What one thing do we all do before we put our clothes on in the morning? We all check the weather! Because which clothes we opt to wear is largely dependent on what the sun is doing- whether it’s out and burning our skin, or if it’s hidden away behind some ominous rain clouds. And in fact, the changing seasons and fickle nature of the weather impact us in a variety of ways. They change our behavior and determine what sports we get to play, or what flowers and vegetables we plant in the garden. And simply put, the Federal Reserve interest rate is the financial sun that ultimately impacts all of our financial lives. Whether or not rates are rising or falling impact everything from the payments we make on our credit cards, to the interest we receive in our high yield savings accounts. And so during today’s episode we’re equipping you with the knowledge and practical steps so that you can minimize the downsides, while maximizing the upsides of rising rates.
- High yield online savings – One of the simplest steps you can take to ensure you’re earning the most on your money is by switching over to a high yield savings. At the moment CIT Bank is offering 4.6% on their Savings Connect Accounts!
- I bonds – Head to TreasuryDirect.gov and snag you some I bonds- they’re still paying a solid rate!
- Debt – Use Undebt.it to help you figure out a get-outta-debt plan and check out this detailed post about debt snowball vs debt avalanche methods, including differences and examples.
- 0% transfer card – If you’ve got your act together, then a counterintuitive move is to utilize a credit card. Read our full article to see how you can use a 0% balance transfer credit card to help you pay off some debt.
- Counseling – For help with overwhelming debt, check out free services offered by the NFCC (National Foundation for Credit Counseling) and Money Management International.
- Credit Card Tool – Looking for the right credit card for you? Then check out our new credit card tool that’ll help you to easily filter through all the cards based on your preferred airline, whether or not they have an annual fee, or simply by the cash back offer! Just toggle the sliders and you’ll know which card to consider.
- Newsletter – Don’t forget to sign up for the best personal finance newsletter in all the land! It’s completely free and something we create to help you along your journey to financial freedom. It drops every Tuesday morning and you can always unsubscribe if you don’t dig it!
During this episode we enjoyed a Cloudscape IPA by New Park Brewing- thanks for donating this one to the pod Matthieu! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!
Best friends out!
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