To balance redox equations, first assign oxidation numbers to all elements involved. Identify which element is oxidized and which is reduced, then write separate half-reactions for each process. Balance the number of atoms and charges by adding electrons where necessary, and include H+ or OH- ions to balance hydrogen and oxygen if needed. For the example provided, the reaction Fe2O3 + 2Al → 2Fe + Al2O3 illustrates this process, showing how to achieve balance in both atoms and charges. Understanding these steps is crucial for successfully balancing redox equations in AP Chemistry.