Would you split the bills with your significant other?
TheGrio’s Eboni K. Williams and contributing columnist Monique Judge weigh in on the controversial “split everything 50/50” conversation.
Household money management will always be a hot topic of conversation. On the May 8 episode of Bloomberg’s “Idea Generation” podcast, actress Gabrielle Union revealed that “in this household, we split everything 50/50” referring to the household she shares with her husband, Dwyane Wade.
People on social media were extremely surprised that Union and Wade aren’t taking more of a “traditional” approach. If one person in the household makes more money, should they automatically pay most or all the bills? “TheGrio with Eboni K. Williams” spoke with contributing columnist Monique Judge and they were not shy about their thoughts on the situation.
Eboni K. Williams and Monique Judge weigh in
When theGrio’s Eboni K. Williams asked Monique Judge if she would split the bills with her significant other, Judge said, “Under no circumstances am I giving a man money.” Williams agreed, saying she also believes this is generational.
Considering Dwyane Wade is almost 10 years younger than Gabrielle Union, perhaps “these younger men have a very difficult time with these traditional notions of them being head of household, and that translates to them taking care of the bills” Williams echoed. The television host ended by saying, “Whoever controls the purse strings, controls the dynamic.” A 50/50 split might balance the power in the Union-Wade household.
Modern vs. traditional household money management
In 2021, CNBC reported on a Zeta survey that found more than one-third of couples (39%) keep their finances in separate accounts. It said 22% choose a “yours/mine/ours” approach with partially merged finances (allowing for individual spending while shared expenses come from a joint account). Of the 22%, 54% were married and 35% were living together.
The Zeta survey on CNBC also reported three reasons why many couples face concerns when it comes to household money management: fairness, financial independence and incompatible money management. According to Celebrity Net Worth, Union’s current net worth is $40 million, and her husband, retired basketball player and soon-to-be Hall of Famer Dwyane Wade, made over $200 million during his time in the NBA. This “modern” approach is more common than you think.
Whether you’re a multimillionaire splitting responsibilities with your significant other or a person working a regular job, household money management can make or break your relationship if it’s not handled properly.
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