This is a New Year’s tradition practiced by my informant and her family every year.
“If you have collard greens on January first then you’ll make a lot of money, maybe because they’re both green. Similarly, if you have black eyed peas, then you’ll have luck throughout the rest of the year. And it has to be on January first. And then you just have meat, that’s not symbolic but you need something to go with collard greens and the black eyed peas. My grandmother told me that, and so she cooks for us for every new year.”
The tradition of eating black eyed peas for luck is also a Jewish tradition, and goes back for many centuries. It’s popular in the American south, probably brought there by the Jews and adopted by the society at large. As the informant says, collard greens are also a common New Year’s food thought to bring wealth in the coming year, as they resemble American bills. Both foods are exceptionally common in the American south (thus allowing most people to partake in the tradition without causing undue budgetary stress), which is where my informant’s family lives. The emphasis on it being January 1st also reflects the notion of its importance as the beginning of a new unit of time, in a liminal period where anything could happen and one could presumably set the tone for the next stage in life (ie, the new year).