The Federal Reserve has hiked interest rates by 0.75% to decrease spending and address inflation. The .075% hike is the highest since 1994, according to Yahoo News.

The Motley Fool has shared some financial advice that you may find helpful right now, when the price of gas and food continues to reach astronomical highs.

“We generally recommend for those who are working to focus on saving 15%-20% of their income. But, if you are retired, we’d generally recommend individuals ensure their withdrawal strategy is sustainable,” The Motley Fool says. They recommend not investing any money in the stock market that you may need in the next 3-5 years.

They do recommend that you connect to a long-term investing approach.

Motley Fool advises paying off high interest debt too: “It’s best to put money where it can earn the highest return. And while the stock market has historically returned about 9%-10% annually over the past century, if you’ve got credit card debt that you are paying 15% interest on, your money is likely going to be better spent paying down that debt rather than buying stocks”

They also advise building an emergency cash fund.