Financial planning is always an important aspect of managing personal and small business finances. However, during periods of increasing interest rates, it becomes even more critical to have a well thought out plan in place. We all know interest rates are increasing, but what does that mean for us in Santa Maria? Interest rates are the cost of borrowing money and the return on saving money. When interest rates increase, the cost of borrowing money goes up, making loans and credit card debt more expensive. On the other hand, interest earned on savings accounts and other investments will also increase, providing better returns. Individuals should begin by assessing their current…