My partner and I have been together for over 5 years and have thoroughly enjoyed the benefits of the “dual income, no kids” lifestyle. Although we may have kids in the future, giving up our free time and disposable income will be tough!
Being DINKs has enabled us to travel to Las Vegas, Mexico, Nashville, and more. We’ve paid off a significant chunk of our mortgage over the past few years while investing for early retirement. We know it will be harder to meet our financial goals if kids come into the picture and will miss the advantages of the DINK lifestyle.
Here are 5 pros of being DINKs that will be difficult to give up if we decide to have kids.
Reduced Expenses
One big advantage of being a DINK couple that lives together is reduced expenses. It’s much easier to comfortably afford rent or a mortgage on two incomes versus one. We were able to buy a bigger house together than I could have alone.
Having two incomes has also made it possible to overpay the mortgage so we can become debt-free sooner. We hope to have our home paid off by the time we’re 35.
Additionally, we’ve been able to share one car to slash our transportation costs. I work from home as a freelance writer and don’t have a daily commute, which enables us to get by with one vehicle. If we had kids who needed to be shuttled to and from school and activities, I think we’d need a second car.
Can Live on One Income
DINK couples also have the opportunity to live on one income and save the other to get ahead on their financial goals. My spouse’s income covers all of our living expenses including retirement contributions. We use my variable freelance income to pay down the mortgage and contribute to our sinking funds. Doing this has enabled us to pay off $40,000 of mortgage debt over the past two years.
Dividing our finances this way also makes us feel more financially secure. If one of us got laid off, the other person’s income could cover our living expenses. We wouldn’t have to dip into our emergency fund much or at all, which is a big comfort during these uncertain economic times.
More Career Growth
As DINKs, we have more free time than couples with kids to devote to work, side hustles, and upskilling. My partner has gotten several merit raises at work, which probably wouldn’t have happened if we had kids to take care of.
Juggling family and work often means your career has to take a backseat, which can result in fewer raises and promotions. Stalled career growth is something we’re not looking forward to if we decide to have kids!
More Free Time
Our DINK lifestyle isn’t all work and no play! We’ve used some of our extra free time to work on our hobbies and travel to new places. Although we’ve discovered we aren’t big fans of traveling, many DINKs enjoy the freedom of being able to book a vacation whenever they want.
Couples without kids don’t have to take school schedules into account when planning trips. They can visit their favorite destinations in the off-season to save money and avoid crowds. Even though we don’t enjoy travel, we love having leisure time to devote to our interests, such as cooking, woodworking, and gardening.
Extra Disposable Income
These days, my partner and I save most of our disposable income instead of spending it. But in the past, we enjoyed having extra cash to go on special trips and date nights, outfit our basement workshop, and buy furniture for our new home. We still treat ourselves now and then and enjoy the financial flexibility of our DINK lifestyle.
We know kids are expensive and have heard each child costs $17,000 per year. We’d have to give up a lot of financial freedom to start a family, which is one of the reasons we’re hesitant to take the leap!
For those of you who have kids, how do you make it work financially? If you’re a DINK, what do you enjoy about your lifestyle? Share your thoughts in the comments!
Read More:
5 Things I’ll Never Buy in Bulk Again
Am I Financially Ready to Have Kids?
Raising Kids Without All The Merch
What To Do If Your Wife Yells At You
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Vicky Monroe is a freelance personal finance and lifestyle writer. When she’s not busy writing about her favorite money saving hacks or tinkering with her budget spreadsheets, she likes to travel, garden, and cook healthy vegetarian meals.
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