For SINKs and DINKs, financial planning is … different.
What are SINKs and DINKs, you ask? SINK is an acronym for “single income, no kids.” And if you guessed that DINK stands for “dual income, no kids,” you’re right! But there’s much more to approaching financial planning for folks in the “no kids” camp than the simple fact that they don’t have children.
When it comes to household tasks and chores, most married couples take a “divide and conquer” approach. One spouse might handle weekly shopping, the other might handle garbage and recycling. The first spouse might handle laundry and cleaning while the other might handle yard work and maintenance. Or one spouse might drive the kids to school, the other might handle pickup and extracurricular activities.
Despite it being no secret that money can cause a breakup, being on the same page about finances is not a factor that’s highly considered at the start of a relationship. And depending on financial upbringing, talking about finances at all can be considered taboo. I can attest to this. My family never talked about money – it was treated as a secret. And if anyone shares this experience, it’s understandable why you may not broach the topic until you’re feeling too far down the rabbit hole of the relationship.
By nature, Childfree individuals seem to be more flexible in their family structure. In Childless individuals over 55, 32.1% were never married (as opposed to 2.6% for parents). Childfree individuals are more likely to stay single, be in a long-term relationship (without being married), and to be in a group than the general population. Your choice to be single, in a couple, or group, changes your financial and estate planning, goals, and spending.
Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.