing, life experiences, and the loud voices around us telling us how we should handle our finances. On this episode of the Black. Girl. Iowa. podcast, I sat down with my dear friend Erika Bailey to have an honest, no-frills conversation about what it really means to manage money—especially as Black women navigating life from survival mode to thriving.
Born and raised in Des Moines, Iowa, Erika knows firsthand what it’s like to grow up with limited resources. As she shared:
“All I really knew was getting by. I didn’t dream about a life where money was not always scarce. I just thought that’s how it was always gonna be.”
Through grit, a career in finance, and personal trial and error, Erika transformed her relationship with money—from dodging eviction notices and moving her car to avoid repossession, to managing a mortgage and investments. But the journey wasn’t easy, and the advice she shares is rooted in real-life experience.
The Problem with the “Loudest Voices” in Finance
Throughout our chat, Erika reminded us that most financial advice is shaped by people who already have money:
“The loudest voices in the room of personal finance are people who have money to save… they’ve been so well-off for so long, they’re out of touch.”
She’s not wrong. When gurus like Dave Ramsey or Suze Orman tell us to “pay yourself first” or “cut out everything but the essentials,” they often overlook the reality of many working-class folks: surviving comes before thriving.
Risk-Averse and Real: A New Approach
One of my biggest takeaways from Erika’s wisdom? Focus on stability first. Housing, transportation, and food—those essentials come before savings or debt payoff.
“I don’t save money first. I pay my bills first. I make sure that I always have housing, a car, and food. Then I start worrying about savings and debt.”
That advice hit me hard. It’s about shifting from shame to survival—and then, once we’ve stabilized, learning how to build toward the life we want.
“Survive First. Then Thrive.”
We talked a lot about mindset, especially how growing up impacts our financial behaviors. Erika’s reflections made me pause:
“It is incredibly difficult when you grow up in that space to get out of that space. People tend to live how they grew up.”
This is why she advocates starting small. Whether that’s splitting your direct deposit to funnel even $5 into a savings account or doing the viral envelope challenge (which I am doing!), it’s about building habits that work for you.
High-Yield Savings: Let Your Money Work Too
One easy, game-changing tip Erika shared? Open a high-yield savings account. Most traditional savings accounts don’t keep up with inflation, but high-yield accounts can earn you real interest.
“I like it in my risk-averse world because that money is in my account and it’s not going anywhere. My money is making money.”
Look into digital banks like Ally, Capital One, or American Express—they offer better rates than many brick-and-mortar banks.
Your Relationship with Money Is Yours
At the end of the day, this episode wasn’t about preaching. It was about reflecting. Our financial journeys are personal. What works for one person might not work for the next. And as Erika put it:
“The best financial plan is the one that works for you.”
I left this conversation feeling more grounded, less ashamed, and ready to keep doing what works for me—even if that means budgeting for my Starbucks strawberry açaí once a week. Because listen, self-care matters too.
This won’t be our last conversation about money on the podcast. I’m excited to continue bringing you voices from Black women in finance and beyond, sharing real tools to help us not just survive—but thrive.
Until next time, keep showing up, take care of yourself, and remember: you don’t have to be broke.
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