Many women in their 30s and 40s prioritize family building. They consciously choose to have a child, then plan and save for that exciting reality. But there are many women in that demographic who don’t.

Research shows that choosing not to have kids is a sentiment that’s been growing across gender identities and ages in America. In 2021, some 40% of non-parents ages 18–49 said it’s not too likely or not at all likely that they’ll have children someday (up from 37% in 2018). 

No one who’s considering a life without kids needs to provide an explanation why — it’s a deeply personal choice. But when asked, for science, non-parents from that same study gave three top replies: medical reasons, not having a partner, and financial reasons.

We’ll confirm: The cost of having a family is hundreds of thousands of dollars expensive. Per child. (On top of what a career break can do to your finances.) That said, it’s a worthy and achievable goal for many women … if it’s your thing. In which case, we’re here to help you plan for it.

If it’s not your thing, you might be a SINK. And if you are, you have a different set of financial realities to face (which we can help you plan for, too). Learn more about SINKs in our guide below:

What is a SINK?

“SINK” stands for “Single Income No Kids,” an acronym describing someone who ticks both of those boxes. A SINK can be anyone of any gender identity, and is typically settled into their career, is somewhat financially stable, and will tell you confidently that they feel fulfilled.

That last bit is when some of society’s tires screech. Traditional gender roles — and traditional family concepts — are so baked into our culture that SINKs can be shamed for their choice to defy expectations. That’s magnified if you’re a woman who decides “having it all” means not having to be a partner or a parent. 

Why is financial planning for SINKs different?

Single-Income-No-Kids life comes with its own set of financial considerations, especially if you’re a woman who fits the label. Because of the gender pay gap, women earn less than men off the bat. When you factor in the high cost of living — necessities like rent, car insurance, and groceries have skyrocketed — single women themselves are at a tangible financial disadvantage. A study from 2024 indicates that SINKs who are women are feeling it: 47% of single women surveyed say living on their single income is a major source of stress for them. 

While everything feels so expensive, even for SINKs who are high earners, that same study found that most single women have confidence in their financial futures: 65% of single women surveyed say they believe they can achieve major financial milestones on their own — no partner necessary. 

Want to plan to live your best life without kids? Here’s where SINKs can start:

• Calculate (or check in on) how much you need for an emergency fund — and make a savings plan. The first Single-Income-No-Kids money move is saving up for accidents and emergencies. Because money isn’t just money. It’s the power to live life on your terms. And nothing beats feeling the comfort and confidence of being your own safety net. So, what’s one month’s worth of take-home pay? Once you know that number, you know your first savings goal. After you hit that, keep going. We recommend stashing away three to six months’ worth of take-home pay, but you could even aim for nine months’ worth. Keep your emergency fund in a FDIC- or NCUA-insured high-yield savings account (to take advantage of the higher interest rate). Keep it separate from your other savings so you know where it is when you need it. 

• Get to know your spending habits — and correct for lifestyle creep. SINKs generally have more disposable income than their peers with kids, and they’ll likely use it for indulgences others can’t. Sure, when you don’t have to use a chunk of money to pay for child care, it could buy a lot of nice wine, membership to a wellness spa, and an East Fork dinner set for you and a guest. Maybe for one month, it does: There’s no reason to feel guilty about spending if it works with your budget. Despite its reputation, your budget is there to give you permission to spend money on fun things. If you’re dipping into savings or relying on credit cards, revisit your spending habits to get back on track. 

• Know what money moves make the highest impact — then set and forget them. Treats are important. But having relatively more financial freedom baked into the Single-Income-No-Kids lifestyle (versus the parenting one) means SINKs can build a solid financial foundation sooner. And if you have the chance to design a life of financial security and stability, take it. Prioritize maxing out your employee 401(k) match if one is available to you. Then begin to chip away at high-interest debt (like student loans and credit cards) first, before medium- or low-interest debt. We recommend setting both kinds of deposits on autopilot so the habit instantly sticks.

• BYO life milestones — without any guilt. Once your financial foundation is solid, your next big goal is largely up to you. Traditional savings goals like a wedding or  building or kids’ education may not apply to you, and that means … you can plan for whatever life you want. What might that look like for you? Maybe you want to own a home or be a digital nomad. Maybe you want to start a business or retire early. Maybe you want to buy a forever-couch that’s both modern and actually comfortable, or don’t want to cook dinner ever again after your 50th birthday. Just because goals are uncommon doesn’t mean they’re not meaningful to you. If you use your core values to guide your goal setting — the principles that matter to you above all else — you’ll have an easier time pinpointing what those goals are and feel less guilty about going after them after society inevitably raises its eyebrow.

• Have a tax strategy — and take action the next time you file. The SINK tax filing status generally means fewer tax credits and more tax owed than your married counterparts (and those with legal dependents). To make the most of what you earn now, you may want to consider doing what you can to reduce your taxable income for the current year. For this route, choose a “pre-tax” or “tax-deferred” account — 401(k), 403(b), traditional IRA, HSA — so you have more cash on hand and can pay taxes on your investments later. That said, there’s no one blanket tax strategy for the Single-Income-No-Kids label, so it’s best to connect with a tax pro. Ellevest offers 1:1 sessions for those who’d like a few tax questions answered and for those who are after a comprehensive strategy. 

• Start estate planning — and control your life. Every woman needs an estate plan. Especially if you’re a SINK. Surprised? Well, estate plans aren’t only for telling the courts how you want the stuff you own to support the people and causes you love when you’re gone. It’s also for telling those in your life how you want to live if you become ill or incapacitated. When you’re married, your partner makes those default decisions — this is the person who knows you, and who likely understands your wishes. When you’re single and have no kids, the attending physician or next of kin makes medical decisions if estate planning documents aren’t in place. Obviously, no one wants to think about scenarios that lead to the use of those documents. But we urge you: Don’t use that as a reason to put off estate planning. 

SINKs should move four estate-planning to-dos to the top of their lists: One is to choose a health care proxy, a person who makes medical decisions for someone who can no longer make them for themselves. Two is to create a living will, a document that specifies what medical procedures you’d like — or wouldn’t like — to be performed in the event that you become incapacitated. Three is power of attorney, or authorization for someone to make financial and health care decisions on your behalf. (You can have ‌separate medical and financial powers of attorney.) Four is naming beneficiaries. Anyone can be a beneficiary — a family member, a friend, or an organization like a business or charity. You can even have multiple beneficiaries. Regularly update these documents as life happens.

Book a complimentary consultation with a financial expert on Ellevest’s all-women team for help determining your next steps to reach your goals.

Disclosures