Let me ask you something, how do you and your partner split the bills? Do you contribute equally, or do you have some other system?
I recently stumbled upon a TikTok video from a couple who are doing things a little differently, and it really has me rethinking my own finances. So let's take a look at exactly how they're tackling this issue and what we can learn from them. Come on!
The woman, Mimi, shared an interesting system the couple came up with so they could split their bills more fairly. And I have to say I was pretty surprised. Here's how differently they do things and why.
Instead, they practice equity. What? What does that mean? Okay, here's the thing. There's a key difference in splitting expenses equally and equitably. When you divide the bills equally, both partners contribute the same exact amount regardless of what they make.
But when you split the bills by equity, you pick a percentage that both partners contribute towards the shared expenses. This works best for couples who have different incomes. Let me explain this further by this calculation.
If one partner makes $1000 per month and the other makes $1500, they could settle on paying 20% towards their monthly expenses. So if rent were $500, the person who makes $1000 per month would contribute $200, and the person who makes $1500 would contribute $300.
Hmm, I like that. In the case of this couple, this system worked out best for them. Mimi makes less money and has student debt to pay off, and her partner's parents chipped in for his education. Also, he graduated before her, so he's been in the workplace longer.
For example, if one person is a stay-at-home parent, they're already contributing unpaid labor and childcare while the other partner works at a job. So, there's no need to split the bills at all.
This system can also apply to the division of housework. Instead of one person doing it all, both couples can contribute a portion of their time towards it. I don't know about you, but I think this can definitely elevate some burnout.
If one person is doing all the cooking, cleaning, and taking care of the household, they can develop some resentment towards their partner, no? This is especially true if they're already running after the kids, too.
I have to say, I love it, and I'm scratching my head thinking, "why haven't I thought of it?" This method of splitting the bills or division of labor makes so much more sense to me. It's really the fairer way to look at things.
And it works best when one partner makes less money than the other or is the one taking care of the kids and the household. Do you agree with me?
