In Singapore, a city-state known for its high living costs, a growing number of couples are opting for a DINK (Double Income, No Kids) lifestyle, reflecting a global trend that prioritizes financial freedom and personal fulfillment over traditional family structures. Ryan Tan and Corinne Chow, a married couple residing in the city which reigns among the world’s most expensive, exemplify this choice, unburdened by the financial strains of child-rearing.
Tan and Chow, both 36, have a collective annual income exceeding 300,000 Singapore dollars (about US$225,000), and have meticulously planned their finances. From delaying their move into their condominium to avoid rental expenses to saving 20% of their income, they avoid debt and focus on investments and savings. Their monthly outlay includes 20% for a home loan and another 20% for leisure activities like traveling and hobbies, with private transport costs taking up 10%. They make a conscious choice to not own a car, considering Singapore’s hefty vehicular expenses.
The couple embraces the perks of the DINK lifestyle, indulging in luxuries such as Tan’s whiskey collection, which features a unique bottle from their wedding. When they travel, they choose all-inclusive resorts and avoid cramming too many activities into one day, a reflection of their financial latitude and absence of childcare obligations.
The FIRE (Financial Independence, Retire Early) movement intersects with the DINK philosophy in their lives. The former advocates for saving and investing aggressively to retire well ahead of the traditional age, while the latter contributes by removing the fiscal demands of parenting. This combination could potentially pave a smoother path to early retirement, although it is not without challenges.
While financial planners may encourage such frugality to expedite financial independence, critics argue that the DINK preference can negatively impact broader societal structures, notably by contributing to declining birth rates. Yet, for those like Tan and Chow, these concerns seem distant as they relish their current freedom and lifestyle.
The sentiments reflected by Tan and Chow aren’t isolated. Other Singaporean DINK couples, such as HL and Glo, live on a lean monthly budget of 2,000 Singapore dollars, a lifestyle choice made after witnessing their parents struggle with diseases and financial insecurity. They’ve adapted to a minimalist lifestyle, cutting costs without compromising their quality of life.
Relevant articles:
– On their first date, he asked her if she had any debt. Today, they’re a DINK couple in the world’s most expensive city., Business Insider, Mar 18, 2024
– The $2,000 a month Lifestyle of a DINK Singaporean Couple, Investment Moats, May 20, 2021
– Exploring the FIRE Movement and DINK Lifestyle in Singapore, PolicyPal, Feb 28, 2024
– DINK.. Financial freedom and retire early..Enjoy life and travel, HardwareZone Forums, Nov 12, 2023