Financial Friday: Budgeting for life

WAFF's Haley Baker reporting
Published: Dec. 2, 2022 at 1:01 PM CST
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HUNTSVILLE, Ala. (WAFF) - Budgeting is important when it comes to financial wellness. A budget is basically our cash management plan. It’s a spending plan that allows us to tell our money what to do, instead of it telling us what to do with it. Financial experts say if you’re prepared this holiday season and managing your money can be a breeze.

WAFF talked to Redstone Federal Credit Union’s, Financial Education Coordinator, Kaeshier Fernandez. He works with kids and people of all ages educating them about finances and budgeting. He came up with a simple acronym for the basics of starting a budget or reworking one “LOW.”

  1. L = List It: They say the easiest way to clean your closet is to take it all out and take stock of what you have. The same applies to budgeting. List all of your common expenses and bills. Looking at your last few monthly statements will help, at least the last three.
  2. O = Organize It: With all of your expenses and debts out in the open, now you can start creating budgeting categories. Get an idea of how much you currently spend in each category. Start taking a look at where you can cut down on spending, or where you can make adjustments and find more affordable options.
  3. W = Work It: Now start working to implement your new spending plan. Track your spending in a spreadsheet or with a budgeting app so that you can see how close you are to your budgets in each category. And then just continue to adjust as necessary.

Fernandez said the important thing to remember with budgeting is that it is a constant work in progress. “Life happens, good or bad and that is going to impact your budget. So remember to be flexible and adjust when you need to cut back and save,” said Fernandez.

Let Redstone’s certified financial counseling help you with your budgeting process. Go to for more information.