On their first date, one of the first things Ryan Tan asked his now-wife, Corinne Chow, was: “Do you have any debt?”
Chow told Business Insider she was shocked by the question, but that her 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.
Tan told BI he was looking to settle down, and liabilities, financial or otherwise, were important considerations when choosing who he’d do it with.
“I didn’t see a need to be beating around the bush,” he said.
The couple is part of a growing group of DINK — double income, no kids — couples around the world. The lifestyle is gaining popularity on social media and is associated with financial stability and independence.
Financing a DINK lifestyle in Singapore
Chow works in social-media management at a Singapore-based company, and Tan works in the commodities industry at a multinational firm. The couple said they have a combined annual income of over 300,000 Singapore dollars, or US$225,000.
Chow and Tan, both 36, said they share a similar outlook on finances and are intentional with large purchases such as a home and cars.
They got married in 2021 but chose to live with their respective parents for six months after marriage until the apartment was ready to move in.
“I mean, we are going to live together for the rest of our lives, no point in renting,” Chow said.
They capitalized on low interest rates around the pandemic and bought their first home together in 2020 — an 807-square-foot, three-bedroom in a condominium building.
Corinne Chow
Chow broke down 80% of their monthly expenses as follows:
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Home loan: 20% of combined monthly income
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Investments: 20%
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Shopping, holidays, and hobbies: 20%
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Private transport: 10%
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Utilities: 5%
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Restaurants: 5%
“We intentionally don’t own a car, so 10% of our income goes to private transport,” she added, referring to their budget for taxis.
Singapore is one of the world’s most expensive places to own a car, because of a 10-year “certificate of entitlement” system introduced to control the number of cars on the road.
They save the remaining 20% of their income. The couple said they also stay away from debt — they make sure they have the full amount in their account before spending.
Enjoying a DINK lifestyle
Because they’re in their 30s and don’t have kids, Tan and Chow said they’re able to indulge in some of the finer things in life.
One of those is Tan’s hobby of collecting whiskeys.
Tan is a collector of Port Ellen whiskeys, which have a starting cost of around 1,300 Singapore dollars, or $967. The rarest whiskey in his collection is a Glen Keith he bottled himself to be served at their wedding.
“This involves purchasing a cask of whisky from the distillery or whisky broker and bottling it yourself. This is a bottle only we, close friends and family will ever have,” Chow said.
When they travel, they favor all-inclusive resorts.
“Now when we go on holidays, we have a bit more disposable income,” Chow said. “We make sure that we stay in a better place, have a better rest, and try not to pack too many things into a particular day.”
The couple’s most recent holiday was a nine-day trip to Tokyo in November.
Corinne Chow
Their friends and family have been supportive of their lifestyle choices.
“The two of us have very, very modern and open-minded families,” Chow said. “There’s no Asian stereotype horror story here, about the in-laws or parents forcing us to have children.”
Chow said her social circle includes career-driven women including friends who are not married in their 30s, and she feels no pressure to have children.
But positive reactions to childless couples are not always the norm.
“I think particularly in Singapore, not having children is still very much stigmatized,” Chow said.
Chow shares vlogs about her DINK life on her personal TikTok. People in comments and on private messaging often thank her for creating content about not having children, she said.
Still, Chow occasionally gets a comment on her videos along the lines of, “Your life looks so boring.”
Global DINK lifestyle
As the cost of raising children rises, the appeal of becoming a DINK is gaining traction globally.
In China, for many women of childbearing age, children are just not part of the vision as the second-largest economy in the world slows and youth unemployment rises.
“Let’s face it, having a child is like owning an investment with no guaranteed return for at least 18 years,” Bihan Chen, a Chinese venture capital analyst, previously told BI.
In the US, some couples are finding that a child-free life is the easiest way to achieve the American dream. In 2022, a child-free couple’s median net worth was the highest of all types of family structures studied and almost $150,000 higher than that of couples with kids, according to the Fed’s most recent Survey of Consumer Finances.
“We are doing so well in our portfolio. That is something that I’m really grateful for,” Tiffany Wasiuk, a Virginia-based DINK who owns two boats,” previously told BI. And I know not having children has contributed largely to that expense.”
For Chow and Tan in Singapore, the possibility of having kids in the future isn’t totally out of the picture — but they recognize how good they have it for now.
“There’s a lot of time and freedom to do what we want,” Tan said.
“If we do have kids, then it’s going to be a bit of a rebalancing.”
