The old adage says you can learn from your mistakes. That may be true, but when it comes to your finances, mistakes can cost you – sometimes big. “While it is possible to recover from your mistakes, you need to be proactive about getting back on track as soon as possible,” says Val Robinson, Mortgage Loan Originator with Fifth Third Bank.

Ben Miller, 24, Cincinnati

The situation: Ben recently graduated from college and now has an entry-level job. He wants to pay down his debt but wants to also start contributing to his company’s 401(k) plan.

Income: $27,000

Assets:
$1,000 in savings

Debts:
Student loans: $23,000
Auto loan: $12,000
Credit cards: $2,500

 David and Lisa Smith, 45, Cincinnati

The situation:
David and Lisa’s son, Matt, is going to college next year. The couple saved money for his education but due to the rocky economy, their savings have taken a hit. Now they’re wondering if they should use their retirement funds to help make up their losses.

Income:
David: $85,000
Lisa: $65,000

If you’re like most women, you value — and respect — your relationships with others. However, when it comes to money, you may have a love-hate relationship at best. Consider the following important financial statistics:

You may not be able to buy love, but getting married can be one of life’s major expenses. Although the economic downturn has caused many couples to decrease their budgets, the average wedding still costs between $21,000 and $24,000, according to the Association for Wedding Professionals International. Fortunately, there are strategies that can help you cut costs. “There are ways you can save, while still getting the wedding you want,” says Kelly Williams, Financial Center Manager with Fifth Third Bank.

 By now, almost everyone understands the importance of building their savings. But how can you begin if you are already living paycheck to paycheck? “Take a look at how you are spending your money – there are ways you can cut back to find additional dollars that can be saved,” says Nick Goetz, Financial Center Manager with Fifth Third Bank.

Even in a good economy, many parents feel overwhelmed by the thought of saving for their child’s college education.

 “Saving for college doesn’t have to be complicated,” says Nicole Lowe, a financial center manager at Fifth Third Bank. “The key is to simplify this task so parents can tackle it confidently, beginning when their children are very young.”

Many couples start planning their wedding a year in advance - finding the hall, selecting the menu, ordering dresses, invitations, flowers and so on. But one of the most important things they can do early on is develop a plan to pay for it all.

Learning how to manage money is one of many new skills students learn when they leave home for college. "The more parents are involved in educating their children about personal finances during high school, the easier it will be when they're on their own," says a vice president with Fifth Third Bank.

Today, no one is immune from losing a job. It's occurring at every level, including employees who have been working for the same company for decades. To help prepare for a potential job loss, Neal Brown, a financial center manager at Fifth Third Bank, offers the following tips: