Financial planning for double income, no kids couples

Nidhi Singh and Rohit Seth, both in their 40s, have travelled extensively but are not done yet. A DINK (double income no kids) couple, they had the surplus to indulge in their passion to travel. As social stigma around not having children dissipates, however gradually, a growing number of young people seem to be embracing the idea of waiting till they are financially secure and prefer to check a number of things off their bucket list before becoming parents, or not having children at all. DINK couples have an advantage as their savings pie is often much larger than that of a family with kids in the same age bracket. "Once a couple has children, their expenses go up at least 10-20%. If you don't have children, you have the luxury of saving and investing more," said Piyush Khatri, founder, Sahastha Financial Consultants. But for all the advantages, there are as many financial pitfalls to watch out for. Here is what DINK couples should do at each stage to plan their finances efficiently. The biggest risk to watch out for at this age is overspending. Given that they have substantial income and fewer responsibilities, it's too easy for DINK couples to get carried away and end up splurging on luxuries when they can use the time and money to lay

This article was originally published on November 29, 2018.