Are you an avid follower of this blog or perhaps you stumbled upon it, you understand what the term DINKs means (dual income, no kids) but have you really ever thought of the benefits of it or if you could pounce on this opportunity? In this article, we are going to look at DINKs further and the potential it holds.
As stated above, DINKs is an acronym for dual income, no kids. Breaking it down more, this means two parties in a relationship that each brings in at least one stream of revenue and neither have any offspring. The key points here are:
- dual income: meaning two income streams
- no kids: suggesting that there are far fewer bills to pay since there are only two of you
Looking to make more money as a couple? Check out this article for 3 Side Hustles you can do as a couple.
Different Kinds of DINKs
Whether you are DINKs forever or just for a period in time prior to having kids, it is time to realize the saving potential of this opportunity.
If you are on the permanent DINKs path, I would bet you have dived into the limitless saving potential of this dynamic duo however if you maybe are planning on raising children in the future, maybe you haven’t fully explored these possibilities.
If you haven’t yet, it is really time to check out the importance of a strong financial foundation in a relationship.
Having kids can be a major increase in your expenses, according to this Smart Asset article, raising a single child can be almost a quarter of a million dollars ($233,610 to be exact)! Not to mention the ever-increasing college tuition prices plus overall inflation who knows what will happen to this number by the time you get to the plate. That is why now is the perfect time to start saving up!
Whether you’re saving for the raw cost of kids, childcare, diapers, etc. it is definitely a good time to start stashing that cash away. Plus you should really think of increasing your emergency fund before the little one comes. You would much rather be over-prepared than under in all situations regarding your children.
All this said, part of the DINKs bible is the goal of saving at least half of the total combined income. Speaking from experience, this is completely doable. You are sharing food costs, living expenses and really all sorts of costs with another person so you are really only paying half price for most things. If you begin to track your in and outflow of cash, you will see that saving up half together really won’t be that bad.
If your spouse is a spender and you are a saver or vise versa, I highly recommend checking out this article on how to approach this topic.
Of course, benefiting from this time comes with being transparent and open with your partner especially from a financial standpoint. Create goals together and move towards them as the duo you are. These goals can be as small as saving up your first $500 together or buying a house together, doesn’t matter, as long as you both agree on a goal and put in the work towards it as a team. Here is a great article on how to talk about financial goals with your partner.
Looking for a good place to start when it comes to money talks with your spouse? Try these 100 Questions.
Think about it, right now when you vacation, you don’t have to have enough space for kids, just you and your partner. The same goes for living spaces, a one-bedroom apartment is more than fine for the two of you. It is time to make sure you and your partner fully taking advantage of this opportunity and saving up as much as possible. Plus, with just the two of you around, it is a much easier and less chaotic time to focus on saving up your money.
Final Thoughts
Whether you are empty-nesters, able to save up more money again or you are permanent DINKs, you need to capitalize on this opportunity in front of you. Audit your discretionary spending and see what can be minimized or completely diminished. Put that extra money towards savings, investments, etc. you get it. Just don’t spend all your money because you have excess, instead, put it to good use.
Currently, I chose the path of DINKs with my partner as we are not yet (and not sure when/if) we will be ready for kids. What kind of DINKs are you?
For more reads, check out these articles!
- What Is The FIRE Movement & Will It Survive This Pandemic?
- Attention All Student Loan Borrowers: 5 Things You Need To Know About Your Debt
- What To Do In A Market Crash For Retirement Savings
Gina DiMasi
Gina DiMasi is an organizational finance whiz. Gina is an avid investor, educator and aficionado of bitcoin and other modern investments. In addition to being an all around nice person, Gina has a degree in personal finance studies from Framingham State University. When she's not running numbers or blogging up a storm, Gina actively volunteers with Habitat for Humanity.
Leave a Reply