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I have two yamaha HS 50M monitor speakers, however due to my living situation and income i cant get a sub.

How important is it to be able to hear sub when you are mixing dance music? If i learn to mix well with the HS 50M speakers will my skills be f'd up when i finally get to own a sub-woofer? I imagine Sound design and mixing bass must be a whole new adventure once you get one.

Thanks for any advice

It's not that hard once you get used to your monitors. Try using a spectrum analyzer to make sure you're bass is hitting the right frequency. You can also touch the the speaker with your fingers to make sure you can feel the power of the bass.

Once you get a couple mixes under you're belt then it will be a lot easier.

They look like half decent monitors. They shouldn't attenuate bass to bad. Just be sure the EQ settings on the back are correct (i.e. don't cut the lows off).

Test out the bass response on them. Either take a track you know and LP around 80hz or create a basic sub.