Life Situation: Naturally frugal but got into MMM about 2 or 3 years ago, single filer, 28yo male, no dependents, live in Washington DC metro with Fiance and two pups. Once married this will change as assets/debts will be pulled together and our NW will change.
Gross Salary/Wages: $94k
Pre-tax deductions:
Employer 401k - $51,000 - Just started maxing this year, has 5% employer match, have it in employer VG retirement funds
Wageworks HSA - $3,100 - Max out for last 2 years but had used some this year for medical expenses, now won't touch it and will pay out of pocket and collect after FIRE - Invested in VDAIX and VSMGX
Vanguard Roth IRA - $11,600 - Opened 2 years ago, max out each year - Invested in VTSAX
Investment totals: $65,600
Current monthly expenses:
Rent (utilities included) - $750 (half of total rent)
Phone - $100 - Need to drop this down but where to start?
Car Insurance - $55
Renters Insurance (required by landlord) - $15
Food - $100 (for 2 people)
Gas - $70
Internet (no cable, total cost) - $65
Alcohol/Bars - $100
Restaurants - $200
Shopping - $150
Misc costs: $150
Total: $1755
Assets:
Cash - $42,000 - Mix of checking and savings accounts, for emergency fund, daily spending, and long term saving (20% home down payment)
Car - $5500 (depreciating asset I know, but I use it as part of my NW calculations)
Misc assessed items of value (mostly jewelry/family heirlooms) - $8600
Total: $56,100
Debts: $0 - Car paid off ($17k), student loans paid off ($40k), reward credit cards used and paid off each month
Savings Rate: Not sure what it is before tax/retirement deductions, but after deductions, I am saving 47% of my paycheck over the last year. Trying to creep past 50%. Love the "every 50% you save is one less year to work" mantra.
NW: $121,000
Specific Questions:
1.) Just looking to see if I am doing things right, and where I can cut back. Going out/Shopping/Cell phone are big drains and I have started to try and cut that back.
2.) What to do with the extra cash I have. The original plan is to keep it as an emergency fund plus my 20% down for a home in the next 4-5 years. I wonder if my money would be better suited in another account other than the 1% Ally savings account it is in now. CD maybe? Should I open a post-tax investment account, or add to the 401k, or leave it as is? We are not in a rush to buy, we enjoy the flexibility of renting, and may be out of the area in a few years, so setting roots is in question.
3.)For my investments, should I be allocating them differently?
Thanks!