We asked Arkansas bankers and masters of trades to share financial mistakes and hardships they learned the hard way so you don’t have to.

ASHLEY WEATHERLY
Age: 24 / Job Title: Market Sales Manager @ First Arkansas Bank & Trust

“As a child, I was told that saving money was important, but I was never taught how to easily save until I started working at First Arkansas Bank & Trust. I now use tools such as Plinqit that streamline the savings process by setting attainable goals paired with automatic drafts.”

LUKE MITCHELL
Age: 24 / Job Title: Credit Analyst @ Farmers & Merchants Bank

“As a high schooler and college student I always had a job, but I always made (and spent) the most money during the summer. I really wish I had forced myself to put more money into a savings account to give myself ‘allowances’ for when school was in session and I didn’t have as much time to work.”

MALENY ALBARRAN
Age: 29 / Job Title: I.T. Help Desk Analyst @ Signature Bank

“Starting credit is vital and my biggest lesson is using a credit card to pay for gas and paying it off right away. Essentially, don’t use it for your wants. It’ll add up fast, so start off with gas purchases.”

MASON T. OVERSTREET
Age: 25 / Job Title: Loan Support Assistant @ Signature Bank

“I would say the biggest thing I learned is the importance of having a monthly budget. As a college student or as someone who newly entered the workforce, it is very important to know where your money goes and how much you are spending every month. If you can take control of your money, it becomes much easier to plan and save for the future!”

KEVIN WATSON
Age: 32 / Job Title: Senior Portfolio Manager @ First Horizon Bank

“The financial lesson I learned the hard way is to not fall into the trap of the buy now, pay later. This includes not just the more recent ‘buy now, pay later’ schemes on retail websites, but taking out debt, as well. Only buy within your means…an opportunity will come by such as hanging out with friends or going on trips...and your fixed costs from months or years ago will prohibit you from taking part in these opportunities, which is where the fun in life really is.”

WILL CAMP
Age: 20 / Job Title: Quality Engineer @ Big River Steel

“One lesson I learned the hard way was to apply for as many  scholarships as possible even when you think you have no chance of getting it. I wish I would’ve applied for more and regretted missing out on all of the basically free money. Another lesson I learned is to invest your money as soon as you can. The earlier you invest your money the better for when you get ready to retire.”

DANIELA ALLEN
Age: 26 / Job Title: Loan Coordinator @ Signature Bank

“I would tell myself to not spend money on materialistic items. I should have put all the money I spent on shoes, clothing and jewelry (which I don’t have anymore) and put it into a savings account instead.”

MICHELLE NASH
Age: 38 / Job Title: Treasury Management Sales Associate @ First Horizon Bank

“Avoid getting sucked into the trap of credit cards. At a young age, I was given a credit card and loved it! The ability to spend and not have to pay for it immediately seemed too good to be true. As the balances mounted, I found myself struggling to pay them off. Years later, I was still struggling with paying them all back. Today, I am credit card free, and it feels great!”

GRAYCEN COLBERT BIGGER
Age: 35 / Job Title: Avp Community Development & Marketing @ Farmers & Merchants Bank

“Part of getting older means dealing with unexpected situations and bills, but 33% of Americans have $100 or less in savings. Having a savings account means being prepared for the future.”