Another Fed Rate Hike Is Likely – Take Some Steps To Safeguard Your Finances

With Another Fed Rate Hike Imminent, Here Are 5 Ways To Protect Your Finances

As another Federal Reserve rate hike looms, it’s time to start thinking about how to protect your finances. Here are five ways to do just that:

1. Keep an eye on your debt.

With interest rates on the rise, your debt is going to become more expensive. Keep an eye on your balances and make sure you’re making progress in paying them off.

2. Consider a fixed-rate mortgage.

If you’re in the market for a new home or looking to refinance, a fixed-rate mortgage will keep your payments the same even if interest rates go up.

3. Review your investment portfolio.

Higher interest rates can mean lower stock prices, so it’s important to make sure your investment portfolio is diversified.

4. Stay disciplined with your spending.

It’s always important to live within your means, but it becomes even more important when interest rates are on the rise. Make sure you’re not overspending and putting yourself at risk of debt.

5. Have an emergency fund.

An emergency fund is a key part of financial security. Make sure you have enough saved up to cover unexpected expenses so you don’t have to rely on credit cards or loans.