BALANCE
Your Financial Life
Money Management & Budgeting Tools
 he
financial well-being of our Members is a top priority
for Redwood Credit Union (RCU), which is why we have
partnered with the BALANCE
Financial Fitness program to offer confidential
financial review, budget development and financial planning
services FREE
to Members.
 Whether
you currently have a budget or are in need of establishing
one, these helpful tips can help you re-tool your finances.
SPENDING
PLAN
A well-designed, realistic spending plan is the most
important step to take to reach your financial goals.
Most of us have a fairly good sense of how much we bring
home each month, but money going out may be harder to
account for. The checks we write and purchases made
on credit cards are easy enough to track, but cash may
seem to disappear.
WONDER
WHERE YOUR MONEY GOES?
For one week, record all of your expenses no matter
how small. At the end of the week, you'll have a clear
idea of where extra dollars could be hiding. You can
use these funds to increase savings, pay off bills,
or make investments.
BUDGET
GOALS
Your ideal budget should look something like this:
|
| Housing–spend
no more than 35% of net income on housing. |
| Savings–save
5-10% of your income, with 3-6 months’ living
expenses in an emergency fund. |
| Transportation–spend
no more than 15% of net income on auto payments,
insurance, maintenance, etc. |
| Debt–no
more than 15% of your net income should be allocated
to paying debts. |
RE-TOOL
YOUR BUDGET
Visit www.redwoodcu.org
to print a copy of our helpful Money
Management Planner. You will see if you’re
on track or if you’ll need to adjust your finances
to get where you want to go.
SEEK
EXPERT ADVICE
If you would like guidance with this or other financial
issues, take advantage of the FREE
services available through BALANCE. The average counseling
session lasts approximately one hour, and results in
a written action plan clearly outlining the steps you
need to take in order to meet your goals. For more information,
visit our website
or call BALANCE at 1
(888) 456-2227 and bring some balance
to your financial life today!  |
