The good news is you’ve already lived through at least one of these events. Hananeko_Studio / Shutterstock.com
Someone has a heart attack every 40 seconds in the U.S. That’s about 800,000 heart attacks every year in one country — with the vast majority of them being first heart attacks, as opposed to affecting people who suffered one previously. Research shows the risk of a myocardial infarction, as it’s known medically, is exacerbated during certain life events. Some of these events are rare…
Childfree finances are different from those of parents. Keep reading for a rundown of DINK personal finance. [[{“value”:”
Image source: Getty Images
It’s a big, wide world out there, and an increasing number of American couples are deciding to explore it without kids in tow. According to the latest Census data, we’re looking at 43% of U.S. households choosing the childfree life, up 7% from just a decade ago. This idea’s become so mainstream that there’s even a catchy acronym floating around: DINKs, standing for double income, no kids.
But what are these duos doing with their cash if not spending it on kids? Here are four personal finance trends among couples not having kids, according to a MarketWatch survey.
Travel is the shining beacon for DINKs, with nearly half (48%) reporting that they’d rather spend their money on trips than anything else. This isn’t just a whim of the wealthy; it’s a cross-generational trend that sees no bounds, from Gen Z adventurers eager to explore the world through fresh eyes to baby boomers looking to enjoy their golden years wandering ancient cities and soaking up new cultures. This universal appeal of travel speaks to a deep-seated desire for experience over material possessions, a yearning to collect memories rather than things.
Financially, this means a significant portion of their budget is allocated to travel expenses, which could increase personal satisfaction. However, it might also necessitate careful financial planning to balance expenditures with savings goals.
When not jet-setting across the globe, 41% of DINKs are indulging in hobbies that often turn into passionate pursuits. Freed from the financial and time constraints that parenting invariably brings, these couples have the luxury to dive deep into activities that bring them joy and fulfillment. Whether it’s honing their skills in the kitchen, mastering a musical instrument, or scaling mountain peaks, hobbies become a significant outlet for creativity, stress relief, and personal growth.
Spending on hobbies can sometimes be a substantial financial commitment. Still, without child-rearing expenses, these couples can afford to enhance their skills and experiences, enriching their lives without severely impacting their budget.
Tied for third place in the spending race are investments and pets, each capturing the hearts (and wallets) of 37% of DINK couples. This dual focus sheds light on a nuanced approach to life among childfree couples.
On the one hand, the pragmatism of investing for the future speaks to a desire for financial security and stability; on the other, the love and care for pets reveal a nurturing side that seeks companionship and the joys of caring for another living being. It’s a balance between growing wealth and creating a warm, loving home environment.
Investing can bolster long-term security and wealth, while pets bring joy and require a budget for their care. This balance allows for both emotional fulfillment and financial growth.
Contrary to the stereotype that childfree couples are perpetual renters or nomads, homeownership remains a cornerstone of the DINK lifestyle. Over half (52%) of those surveyed are proud homeowners, with an additional 23% eyeing the real estate market with plans to buy with a mortgage.
Even among those staunch in their decision never to have children, a whopping 76% are either homeowners or aspiring to be. This trend underscores a desire for stability and a personal sanctuary, debunking myths that equate childfree living with a lack of investment in the future.
From a financial standpoint, owning a home represents a major investment in one’s financial future. It offers the potential for equity growth and a sense of financial stability that renting does not. However, it also entails a significant financial commitment to mortgage payments, property taxes, and maintenance costs.
While the picture often painted of DINKs is one of boundless financial freedom, it’s crucial to note that 13% of respondents to the MarketWatch survey reported not anticipating any discretionary income. This statistic serves as a sobering reminder of the economic diversity within the DINK demographic, highlighting that financial freedom is not a universal experience for all childfree couples. Childfree couples’ evolving preferences and priorities reflect a broader shift in societal values, with a growing emphasis on personal fulfillment, financial security, and the pursuit of passions.
