DINKs, shorthand for "dual income, no kids," are on the rise. With 2 salaries and no child-related expenses, some DINKs could have more disposable income than parents. Wondering how to maximize the DINK lifestyle? You've come to the right place.
What are DINKs?
DINKs are working couples without kids. They could be married or not, but they generally live together. (Ever heard of DINKWADS? That's a popular iteration that stands for "dual income, no kids with a dog.") If you're considering the DINK lifestyle, or already living it, you're in good company. In 2020, 42 million couples living together didn't have children, according to US Census data.1 That's compared with 25 million couples living together with their children.2 This marks a change from a decade earlier: From 2010 to 2020, the number of married couple households with their own children fell nearly 6%, while the number of married couple households without their own children grew nearly 11%, also according to US Census data.3
Why are more people becoming DINKs?
More people are choosing a DINK lifestyle for many reasons, including the rising costs of raising children. The Brookings Institution looked at government data and predicted that it would cost more than $300,000 to raise a child born in 2015 to age 17.4 That works out to about $18,000 a year. Another reason people might opt into DINKhood: the freedom to travel and work where they want.
Just how many more people are becoming DINKs? In 2023, 47% of Americans under 50 without children said they weren't likely to ever have kids. That's a spike from 37% in 2018, according to a Pew Research Center survey.5 But just because they don't think they'll expand their families doesn't mean they never wanted to.
DINK by circumstance
Some couples are DINKs because of difficulty with conceiving, which is becoming more common. A US Department of Health and Human Services and Centers for Disease Control and Prevention (CDC) report found that the percentage of married women ages 15 to 44 who experienced infertility ticked up 2 percentage points, from 6.7% between 2011 and 2015 to 8.7% between 2015 and 2019.6 The cost of infertility treatments can be considerable, with in-vitro fertilization costs potentially reaching tens of thousands of dollars, especially if couples need multiple cycles to become pregnant. Adoption can be just as costly.
Responsibilities like the following could push someone into the DINK lifestyle too:
- Caring for aging parents
- Hefty student loan debt
- Cost-of-living burdens because of inflation
DINK by choice
On the other hand, some people just know that kids aren't part of their life path. That might have been an unpopular choice in decades past, but many modern couples aren't apologetic about their decision. Take Brandi Broxson, a writer at Fidelity, and her husband, Francisco Garcia. The Brooklyn, New York, 30-somethings say skipping parenthood feels like a "millennial cheat code."
"We love kids. Francisco is a middle school history teacher. But we enjoy having the extra time and money to pursue our interests, spoil our nieces and nephews, and travel," Broxson says. The married couple recently returned from a 2-week-long trip to Japan they say wouldn't have been possible without the financial savings DINK life has afforded them.
The pair first considered not having kids during the Great Recession when they were in college. "That time made us hyperaware of our financial decisions and what we wanted for the future. We graduated with student debt and started looking for work in an incredibly difficult job market. The more we reflected on the kind of life that would feel fulfilling to us, the more we realized that life didn't include children—and 13 years later it still doesn't."
Broxson says that decision has helped them prioritize saving for emergencies and retirement. In fact, DINKs have had the highest average retirement savings of any family structure since at least 1989, according to a recent Federal Reserve Survey of Consumer Finances that looked at data through 2022.7
Advantages of a DINK lifestyle
Whatever brings couples to the DINK life, it's one with potential benefits that run the gamut.
Lifestyle freedom
Michelle Simons and her partner, Jason Roscoe Sheats, both in their 50s, enjoy the day-to-day flexibility that the no-kids life brings. "We love the ability to do whatever we want at any time of day," says Simons, who lives with Sheats in Denver. The avid foodies and travelers use their disposable income to indulge in those passions.
They also enjoy the ease that DINK life brings. "We have to find a dog sitter when we travel, but it's far easier to find someone to live at our house for a week than to take care of a small human for a week," Simons says.
One less non-negotiable expense
Having cash that would otherwise go to child care and other kid-related expenses could make it easier to make ends meet, save for emergencies, or reach other financial goals faster. That's something both Simons and Sheats have used to their advantage. "We have healthy 401(k)s and savings accounts, and our bills are paid," says Simons. The couple maintains separate finances, but they agree on how they save and spend.
Career mobility
Some DINKs might have more time and energy on career advancement and continuing education than parents. Plus, they might be able to relocate more easily without worrying about disrupting kids' lives with school and friend changes. Both the extra time and portability might result in higher-paying positions. Broxson says that flexibility allowed the couple to move from Florida to New York City in 2015 so she could pursue a career in magazines, and Garcia could work as an educator in Brooklyn where he grew up.
Disadvantages of a DINK lifestyle
Like anything else, the DINK lifestyle has some drawbacks to consider:
Tax repercussions
DINKs aren't eligible for certain tax deductions like the Child Tax Credit, worth up to $2,000 per child. Additional tax perks for eligible parents include:
- The Earned Income Tax Credit
- The Child and Dependent Care Credit
- The American Opportunity Tax Credit for those with children in college
These tax benefits can add up to thousands per year for some families.
Social hurdles
Child-free couples could feel like the odd ones out when surrounded by friends with kids, which can complicate their social life. They might also face pressure from family or feel stigmatized for opting out of parenthood.
Different estate planning needs
Without kids to inherit assets, DINKs might find estate planning more complex. They might have tougher decisions to make about beneficiaries, who could include:
- Their spouse or partner
- Siblings
- Nieces and nephews
- Other relatives
- Friends
- Causes and nonprofits that are important to them
How to get the most out of being a DINK
Consider the following tips to maximize a dual-income life without child-related expenses.
Build your emergency savings
Don't skimp on saving for a rainy day because it's only the two of you. Emergency savings could help you weather a financial storm, like unemployment or unexpected home repairs. Fidelity suggests saving $1,000 for essential expenses and then working up to socking away 3 to 6 months' worth of living costs. You might choose to save more if your income fluctuates upward.
Prioritize retirement saving
Getting an early start on your retirement savings is a move that could pay off for decades to come. Consider participating in an employer-sponsored retirement plan if it's available to you, especially if you're eligible for an employer match. That's like free money.
Plan for end-of-life care
Many parents hope to rely on their kids for caregiving in their later years. DINKs might want to discuss with their partner what care ideally looks like in their older years. Then, account for these costs in retirement savings and decide how to fund that care. Your options might include pulling from a health savings account (HSA) or buying life insurance with long-term care coverage.
Don't put off estate planning
Even if you're leaving assets to your partner, consider taking basic estate planning steps, like creating a will. That can save your other half the headache of a drawn-out probate process. Other documents, like medical and financial powers of attorney and a living will, could help you and your partner navigate unexpected circumstances should one of you become seriously injured or ill. It's also important to regularly review your estate planning documents and make adjustments that reflect changes in your lives.
Agree on priorities
As you move through life as DINKs, chart your path together. Frequent conversations about shared and individual priorities could help you save and spend with purpose at every life stage. A budget is always a good place to start, and conversations with a financial advisor could help you craft a savings strategy that grows with your relationship.