CLOUDS IN YOUR
FINANCIAL FORECAST?
If you're feeling the stress of a job loss, income reduction, or surge
in medical expenses, you're not alone. The COVID-19 pandemic
may have begun as a health crisis, but it has quickly evolved into an
economic one, too.
Fortunately, we're sharing timely insights and information in this guide
to help you weather the current economic climate and set yourself up
for a brighter financial future. Because at Redwood Credit Union, we're
always here for you–rain or shine.
01
DISCUSS VALUES AND PRIORITIES.
Determine what is most important or essential
to the people involved in your budget and make
decisions based on those factors.
02
SET GOALS.
Goals can include things like saving money
for an emergency fund or simply covering
your weekly grocery bills. Work on your most
important goals first.
03
DETERMINE INCOME.
Your household income may have changed
recently, so take a moment to figure out
your net pay (the money that is left over
after deductions).
04
ANALYZE EXPENSES.
Take a look at your monthly expenses. Are there
any subscriptions or memberships you can cut?
During a financial emergency, focus only on
absolute needs.
05
CREATE A PLAN.
Design a spending plan that works with your
income and allows you and your family to have
what you need right now.
06
TRACK EXPENSES.
Keep a spending record so you can see where
your money is going. Over time, you'll notice
trends and areas where you may be able to
cut back.
07
EVALUATE YOUR PLAN.
Periodically evaluate your spending plan and
make adjustments as needed–especially if your
income or goals change.
By reviewing your finances and developing a spending plan, you'll
feel more in control of your financial future, which can reduce
your stress and help you reach both short- and long-term financial
goals. We're here to help. For more strategies, tips, and tools for
sticking to your budget, check out our interactive module on
creating a budget.
7 Steps to a Successful Budget
If you don't already follow a budget, now is the time to start. Need help developing and implementing your plan?
Just follow these steps:
