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How to plan for the next hike in interest rates

As interest rates go up another .75% you can expect things to get tighter and sacrifices might have to be made.

CLEVELAND — It's time to pay attention to every penny as the fed increases interest rates the third time in a row.  

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"It's not a fun thing to have interest rates go up when you're making purchases because it's taking more money out of those wants and you have to put them towards those needs," Wealth Advisor Elizabeth Schiderer said.

Schiderer says with no sign of inflation stalling, there's no reason to believe a hike will be avoided next time... so *now is the time to use that extra and pay off what you can.

"If you have credit card debt and you're worried about interest rates going up, they will go up and so anything you can do now to get in front of that debt, you're going to be grateful a month or two from now," Schiderer said.

As money gets tight and the holidays season approaches, Michael Goldberg with Case Western says, don't be surprised if you see people taking up side gigs or other part-time work.

"Walmart obviously believes when they post for 40 thousand jobs, they're going to come from somewhere, and I think many of those people have a current, full-time job somewhere else," Goldberg said.

In their release, Walmart boasts about an average wage in the U-S that's 17 dollars an hour... and while Scheiderer agrees that a second job could be a viable option for those who are feeling the pinch... she says thinking about saving isn't always an easy pivot.

"It's tough to go back to that recessionary mindset, but that might be where we're heading," Scheiderer said.

More coverage of Inflation on WKYC.com:

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