As more couples choose paths divergent from traditional family structures, their economic behaviors offer insights into the changing landscape of American adulthood. Whether it’s globe-trotting adventures, deep dives into hobbies, strategic investments, or the joys of pet ownership and homeownership, DINKs are carving out unique and varied lives that challenge and enrich our understanding of family and financial planning.
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Credit card rewards are a great way to save on the things you normally pay for. See how one writer chooses to quickly stack their rewards. [[{“value”:”
Image source: Getty Images
For a while, I saw credit cards as the enemy, something to be avoided at all costs. Eventually, I stuffed all of our cards into an envelope and buried them at the bottom of a safe. And that was okay for a time.
When I buried those cards, we had debt to get rid of and no clear plan for how we would use our credit cards if we were ever to take them out of hibernation. And then we discovered rewards.
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If you want to supercharge your credit card rewards, you must start with a list. If you don’t already have a monthly budget, jot down each of your monthly bills and how much you spend. The easiest way to ensure you don’t miss anything is to scan your last bank statement.
Review the list to identify which bills you can pay using a credit card. Out of all our monthly expenses, there were only five I couldn’t (or shouldn’t) pay with a card:
MortgageLife insuranceAuto loanTaxesInvestments
Everything else was on the table.
If you’re a renter, your landlord or management company probably won’t allow rent payments by card – not directly, anyway. However, monthly expenses like utilities, groceries, and pet insurance are easy to pay via credit card. If you have a child in daycare, check with your provider to learn if they accept payment by card.
If you’d like to pay auto insurance by credit card, ensure there are no added fees. Earning rewards points only makes sense when it doesn’t cost you anything, including fees or interest.
By charging every possible expense, we rack up thousands of reward points per year. My husband and I like to save these rewards for travel, but there are plenty of other ways to use them. We can save them up to cover the cost of holiday gifts, use them to buy birthday presents throughout the year, or even cash them in to pad our savings account.
The average credit card interest rate in the U.S. is over 21%, making it easy to spend months or years paying interest. The only way to take advantage of rewards without allowing a credit card company to take advantage of you is to pay your card off in full by the end of the billing cycle.
To avoid interest, I check our credit card balance every Friday and pay it off. Paying the bill weekly means we never cut it too close to the due date and have a smaller balance due at one time.
Some weeks, it’s less painful to pay the credit card off in full than others, but I never let part of the balance float into the next week. I fear that doing so would make it easier for the balance to be carried into the next month.
As someone who worries like a grand master, I like to think 10 to 15 steps ahead. For example, I’m in charge of paying bills in our household. What if I fall into a well or I’m hospitalized and not around to pay bills?
Setting up autopay through the credit card’s website gives me the option to choose “pay statement balance.” That way, I know that the bill will be paid even if I’m away for weeks or months at a time.
Note: Even though I have autopay set up on all my credit card accounts, making weekly payments overrides the need for automatic payments to kick in. In other words, I never find myself making two payments during the same payment period.
I have never found a better way to build up reward points than using the card extensively and paying it off in full. However, depending on the credit card you plan to use, there may be other ways to boost rewards. For example:
Add an authorized user: Credit card companies sometimes offer a reward for adding an authorized user to your account. Let’s say you have an adult child or close friend you completely trust. Check to see if your favorite credit card offers a bonus for adding them to your account.Refer friends: One of those most common bonus offers involves inviting friends to apply for a card. If they’re approved, you get a bonus.Get on the same page: Let your spouse or significant other know which card you’re focused on. There’s nothing wrong with that person using another card and building up rewards with two (or three) different cards, but if you’re trying to build up a large reserve of rewards on one card, ask for their help.
Note: I tend to focus on one card at a time, which can be problematic. Here’s why: Credit card companies are in the business of making money, and if a cardholder stops using a card, the company is within its rights to cancel the card for inactivity. I schedule a time at least twice a year to go through and use each card to make a small purchase. The next week, I go back through and pay each purchase off in full.
I understand how dangerous credit card debt is to your finances and peace of mind. If you’re a compulsive spender or worry that you might get into credit card debt, it’s okay to keep your cards locked away until your situation changes.
