Six financial planning tips for DINKs

Johann Rossouw | 14 February 2024

Johann is an Associate Financial Planner at Fiscal Private Client Services. He holds the Certified Financial  Planner® accreditation and has a keen interest in personal finance and how financial markets affect our everyday lives.

Dual Income, No Kids (DINK) couples often find themselves in a unique financial position, with the ability to focus on personal and shared goals without the immediate financial responsibilities of raising children.

However, effective financial planning is still essential to make the most of their dual incomes and secure a prosperous future. These are the key financial planning tips for DINK couples:

1.  Establish shared financial goals

The first step for DINK couples is to talk through and establish clear shared financial goals. While individual aspirations are crucial, aligning your financial objectives as a couple is equally important.

Discuss your short-term goals, such as travel, home ownership or pursuing further education, along with long-term goals, such as retirement and wealth accumulation. Setting common objectives provides a roadmap for budgeting, saving and investing strategies. Read more: How do I set savings and investment goals? and Watch: Setting savings and investment goals (

2.  Create a budget and stick to It

With the luxury of dual incomes and no children to support, DINK couples can create a comprehensive budget that aligns with their financial goals. Allocate funds for savings, investments and entertainment.

Track both fixed and variable expenses, including discretionary spending.

Use budgeting tools and apps to monitor your financial health and identify areas where you can cut back or redirect funds toward savings and investments. By adhering to a well-defined budget, DINK couples can build a strong financial foundation.


3.  Maximize retirement savings

DINK couples often have relatively high disposable incomes, allowing them to maximise contributions to retirement funds and other long-term investment vehicles.

Take advantage of your retirement funds – whether it is a pension fund, provident fund or retirement annuity fund and contribute the maximum allowable amount each tax year. This will have the dual benefit of helping you save money for your old age, while also reducing your tax bill.


4.  Build an emergency fund

Even with two incomes, unexpected financial challenges can arise. DINK couples should prioritise building a robust emergency fund, equivalent to three to six months' worth of living expenses, in a readily accessible, interest-bearing account. Read more: How to set up an emergency fund.


5.  Ensure you have sufficient risk cover in place

Ensure you have adequate risk cover, including health, life and disability insurance in place. These measures provide a financial safety net, protecting your wealth and ensuring that unforeseen circumstances do not derail your financial goals.


6.  Review and update your estate plan

Even without children, estate planning remains a vital component of financial security. Ensure that you have a will in place to dictate how your assets should be distributed in the event of your passing. Read more: Why is it important to make a will?

Designate beneficiaries for your retirement funds and life insurance policies. Regularly review and update your estate plan to account for any changes in your financial situation or personal circumstances. Read more: Why is it important to name beneficiaries on a life policy? and What happens to my retirement savings if I die before retirement?

Financial planning for DINK couples involves leveraging the unique advantages of dual incomes and a child-free lifestyle to achieve personal and shared financial aspirations. With a proactive approach to financial planning, DINKs can maximise opportunities, build wealth and enjoy a secure and fulfilling future.