No, this is not a racist rant about schools or public water fountains (do those exist anymore?). This is a new take on an old financial strategy.
My wife and I were married in 2009. I was finishing college, working full time; and she was working full time in a retail store. Everyone and their mother (not an exaggeration) told us to combine our money. They’d say things like “It’s OUR money, not HIS and HERS” or “It will keep you accountable to each other.” Well, I say that it’s all bull crap. But originally, it was unintentional.
She had a few things set up to auto-pay, things like her Netflix account, and her cell phone bill. I had things like direct-deposit and autopay for my car. We were lazy millennials with automated finances at age 23. So we decided to keep our checking separate, but join our savings. Each of us has access to the savings account through our checking accounts.
40-50% of first marriages end in divorce. 60% of second marriages end in divorce. According to http://divorce.usu.edu/ 73% of divorces list “Lack of Commitment” as a major reason. 56% list “Arguing”. What are they arguing about? http://www.huffingtonpost.com/marriage-arguments
Shoot me an email (Stopbeingdumb.email@example.com) or comment below and tell me what method you use to store your family’s money.