Hi Juli, There is a template that already exists. It even puts the referred material in RED, the way you want! Here it is:
{{red|What you want to say.}}
That is: two forward curly brackets, the color (red in lower case letters), a pipe (usually over the slash on your keyboard), what ever you want to appear in RED, and two closing curly brackets. If you want it in BLUE, use blue, etc.