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Meet the Mallory Family

As a career transition specialist, Melissa Mallory is very familiar with the volatile nature of the current job market. She and her husband, Stephen, a public health preparedness analyst, want to be ready in the event of a worst-case scenario. “We want to have enough in savings,” she explains, “so that if one of us, unfortunately, loses a job, we’ll be fine for the next year.”

The Mallorys recently bought a home and would like to start a family, but they want to get their financial ducks in a row before hearing the pitter-patter of little feet. It’s all about planning ahead with these preparedness experts, and they’re seeking advice on building wealth that will last generations.

Blog

My Dilemma!

08/11/2010 04:56 pm

Before entering this challenge, I was (and still am) in the process of obtaining my Master's in Mental Health Counseling. Of course, because of the amount my husband and I make accumulatively, I am unable to receive grants. So, I had to settle with taking out loans. Before entering this challenge, I would take out as much as I could to pay for classes, books, and have a lot extra to spend, with no regards to my credit. My undergrad loans were in deferment, its going to take me another two years before I have to repay back these loans, why not just take it all.

Fortunately, my mindset has changed and now I'm dealing with the dilemma of continuing school and adding more debt, or postpone getting my Master's in order to decrease my debt. Stephen and I do not make enough, at this current time, to pay for classes out of pocket (but mark my words... one day soon we will), so loans and scholarships are the only options. Unfortunately, I have not been able to grab some scholarships, and trust me I have been looking.

I even decided at one point to postpone getting my Master's, but my husband was not too please with that. He knows how much continuing my education means to me, and I love him for his support. So, what we have decided to do is take out a loan for the exact amount owed, and pay for books out of pocket. I really hate having to take out loans, but I guarantee payments will be made towards my principle before I graduate.

Student Loans

08/04/2010 05:13 pm

Amazingly, the only thing I have affecting my credit (other than no credit) are my student loans. We have, successfully, been paying off a lot of items on Hubby's credit. Before weLiveFIT, I use to ignore every phone call and dodge every attempt towards paying anything on my student loans. I also use to dodge any attempt to purchase a credit card. Amazingly, clearing my credit report has become such a habit, I am proud to say I have made some very responsible moves. When I had the opportunity to receive a refund check from student loans (yes, I'm in school), instead of spending the money, I sent it back to the lender and had it paid towards the principle. I was told by my couch that I needed to build some credit, so I signed up for a low amount credit card.

Instead of not caring how much we accumulate on our credit, we have the deepest desire to 'owe no man'. When making a decision on a purchase, we cringe if there's ever an amount that will be owed. Thank God for a change!

Identity Theft

07/15/2010 11:59 pm

On balancetrack.org, we read a section on Identity Theft. Although, a few years ago I've had my purse stolen, card used, and checks written all on me, there were a few things I did not know then that made sense now. The thief was able to use my card twice, but did not get a chance to get any checks through. I contacted the police department (and of course had to do my own investigation at the locations they used my card); I contacted Florida Commerce, who refunded what was stolen and cancelled all my checks, as well as ordered me new ones; and I called Experian and placed my credit on block. I did all of this not sure if what I was doing was correct and all I needed to do.

Amazingly, I learned:

a person can put their mail on hold when they leave town (go figure... I've always had someone to pick it up for me)
a person should make a front and back copy of their cards for "just in case"
when a person put their credit on a seven year alert, they were suppose to receive two free credot reports (I'm mixing two)

Identity theft is one of the most scariest things to experience. Good thing I question everyone and everything when it comes to sharing any kind of information concerning me (or anyone attached to me).

What's Next?

07/01/2010 08:15 pm

Alright. Stephen and I have made it through the first half. We've done a great job eating out less and saving a bunch more. Our next step is to eliminate as much debt on our credit as much as possible. We have paid off some outstanding bills so they would not make it into our credit score. Now, it's time to eliminate the other $hundreds$ and $thousands$ that have attached themselves to our credit. Here are our strategies:

use our credit cards for gas only, and to pay the full balance before or on due date
to work on eating out twice a month instead of once a week
change insurance companies because of lower rate
continue to use coupons
continue paying off student loans
return refund check from student loans, and pay towards the principle
save, save, save, in order to pay, pay, pay ourselves a certain percentage of our check and those on our credit

You're never too old or young to mature in areas in your life. I just thank God we're on the road of maturing now instead of 20 years later.

Process of Elimination!

06/24/2010 05:12 pm

I am going to be real honest. Living FIT has become another addition to my work load, and trust me when I say I do not need anything added to my work day. From eating lunch, buying under garments, getting the car fix, purchasing light bulbs for the house, whatever you can think of to spend money on, you really have to make a conscientious effort on how much you should spend, which means you have to sit down and calculate what you have in the account, what will be soon taken out of the account (bills), and what you have left to play with. Saving more money and eliminating debt has been such a focus in our home to the point where if someone wants to purchase something the other person does not think is needed, "We live FIT" is what you hear next. And although there are some days when we would like to throw all caution in the air and buy whatever we feel like buying because it's our money, we know in the long run it is still our money we are saving more of, and it's our credit we are improving. So, in this process of bettering our lives we have eliminated certain things:

The need to purchase something that is not needed because it's on sale
The desire to eat at restaurants because of not wanting to take the extra step to cook
The gratification of receiving a refund check from a student loan and adding more debt to the already long list
The pleasure of going to the movies and paying a total of $18 at AMC in order to catch new releases
The habit of taking multiple trips out of town just so we can purchase unnecessary items, eat at restaurants, and catch new releases

The process of eliminating unnecessary spending is one of discipline. And although there may have been slips since April, in the long run the Mallorys are doing well. Left-overs are being eaten for lunch, trips have been placed to the minimum, and restaurant visits have been about once or twice a week (pretty good for those who have gotten into the habit of eating out five to six days a week). They say it takes 21 days to build a habit, and saving is one habit I'm beginning to love.

Balance?!!! What is That?

06/10/2010 11:23 pm

Balance?!!! What is That?

Before beginning this challenge, Stephen and I did somewhat well with balancing. A check gets deposited, we pay bills, tithe, offering, eat at restaurants, take trips, and go shopping. Next paycheck, the process starts all over again. On occasions, we will place some in savings, but had to dibble and dabble in it for emergencies. After a short while, we really wanted a change. We were tired of living from paycheck to paycheck, and we were really tired of being confused on where our money was going. We even sat down and attempted to balance on our own, but things were never adding up correctly.

With the weLiveFITchallenge we are able to use one of their help source- Balance. Balance helped us to track where our money was going. It took us taking the extra step of writing down every expense made throughout the day for an entire week. In just a few days we realized we were spending over $100 in eating out. Over $100!!! In a week!!! Do you know how many pairs of shoes that could have been? Well, with Balance and the mind-set to live a better disciplined life, we were able to balance correctly, placing more into savings, spend less money eating out, and still reward ourselves on occasion. We learned there is nothing wrong with having dessert with your dinner… dinner being more savings and less debt; dessert being vacation, occasional dinner dates, and gifts here and there for each other.

$100!!! I'm Rich!!!

05/31/2010 08:02 pm

$100!!! I’m Rich!!! (If I had $100 in my wallet and could spend it however I wanted, what would I do?)

Picture this. For the past few years a woman has been free to purchase whatever she would like, with no regards of whether it was a necessity or a want. She enters into a challenge where thinking twice about how she spends her money has become part of her lifestyle. On occasion, she has to fight the urge to get up and shop. When all of a sudden, one day she goes into her pocket and finds $100. What do you think she'll do?

First off, that woman (me) would think... how did I get $100 in my pocket? The next question would be... Oh, Lord, did I forget to pay a bill? After realizing all is clear, there are many options I can choose from.

