Save, don't spend.

That's the recommendation from one Valley financial advisor if you're thinking about getting a loan, or buying on credit.

"You need to keep a balance of at least six months in savings of your total monthly expenses," said Marlen Lopez, a financial advisor at Excelsis. 

Prices keep climbing at the pump and at the supermarket. To avoid going in the red, some economists say you're going to have to stop unnecessary spending for now.

"The high prices are letting us know that we're not producing enough gasoline, we're not producing enough oil, we're not producing enough food right now," said Teo Sepulveda, an economics professor at South Texas College. 

On Wednesday, the Federal Reserve announced it had raised its interest rate from 1.5 percent to 1.75 percent.

Now, any car loan, mortgage or credit card bill could have higher interests, costing you more to pay off.

The recommendation is to save instead of borrowing more money. 

"Don't jump into any large purchases at this time, just because rates are going up," Lopez said. 

The economist adds that this interest rate increase will continue until the beginning of next year. In other words, if you don't have the money to spend on something - just don't do it.