- Ryan Tan and Colin Chow are a DINK couple from Singapore.
- Despite the stigma, they say they don't feel pressured to have children.
- With the rising cost of raising children, the appeal of being a DINK is attracting worldwide attention.
One of the first things Ryan Tan asked his now-wife Colin Chow on their first date was: “Do you have any debt?”
Chow told Business Insider she was shocked by the question, but the answer was no. Four years later, the couple is building a life together in Singapore, which currently shares the top spot on the list of the world's most expensive cities.
Mr Tan told BI that he wanted to settle down and that financial or other debts were an important consideration when choosing who to contract with.
“I didn't think there was any need to overdo it,” he said.
The couple is part of a growing group of DINK (dual income, no children) couples around the world. This lifestyle is gaining popularity on social media and is associated with financial security and independence.
DINK Lifestyle Financing in Singapore
Ms Chow works in social media management for a Singapore-based company, while Ms Tan works in the merchandise industry. The couple's combined annual income is over S$300,000, or US$225,000.
Ms Chow and Ms Tan, both 36, said they share a similar outlook on finances and deliberately make big purchases, such as a house or a car.
The couple married in 2021, but chose to live with their respective parents for six months after the wedding until their apartment was ready to move in.
“So we're going to live together for the rest of our lives. There's no point in renting,” Chow said.
They took advantage of low interest rates before and after the pandemic and bought their first home together in 2020. It was an 807 square foot, 3 bedroom apartment.
Chow broke down 80% of her monthly expenses as follows:
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Mortgage: 20% of total monthly income
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Investment: 20%
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Shopping, holidays, hobbies: 20%
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Private transportation: 10%
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Utility charges: 5%
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Restaurant: 5%
“We intentionally don't own a car, so 10% of our income goes toward private transportation,” she added about the taxi budget.
Singapore is one of the most expensive countries in the world to own a car due to a 10-year “title certificate” system introduced to regulate the number of cars on the roads.
They save the remaining 20% of their income. The couple said they also avoid debt and make sure their account has the full amount before spending.
Enjoy the DINK life
Ms Tan and Ms Chow said that being childless in their 30s allows them to indulge in the finer things in life.
One of Tan's hobbies is collecting whisky.
Tan is a collector of Port Ellen whiskey. Its cost is about 1,300 Singapore dollars, or $967. The most unusual whiskey in his collection is Keith's Glen, which he bottled himself to serve at weddings.
“This involves buying barrels of whiskey from distilleries and whiskey brokers and bottling them ourselves. These are bottles that only we and our closest friends and family can have,” Chow said. said.
When they travel, they prefer all-inclusive resorts.
“Now when you go on vacation, you have a little bit more disposable income,” Chow said. “We try to stay in better places, get better rest, and try not to cram too much into any given day.”
The couple's most recent vacation was a nine-day trip to Tokyo in November.
Their friends and family have supported their lifestyle choices.
“We both have very modern and open-minded families,” Chow said. “Here we don't have the stereotypical Asian horror stories of in-laws or parents forcing us to have children.”
Chow's circle of friends includes career-minded women, including a friend who is unmarried in her 30s, and said she feels no pressure to have children.
However, positive reactions to childless couples are not always the norm.
“I think not having children is still very stigmatized, especially in Singapore,” Ms Chow said.
Chow shares video blogs about his DINK life on his personal TikTok. In her comments and private messages, she said, people often thank her for creating content about her childlessness.
Still, Chow occasionally receives comments on her videos like, “Your life seems so boring.”
Global DINK lifestyle
With the rising cost of raising children, the appeal of being a DINK is attracting worldwide attention.
In China, as the world's second-largest economy slows and youth unemployment rises, children are simply not on the horizon for many women of childbearing age.
“To be honest, having a child is like holding an investment for at least 18 years with no guaranteed returns,” Chinese venture capital analyst Bihan Chen previously told BI. .
In the United States, some couples believe that being childless is the easiest way to achieve the American dream. According to the Federal Reserve's latest Consumer Finance Survey, as of 2022, married couples without children have the highest median net worth of all family types surveyed, nearly $150,000 higher than married couples with children. Ta.
“Our portfolio is doing very well, and that's something I'm really grateful for,” Tiffany Wasiuk of Virginia-based DINK, which owns two boats, previously told BI . The cost. ”
For Chow and Tan, who live in Singapore, having children in the future is not entirely out of the question, but they recognize how good it would be to have children for now.
“I have a lot of time and freedom to do what I want to do,” Tan said.
“Once we have kids, it will bring things back into balance a little bit.”
March 20, 2024: This story has been updated.
