We’re DINKs: Here’s Our Monthly Budget
Written by
Lydia Kibet
Edited by
Amber Barkley
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There’s a certain kind of freedom that comes with being DINKs (dual income no kids). For Annette Harris, who works full-time in human resources, teaches as an adjunct instructor and operates a financial coaching practice called Harris Financial Coaching, and her husband, who is retired military and an educator, that freedom looks like early mornings without chaos, travel without guilt and a solid financial plan built for two.
Based in Jacksonville, Florida, they have fully embraced this lifestyle and together have built a budget covering all their essentials and making room for fun. Here’s what their monthly budget looks like.
Start With Essentials
The couple’s first priority each month is to cover their essential expenses.
“We allocate our initial funds to our fixed expenses, which include utilities, dining out and grocery budget,” said Harris.
Their monthly budget for food is $650, while that for utilities is $600.
Keep the House and Car in Shape
After covering essential expenses, Harris and her husband move on to what she calls “incidental expenses.”
Each month, they budget $1,100 for home improvements and automotive needs. One project they especially enjoyed was transforming a bedroom into a refreshing and relaxing travel space that highlights their travel adventures.
Discretionary Spending
They allocate $250 a month for discretionary expenses.
“We created a budget for miscellaneous events and gifts, because we want to treat ourselves and others,” Harris said.
And then there’s their latest find: the Bartesian, a premium cocktail maker that’s added an element of fun to their hosting routine.
“We allocate a portion of our funds to alcohol-related purchases. It also helps our guests relax when they visit,” she added.
Invest In the Future
While the couple likes everyday fun, they also invest in their future.
In fact, $7,000 per month, more than half their income, is automatically channeled into savings and investments. This includes contributions to retirement accounts, brokerage investments and other long-term savings goals.
Travel
Of all their budget categories, travel is one of the largest expenses, coming in at $1,200 a month.
“Since we don’t have to be home as often, we allocate our travel budget to visit family both in and out of state,” Harris said. “Additionally, we plan at least two international trips each year to celebrate summer and our anniversary.”
The couple puts the final $1,200 of their income toward incidental spending or savings.
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Source
- Annette Harris, Harris Financial Coaching