However, if you feel safe using your favorite card and want to build up reward points fast, this just may be the best way to accomplish your goal.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Dana George has no position in any of the stocks mentioned. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.
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Want to keep your wallet happy? Discover the cities where renting is significantly cheaper than buying a home. Supavadee butradee / Shutterstock.com
Tenants often endure the putdown that they are simply “throwing away” their money by paying rent instead of owning a home.But in some places, those renters are getting the last laugh. A recent Realtor.com analysis finds that due to falling rents and stubbornly high home prices, as of February, it was cheaper to rent than buy a home in all of the 50 largest metropolitan areas in the United…
Sometimes, implementing a few savvy habits can lead to big savings. Read on to learn more. [[{“value”:”
Image source: Getty Images
Saving money is the sort of thing I feel perpetually compelled to do. But it’s not always easy. Whether it’s my home, my car, or my kids, I feel there’s always some sort of unexpected expense that pops up and rains all over my savings plans.
That’s why I try my best to compensate by upholding savvy personal finance habits that naturally lend to savings. Here are three that serve me well and easily save me hundreds of dollars during the year.
RELATED: Best Budgeting Apps
My kids are at an age where they’re unlikely to be in the same clothing size for more than a year or so. And so as you might imagine, maintaining a full wardrobe for them can get expensive — especially when you factor in sports gear and equipment.
That’s why I make a point to ask friends with older children to hand things down to us as their kids outgrow them. Through the years, I’ve gotten everything from soccer cleats to coats to swimwear that I haven’t needed to purchase myself. It’s a system that not only saves me a lot of money, but also saves me time.
My minivan is 10 years old at this point, and it’s far from perfect. Not only do some of the sensors occasionally go off for no reason (so that, for example, I’ll get a brake warning when there’s not another car in sight), but I find that I’m constantly fighting with my car’s sliding doors.
I could trade in my minivan, get some money for it, and upgrade to a newer car. But I won’t, because driving an older car saves me hundreds of dollars a year (or, ahem, per month) by not having to make car payments.
To be clear, I do think I’d be pretty justified in upgrading my car since it’s something I use daily. But as long as my car’s major components work well, I intend to keep driving it.
Whether it’s school supplies, items needed for crafting projects, or goody bags and fillers, I find that I frequently have to run to the dollar store to load up on last-minute things my kids request. Now, as an Amazon Prime member, I do have the option to order some of those things for two-day delivery. But while that may be the more convenient option, it’s usually not the cheaper option.
Case in point: This week, I need to make party bags for an upcoming spring party for my daughter’s class. (Yes, that’s a thing.) Amazon has goody bags for $4.99, and they’ll arrive in time if I order them today. But I know I can get the same quantity at my local dollar store for just $1.25 (unfortunately, the dollar store is technically no longer the dollar store in my neck of the woods).
Of course, that’s just $3.75 in savings. But multiply that times multiple requests per month, and throughout the year, the savings add up.
Saving money is not an easy thing to do in general. And I’ve found that it’s gotten profoundly more difficult since having kids. But thankfully, these habits I’ve adopted allow me to save somewhat seamlessly. And they’re habits you may want to try to adopt, too.
If you don’t have friends with older kids, post on your local town social media page asking if anyone has hand-me-downs to part with. And if you have a dollar store nearby, familiarize yourself with its inventory so you know whether running there in a pinch is an option.
And if you drive an old minivan like I do and the doors are a problem, well, think of it this way: As long as they close eventually, you’re saving yourself money every time you wrangle them shut instead of paying to upgrade.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Maurie Backman has positions in Amazon. The Motley Fool has positions in and recommends Amazon. The Motley Fool has a disclosure policy.
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Retirement is a major transition, and preparing for it can be stressful. Here’s how one couple replaced confusion with confidence. fizkes / Shutterstock.com
Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend. John and Sarah are both in their 50s. They’ve been married for 31 years. Their kids are grown, they’ve got a decent nest egg, and all-in-all life’s pretty great. At least it was, until they recently started thinking about…
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