Dec 5 Dual Income, No Kids: What Is a DINK Couple?

When a couple gets married, there's this idea that they will immediately, or soon enough, have children, but that's not always the case. No two couples are the same and want the same thing, including children, and that's perfectly acceptable.

The DINK lifestyle has become all the rage on TikTok and Instagram, especially for young people, and everyone wants to know what is a DINK couple and what are the pros and cons.

What Is a DINK Couple? Defining the DINK Lifestyle

DINK stands for dual income, no kids, and it refers to couples who both work or bring in an income but do not have children. It doesn't mean they will never have children or that they are currently going through fertility treatments or the adoption process; it is simply a term to describe their lifestyle today.

It's not as new as most people think, either. Since the 1980s, DINK couples have been known as "yuppies" or "young urban professionals" with higher disposable income and usually no kids. Today, the younger generations have coined the term DINK, and it has stuck with society.

So, what does the DINK lifestyle look like?

There isn't a one-size-fits-all approach to this lifestyle. For some, it means the ability to travel more frequently, own a smaller or larger house, or have luxury products. Just like every couple with kids will live a different lifestyle, not all DINKs want the same thing.

Some people just want the personal freedom to do what they want without being tied down by children, and others don't have the financial resources to expand their families and live the lives they desire.

Benefits of the DINK Lifestyle

Like any lifestyle, there are benefits to consider when deciding whether raising children is the right choice for you.

Financial freedom: According to a LendingTree study, parents spend an average of $237,482 to raise a child to age 18. Without this major expense, couples have more money to save and pursue their dreams without worrying about how they'll afford to raise children.
More career opportunities: Without kids holding a couple back, each partner can pursue their careers in ways they may not be able to with children. This may look like working more hours, traveling more often, or moving frequently to accept promotions.
Can be spontaneous: Childless couples can say "yes" to almost any opportunity that comes their way without worrying about who will watch the kids or if it's something they should be doing because they have kids.
Build stronger relationships: Couples without children can focus on one another and build a strong marriage without the stress that kids may throw into the mix, such as health issues, learning disabilities, school troubles, or lifestyle issues.

Why Couples Choose a DINK Lifestyle

Couples choose the DINK lifestyle for many reasons, typically personal ones. For example, some couples just want to focus on their professional lives and reach their highest potential professionally. Others want the freedom to travel and live life how they want without worrying about raising children.

For some, though, it's strictly a financial decision, whether because they know they don't have the financial resources to raise children or they worry that raising children will be too expensive and take away from other important areas of their lives.

The Rise of the DINK Lifestyle

According to the MassMutual Consumer Spending & Saving Index, 23% of millennials and Gen Z’ers have no plans to become parents in the near future. The reasons are split: 43% state that they prefer financial freedom, and another 43% state that they cannot afford to raise children.

This change has caused couples to take different angles to their financial planning.

For example, instead of socking away every penny for education, emergencies, and overall life expenses, DINK couples can focus on their passions or even go back to school. They also don't have to worry as much about leaving behind a legacy, which gives them more freedom to do what they want in this lifetime.

Challenges Faced by DINK Couples

While the DINK lifestyle has many benefits for couples who think it's right for them, it doesn't mean that it's without its challenges, such as:

Loneliness: A spouse can be a great partner and make you feel connected, but not having anyone else to rely on for your need to communicate and take care of someone can lead to feelings of loneliness, especially as you age and realize you don't have anyone to take care of you like you might be taking care of your aging parents.
Overspending: Without the responsibilities of raising children, DINK couples can easily overspend because they don't have a reason to save outside of the typical emergency fund. You may be more likely to spend on luxuries or excessive travel that may not fit within your budget but helps you fill a void.
Higher tax bracket: Without eligibility for the tax credit for having dependents, you and your spouse may pay Uncle Sam more money than you anticipated because of the two incomes with limited or no credits.
Estate planning issues: Without children to pass things down to or inherit your assets, deciding who will handle your estate when you die can be challenging. It's also challenging to decide who to give power of attorney to should you both become unable to make sound decisions.
Societal challenges: Even though DINK lifestyles are on the rise, there are more people who assume every married couple will have kids, so when you don't, you may feel out of place, lose touch with friends, and even face pressure from your family members.

Lifestyle Considerations

As is the case with any lifestyle, from staying single to getting married and having kids, there are lifestyle considerations to think about before choosing it:

Financial matters: Not having kids doesn't mean you can spend money however you want. You must still create a solid budget and have financial plans for emergencies, retirement, and other goals.
Time spent: Without kids, you'll have much more free time than couples with kids, so you must be intentional about how you spend it. While you'll have more time for traveling and hobbies, the novelty can wear off in your day-to-day life.
Work hours: Not having kids means you don't have to rush home from work, but you also shouldn't become a workaholic and ignore other areas of your life. Learn to set boundaries in your personal and professional lives so you can enjoy all aspects.

Financial Planning Tips* for DINK Couples

Financial planning* is essential for everyone, no matter whether you choose to have children or not. Here are some financial tips to consider when choosing to live child-free.

Save an emergency fund: Everyone needs an emergency fund, no matter the size of your family. You never know when disaster will strike, and you'll need extra funds. Consider saving three to six months of your monthly expenses to handle any emergencies.
Get life insurance*: Many couples think that if they don't have children, they don't need life insurance, but you need to think of the others, including your spouse, that you leave behind. Life insurance can provide your loved ones the financial protection to handle your end-of-life expenses and carry out your legacy.
Consider long-term care: Without kids to take care of you when you age, planning for your long-term care needs is essential, as is saving for it. Consider medical issues, needs, and daily care you may need to hire to care for you and your spouse.
Set a budget: Even without kids, you need a budget. Overspending can happen to anyone and can quickly cause a sinking ship. Setting a budget ensures you have the money needed for your monthly bills, short and long-term plans, and anything else that comes your way.
Contribute to retirement accounts: Everyone should save for retirement, and for young couples who may want to retire early and enjoy even more of their lives, it's even more essential. Maximize your 401K contributions*, especially if you have an employer match, and consider other savings options to ensure a comfortable retirement.

If you need assistance in your financial planning*, schedule a free consultation.

*This article is for general, educational purposes. Nothing said here should be construed as investment, tax, or legal advice. Consult the relevant professional to understand your personal situation and available options.

Dink Is One of the Many Lifestyles Couples Can Experience

Choosing the DINK lifestyle is a personal decision and one that your friends and family should support, but that doesn't mean it's without its challenges.

It's important to ensure you and your spouse are on the same page regarding your decision and open to changing your minds should you decide that DINK life isn't for you.

If you need help with the financial aspect of the DINK lifestyle, contact me for a free consultation. I can help you and your partner create a budget, set short- and long-term goals, and ensure overall financial security while embracing your chosen lifestyle.