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Weathering a Financial Storm eBook

Redwood Credit Union Millenial Home Buying Guide

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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:

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