1. Buy that dress I've been eyeing at Burlington Coat Factory, and buy hubby something so he doesn't fuss.

2. Treat my hubby to dinner and a movie.

3. Buy another game for the Wii that I barely play because hubby hogs it.

4. Put it into savings.

5. Pay another bill before the due date.

6. Put all of it into offering.

So many options, but the one I will choose is... (ding ding ding ding ding) place it into savings. Fortunately, Stephen and I have agreed upon a financial goal for our home, and we have been focused on that goal. On occasion, we may slip and fall on buying certain items that are not necessarily needed, but we have matured so much in our spending. So, yes, that woman who would have spent that $100 on shoes and clothes just three months ago would have smiled and placed those 100 bucks in savings, and hubby would have backed her up all the way (and probably rode with her to the bank to make sure there weren’t any stops). Yeah, me! Yeah, us!

Ahh!!! Left-Overs!

05/24/2010 12:07 am

During this journey of saving more, Stephen and I are getting back into the habit of eating out less and buying groceries more in order to cook. Although, the cooking part has been more refreshing, quite entertaining, and much healthier than the fast food items we grab, my major problem is the left-overs. Eating food that’s more than a day old has been a challenge for me for some years now. Steve, on the other hand, could eat the exact same thing for an entire week. Whatever remained in the pots in our fridge usually went into the trash.

I looked up some information on food waste, and found that families throw away one third of the food they purchase. In total, 6.7 million tons of food that was once perfectly good to eat is dumped (http://www.dailymail.co.uk/news/article-557938/Families-throw-away-food-buy-including-4-4million-apples-day.html). Not only are perfectly good food items are being thrown away, but so are our dollars.

Because of the goal we have in mind, I have tried a few things to make left-overs more appealing.

Instead of microwaving the left-overs, reheat it in the oven or on the stove (I realized it was the taste of the food being microwaved I didn’t like)
Make different side items to eat with the meat (if chicken, rice, and beans were for dinner, make some mac-and-cheese or broccoli the next day)
Cut up the left-over chicken and make a salad with it
Add different condiments to the meat (use barbeque sauce for your chicken the next day)
Measure cooking items and cook a little less (sometimes our eyes are bigger than our appetite, and we tend to make more than what we eat)
Realize everything you need is already in your home. All else is a want.

Saving money becomes easy once you have determined within yourself and your home this is what needs to be done. Discipline plays the first role in this process. Make it a priority and you won’t fail.

Crazy About Coupons

05/17/2010 12:19 pm

I think we’re crazy about coupons now that we know how they work. We went to the store and bought a Sunday paper just for the coupons. We discovered a website called Coupons.com and found there is a place to get coupons for the things you need the most. Amazingly, once you start, you won’t stop. Saving big money where you spend it the most- for us that would be the grocery store- is what it’s all about, and our family is learning to use coupons more and more. Invest some time in the search for coupons you need for the things you want. Contrary to my former belief there are coupons out there for things people actually want to buy. If you’re ready to get crazy for coupons with the Mallorys, check out www.coupons.com or www.redplum.com and your family can save money where you spend it the most… ON GROCERIES!!!!!

FIT Yard Sale

05/14/2010 06:09 pm

Tell us how you felt about doing the yard sale. How much money did you raise? What are your plans for the money? Would you do this again to raise more cash?

Man… we thought the yard sale was going to be one of the challenges we weren’t going to do our best in. We had just purchased a home and we refused to take anything with us that were considered “unnecessary treasures”. We gave away furniture, clothes, televisions, etc. during our move. So… what a surprise to us when we found out we’re in this weLiveFIT challenge, and all the things we gave away could have been sold. Well… thanks to wonderful people in our lives, we were able to receive donations and made quote a profit- $401.75 to be exact. ALL of it went into savings. ALL!!!! If there were more unused items we had, we would have a yard sale more frequently (just maybe not as long, time wise… I mean, it is Saturday- rest day!).