Life Situation: Single filing, no dependents, age 39, live in a small studio in SF Bay Area, CA alone.
Gross Salary/Wages: $62,000 annually, paid bi-weekly (26 paychecks/year)
401k contributions: 16% (just upped this from 1% last payroll period)
Adjusted Gross Income: Approximately $3,000 a month but some months I'll have an extra paycheck.
Taxes: $7000-$8000 annually I believe, although now that I'm contributing more to my 401k that should go down.
Current expenses:
$1400 rent (this is rent on the slightly low side for a small studio in my area. I've had roommates all my life and only recently chose to live alone.)
$32 electricity
$29.99 internet (introductory rate for a year, and then I will switch to Sonic)
$22 cell phone
$250 groceries
$320 dining out
$120 Bart (public transit like the metro)
$158 car payment
$60 gas
$66.65 car insurance ($399.88 paid for 6 months with Progressive)
$32 medical
$35 gifts for birthdays
$40 Christmas
$25 fun stuff/books/movies/plays/etc.
($what's left over goes to savings or buying expensive stuff like courses, med bills that came up, car maintenance, a bike, etc.)
Assets
emergency fund: $3000
Vanguard IRA (rolled over from a previous 401k): $53,745.83
current 401k: $4,620
Liabilities
2007 Prius - 9.9% car loan, payments at $158/month for 36 months, 31 months left to pay off or pay off amount right now $4246.67.
My wants:
I want to start investing.
I want a larger emergency fund.
I want my car paid off.
I'd love to have a house or tiny house but house - out of my price range in my area. Tiny house - where to put it? I'm thinking I could move to Fresno, CA, which allows tiny homes somewhat but that is more a dream idea than something I am actively working toward...at the moment.
Looking at this, I should have more saved. I went many years without saving for retirement (no 401k offered and not making very much, but still...) Looking back over the last year, I had medical expenses, car expenses (maintenance and new tires), and I purchased 2 expensive online courses to advance my career options. One of them was interesting but I haven't figured out how to apply it (a novel writing system) and the other I'm in the middle of completing (a UX Designer course). I will also be purchasing a bike likely next week, under $400. I also need to stop dining out so much!
My Specific Question(s): How am I doing? How can I improve? What steps would you recommend for me. I want to start investing in a Roth IRA but would it be better for me to pay off my car first? Or build up my emergency fund? Or do the Roth and use it as an emergency fund? That is what I am leaning toward. I would appreciate your insight, comments, and help from a Mustachian perspective. Thanks!