Financial Snapshot of a Couple Living in a VHCOL Area

My husband and I, both 30 years old, recently purchased a home in a very high cost of living (VHCOL) area. Our combined household income is $301k, and aside from our mortgage, our only debt is a car loan of $36k, which we are aiming to pay off by next year. One of our vehicles is fully paid off. We each contribute 6% of our income to our 401k accounts; I receive a 3% match, while my husband receives a 5% match. Currently, my 401k balance is $44k, and my husband’s is $35k, although we acknowledge that these balances could have been higher if we had started working earlier. We have an emergency fund with $67k saved up, which gives us peace of mind. Since we bought a new construction home, we do not anticipate any major maintenance expenses in the near future.

With our financial situation in mind, our current expenses are as follows. We are interested in receiving advice on how to invest our surplus cash and whether any adjustments to our financial strategy are necessary:

PITI – $7500
Car – $2400 (minimum payment is $800)
Saving for a backdoor ROTH IRA account – $1600
Expenses – $1600 (including groceries, utilities, eating out, etc.)
Sinking fund – $800 (we recently started this fund, which currently stands at $1.5k and will cease contributions at $10k)
Additional investment – $800 (this amount is currently being placed in a High Yield Savings Account until we decide on a long-term investment strategy)

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