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As a saver in terms of that all important emergency savings account that we all need, online savings accounts are not only paying the best returns today, but there's a real arms race, if you will, among banks that are leapfrogging each other to pay the best return and bring in more deposits. So, as a consumer, that's where you really gotta be putting that rainy day fund in order to preserve the buying power of your money. In terms of your longer term money like retirement, you've gotta think long term. Steel yourself for volatility in the markets. That's to be expected, but what your focus needs to be is 10, 20, 30 years down the road. Make sure you're invested in accordance with those goals, not being distracted by short term movements in the economy or financial markets.

If--or maybe when, if you're listening to Greg McBride's opinion--we get another rate hike from the Federal Reserve, you're going to want to be prepared.

Greg McBride, chief financial analyst at Bankrate, weighed in on how consumers can prepare for the next rate hike. 

"As a saver in terms of that all important emergency savings account that we all need--online savings accounts are not only paying the best returns today, but there's a real arms race, if you will, among banks that are leapfrogging each other to pay the best return and bring in more deposits," he told TheStreet.

"So, as a consumer, that's where you really gotta be putting that rainy day fund in order to preserve the buying power of your money. In terms of your longer term money like retirement, you've gotta think long term. Steel yourself for volatility in the markets," he continued. "That's to be expected, but what your focus needs to be is 10, 20, 30 years down the road. Make sure you're invested in accordance with those goals, not being distracted by short term movements in the economy or financial markets."

You can watch the full interview here.

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