Appointments  |  Rates  |  Locations  |  Chat  |  JOIN NOW

Have the irresponsible decisions you’ve made while in your 20s left you with piles of debt and other repercussions?

Lucky for you, there’s hope!

Here are six of the most common mistakes people make while in their 20s and how to fix them:

    • The mistake: Racking up credit card debt. When all of life’s pleasures are just a swipe away, it’s easy to rack up huge credit card bills.
    • The fix: Stop using your credit cards. Create a budget to monitor your discretionary spending. Stop swiping credit cards and stick to debit or cash only.
    • The mistake: Ignoring your credit score. Aggressive credit card usage may have handicapped your credit score, making getting a large loan difficult. A poor score will also burden you with an unfavorable interest rate for these loans.
    • The fix: Know your score and pay down your credit card debt. Begin by monitoring your score through annualcreditreport.com or sites like CreditKarma.com. Next, work on paying off credit card debt instead of only making the minimum payments. Choose one bill to pay down first and make the largest payment your budget allows. Once you’ve paid it off, work on the next bill until you’ve paid it off and repeat until there’s no more debt.
    • The mistake: Skipping student loan bills. When you’re facing a huge debt and have an entry-level salary, it’s tempting to just pretend the debt doesn’t exist.
    • The fix: Work it into your budget. Call your lender to work out a more feasible payment plan and check if you qualify for a student loan forgiveness program. Most importantly, make payments a part of your debt payment plan so you never miss a payment again.
    • The mistake: Neglecting your retirement. Neglecting your retirement means missing out on years of compound interest gains.
    • The fix: Think of it as a fixed expense. Think of retirement savings as a necessary, fixed expense that must be worked into your budget like rent. Work with the most you can afford and max out your IRA or contributions to your company’s 401(k) plan.
    • The mistake: Not having an emergency fund. Scrambling for funds to pay for a large medical expense or to live off of during an unexpected layoff can be a nightmare.
    • The fix: Start small. Work with whatever you can to make monthly contributions to an emergency fund. Keep your emergency money in an account that offers an attractive earnings rate, but allows you to withdraw funds without penalty.
    • The mistake: Not creating financial goals. It’s understandable not to have your entire life planned out yet, but it’s important to set some financial goals.
    • The fix: Create goals now. Do you want to buy a house within the next decade? Are you hoping to retire by 55? Having a concrete goal in mind will help you manage your money more responsibly.
Checking Accounts

Premium Perks

Freedom Checking

CashBack Checking

Direct Deposit

More

Savings Accounts

Savings Accounts

Super Saver

Money Market

h

Certificates

HSA

Cards

Debit Card

Low Rate Credit Card

Rewards Credit Card

CU Rewards

Card Controls

Tools

Mobile Deposit

Online Banking

Pay Someone

eAlerts

Compare Rates

Vehicle Loans

Auto Loans

Refinance Your Car

Motorcycle & Jet Ski Loans

Boat & RV Loans

Mortgage & Home Loans

Mortgages

Refinance Your House

Home Equity Loans

Construction Loans

Personal

Personal Loans

,

StretchPay Loans

Student Loans

Credit Cards

Tools

Apply for a Loan

Pay a Loan

Online Bill Pay

Chat With Us

Financial Planning

Investments

i

Estate Planning

401(k) Rollover

Retirement Planning

Day Air Insurance

Auto Insurance

Home Insurance

Identity Theft Protection

Life Insurance

More Products & Services

RetireMed

Financial Counseling

Credit Reports

Reorder Checks

More

Online Banking

Online Banking

Online Bill Pay

Login to Online Banking

Mobile Banking

Mobile Banking

Mobile Deposit

Pay Someone

Text Banking

Tools

Apply for a Loan

Pay a Loan

eAlerts

Mobile Pay

Chat With Us

Accounts

Business Checking

Business Savings

Business Certificates

Cards

Business Debit Card

Business Credit Card

Loans

Commercial Loans

Term Loans

PPP Loans

Line of Credit

Services

Business Bill Pay

Tools

Online Business Banking

Login to Business Banking

Login to PIB MLO

Business Banking App

Join Day Air

Why Choose Day Air

Membership Eligibility

Annual Member Savings

Compare Rates

Join Day Air

Community

Community Involvement

Financial Education

Dayton VA Medical Center

Dayton Dragons

Contests & Sweepstakes

About

Press & News

Newsletters & Reports

Videos

Careers

Helpful Resources