Manage your money better so that you can give a life of impact. Money is a tool for change. Make that change count. Find money lessons at sistersforfi.com
Fed Interest Rate and Your Money: What does it all mean?
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Hello Reader! Yesterday, the Federal Reserve decided to leave the interest rate unchanged. What does that mean for you and your money? It means many things. → When the Fed raises rates, borrowing gets more expensive.
But saving can pay off more! Banks often raise interest on savings accounts, so your High-Yield Savings Account might start earning more. → When the Fed cuts rates, it can reduce the cost of borrowing.
As of yesterday, the Federal Reserve has left the interest rate unchanged. Here's what you need to do. I've linked a bunch of YouTube videos to help you. → If you have debt: Pay it down aggressively, especially credit cards, as the current average interest rate on credit cards is now over 20%. That's a lot of your hard-earned money going to interest only.
Shop around for a better yield! High-Yield Savings Accounts (HYSAs) and CDs may offer better rates now.
→ If you need to borrow: Shop around for the best rates. If the rates are lower than your original loan rate, lock them in. If they’re rising, only borrow what you need. Staying in the know about interest rates is one of the smartest money moves you can make. To learn more about how the Federal Reserve's decisions impact your money, these videos can help:
I hope these money lessons help. Reply to this email if you've got a question or want me to cover a specific topic. X Catherine |
Catherine Agopcan | Financial Educator, Sustainability Advocate
Manage your money better so that you can give a life of impact. Money is a tool for change. Make that change count. Find money lessons at sistersforfi.com
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