Will you give it a yawn when you hear the news that the interest rate hike is coming? You may yet to realise how deeply this will affect you and your money.

For a start, when US Federal Reserve increases their interest rates, it is not only a US thing. US interest rates matter to Singapore. When the interest rate in the US is raised, so will it be in Singapore.

The interest rate is important because it affects your everyday decisions about your money. It influences the cost of your borrowing, the stability on your savings, and the return of your investments.

Therefore, the interest rate is something you need to watch out for. It is not just about how much interest you can get from your fixed deposits or savings account, but also the impacts to your personal wealth.

Some of these impacts can be obvious. For example, …