Exploring the FIRE Movement and DINK Lifestyle in Singapore

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Learn how to supercharge your financial goals with the FIRE movement and DINK lifestyle.

Employees today realise there’s more than living from paycheck to paycheck. They’d prefer to attain FIRE (“Financial Independence, Retire Early”) as quickly as they can.

What is FIRE though? FIRE movement followers want to achieve early financial independence through frugal living, aggressive saving, and smart investing. They prioritise financial freedom and personal passions over lavish spending. When closely examined, FIRE provides a roadmap for taking charge of one’s financial destiny and building a sustainable lifestyle.

Another common term today, DINK, can complement the FIRE movement. “Double Income, No Kids” has gained popularity as DINK couples benefit from having two sources of income without the financial responsibilities of raising children. This increased financial flexibility can accelerate the progress of FIRE goals.

This article examines how the FIRE movement and the DINK lifestyle can work together in Singapore.


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Do You FIRE?

FIRE encourages people to reach a financial state where work becomes optional. To achieve this, you’d need your savings, assets, or both to be substantial enough for you to live off.

There are two ways to make FIRE work. You can save and invest as much and as early as you can to grow your money to the level you need; you can also train yourself to spend wisely and ignore consumer traps, switching to a simpler lifestyle and spending minimally.


Pros of the FIRE movement

The FIRE lifestyle grants freedom from full-time work. It lets you chase hobbies, passions, and quality time with loved ones. If you strive for FIRE, you can achieve financial independence early for a vibrant, stress-free life while being financially secure.


Cons of the FIRE movement

Apart from being highlighted for having a bad effect on the economy, FIRE can be challenging to achieve, as it requires you to save up to 25 times your yearly expenditure. As the core idea of FIRE is to live without an income from the time you retire early, you will need to manage your money well. You can opt to grow your savings using an online brokerage to ensure that your cash flow is functional.


Related: Going For Gold — How to Invest in This Commodity


The DINK lifestyle

The DINK lifestyle, short for “dual income, no kids,” is all about choice. Couples opt out of having children for financial freedom and flexibility. With both partners earning, they can focus on careers, travel, and personal growth. It’s a path to unique experiences and pursuing personal and shared dreams without the demands of parenthood.


Pros of the DINK lifestyle

The DINK lifestyle offers several advantages, the most prominent one being greater financial stability and the ability to pursue personal goals, travel, and invest for the future. Also, with fewer external obligations, DINK couples can prioritise their relationship and enjoy quality time together, strengthening their bond.


Cons of the DINK lifestyle

The DINK lifestyle can have a negative impact on the country’s economy. Not wanting kids leads to a drop in birth rates, which has ripple effects, ultimately even affecting a nation’s capability to support the elderly due to a lack of manpower.

As DINK couples themselves age, they may experience a lack of familial support and care in their later years. Without children to provide them with the assistance and care they need, DINK couples may have to rely on external sources to support their elderly years. It becomes vital for DINK couples to ensure they have ample insurance coverage and living expenses to cover them as they age.

Note: these cons are subjective and may vary by DINK couples, their lifestyles, and perspectives.


Related: Best Health Insurance in Singapore 2024


DINK + FIRE: Can you make it work?

It’s crucial to understand that opting not to have children doesn’t automatically make achieving FIRE easier. Some couples may choose to allocate more funds towards leisure pursuits such as travel or entertainment instead. The timeline for retirement hinges on how swiftly you can accumulate the necessary sum.

With that in mind, let’s delve into a basic analysis of how much sooner a DINK couple might retire. This assessment is based on numerous assumptions, so results may vary for each individual.


The FIRE-DINK couple case study: Chris and Evelyn

Chris and Evelyn are a DINK couple working and living in Singapore, and the following factors apply to them:


Sum (S$, if applicable)

Age (both)

30 years old

Monthly combined income


Savings rate at 50% of monthly income


Annual spending budget


Targeted retirement sum (25 times annual spending)

S$2.1 million

Low-risk investment (estimated at 5% profit per annum) for Savings accumulated yearly.

Retirement sum after:

5 years

10 years

15 years




If they were to follow the above plan to a tee, they could reach their retirement income just a little after 15 years, at the age of 45. However, a MacroTrends study indicates that the average lifespan of a Singaporean is 84.19 years.

This means that Chris and Evelyn would need to stretch their retirement savings for over four decades. They could opt to put their funds into a conservative investment which gives them returns of about 4% per annum. However, coupled with an average inflation rate of 2% per year at the least, Chris and Evelyn would still fall short in less than a decade.


What Chris and Evelyn can do to make FIRE-DINK work

Chris and Evelyn may need to earn more money through alternative income sources, cut back on their monthly spending once they enter retirement, and grow their savings through investments or insurance plans while they’re still working.


Should DINK couples toe the FIRE movement line?

Achieving financial independence is like a challenging game, where skipping the costs of raising children can give you a head start. Yet, it’s not just about the money – discipline and sacrifice are the real MVPs here. 

To level up your financial game, think ahead and set up safety nets like solid insurance coverage. Also, stashing away some savings for emergencies could save the day.

Consider teaming up with a seasoned financial planner to craft a realistic financial plan for success.


Related: Is It Enough to Retire with S$6,000 In Monthly Expenses Given The Current Inflation Rate?


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