The Federal Reserve is expected to cut interest rates today. That would be the ninth consecutive rate cut this year. Here's what this means to your wallet.

1) Tame your expectations

If you’re in the market for a loan today, the rate cut won’t mean very much to you. Of course when the Fed cuts the federal funds rate, that directly influences the prime rate. The prime rate right now is 4.5 percent. And that prime rate is the underlying index for most credit cards, home equity loans and lines of credit, auto loans, and personal loans. But even though interest rates could fall to one percent, it doesn’t mean you’ll be reaping big reward. The good news is that the rate cut won’t necessarily hurt savers either. Rates on CDs have been stable for a while.

2) Shop around

Mortgage rates have been all over the place. Right now the 30 year fixed rate is at 6.28 percent. And  these rates are close to historic lows. So, the key is that you need to shop around. Check out small banks and credit unions if you are rejected for a loan from a bigger bank. That’s because smaller, more local banks don’t have the same kinds of problems on their balance sheets that bigger banks have. Of course no matter where you go, you will need a credit score of 720, and more realistically, a score of 750-780 to qualify for the best rates.

3) Watch the fine print

If you have a variable rate credit card, you probably won’t see much of a benefit from a rate cut. But you should be on the lookout for credit card companies switching you from a variable rate card to a fixed rate credit card. If this happens, you usually get 15 days of written notice and you may have the opportunity to opt out. Plus, a few credit card issuers have instituted what’s known as a credit card floor—it’s the interest rate your card can’t go past—despite how many interest rate cuts there are. And if you have a variable rate federal loan or a private student, chances are this rate cut won’t affect you very much either. In fact, Sallie Mae raised its interest rate on some private loans by two percent.

For more of Gerri's Top Tips, watch CNN weekdays at 11:15 am Eastern Time.

The federal government may soon be bailing out the U.S. financial system to the tune of $700 billion dollars. Here's what it could mean to you.

1) Loan availability may improve

It should be easier to get a mortgage and auto loans–maybe not tomorrow or next week, but perhaps over the coming weeks. The other good news here: the bailout money could bring down mortgage rates in the long run. CD yields, in the meantime have been steadily higher since April and rates are likely to stay where they are for now–barring another rate cut by the fed.

2) Stock market may stabilize

Economists say that this injection of cash into the troubled financial system is necessary to prevent the economy from weakening further. The markets should get back to trading on corporate profits instead of fear like we've seen over the past two weeks–and that can only be good news for people watching their 401ks taking a nosedive. Your best defense here is diversity in your portfolio. One of the biggest lessons we've learned from this is that no investment is really safe.

3) May stem job loss

Economists say this bailout will avoid a sharp drop in employment. That's because companies will be in a better position if the credit freeze is thawed. Some economists are even saying that without this bailout, the unemployment rate could rise above 9 percent. Employment in the fniancial sector will take some time to recover.

For more of Gerri's Top Tips, watch CNN weekdays at 11:15 am Eastern Time.

Given all the turmoil going on in the financial markets lately, you may be wondering about your own safety nets. Is your money at risk? Here's your financial checklist.

1) Take stock of your accounts

Figure out what you have in each of your accounts —including your savings accounts, checking accounts, CDs or joint accounts. That’s because your money will be protected up to certain limits by the FDIC if the bank fails. Individual accounts are protected up to $100,000. Joint accounts are protected up to $200,000 and retirement accounts are protected up to $250,000.
Credit unions are also insured up to the same limits. If you have a brokerage account, you’re protected in case of a bankruptcy up to half a million dollars for securities.

2) Look at your money market account

Last week the US Treasury announced it would insure the holdings of money market mutual funds. So, you don’t have to worry about losing your money. Make sure you know what your money market fund is invested in –if it has a lot of company debt, and you’re feeling nervous, you may want to switch out to a money market account that invests in treasuries. That’s the safest bet around.

3) Know your protection

You may have a life insurance policy, perhaps homeowners insurance or an annuity through an insurance company. Remember that even if your insurance company goes out of business, your accounts are protected by state guaranty funds. For the most part, your homeowners policy is protected up to $300,000 and annuities are protected up to $100,000. But check with your agent or your own state’s guaranty fund because limits vary widely.

For more of Gerri's Top Tips, watch CNN weekdays at 10:15 am Eastern Time.

Lehman Brothers announced today it's filing for Chapter 11 bankruptcy protection. Here's what that means to you.

1) Your accounts are protected

If you have a brokerage account with Lehman, you will be protected up to $500,000 by the Securities Investors Protection Corp. The Securities and Exchange Commission has strict rules about keeping the brokerage’s money separate from your investments. So even if the firm goes under, your money should still be there.
iReport.com: Are you feeling the pinch?

2) Don't panic

Granted, over the last few years financials have become one of the most important drivers of the S&P 500 and by extension index funds, which can impact your 401(k). If your portfolio has taken a hit because of the Lehman news, it's not time to panic and take your money out of the market. It's too late for that. Remember that anything that brings confidence to this sector is good - but a well-performing financial sector is also critical to something more fundamental – an economic recovery.

3) Know the limits

If you're worried in general about the health of your bank, make sure your bank is FDIC-insured. As an individual, your deposits are insured up to $100,000 in an FDIC-insured bank. This includes your savings, your checking, any certificate of deposits (CDs) and money market accounts. Joint accounts can be insured up to $200,000. IRAs and Keoghs - these are retirement plans for people who are self-employed - can be insured up to $250,000.

For more of Gerri's Top Tips, watch CNN weekdays at 10:15 am Eastern Time.

All eyes are on the series of storms as it heads toward the U.S. coastline. If you're planning on traveling during this hurricane season, here's what you need to know.

1) Be prepared
Before you leave, register with the nearest U.S. embassy or consulate through the State Department's travel registration Web site. This way, if there's an emergency, it will be easier to contact you. If you're in one of the areas where one of the storms could hit, check in with your tour operator or airline about their policies for travel back to the US.

2) Consider your options
Consider traveling to less hurricane-prone areas, such as Aruba, Bonaire or Curacao. Otherwise, book a cruise. Cruises can divert around the storm. They can go to a different port of call. Of course, you may not go to the destination you were planning on, but at least you'll have a safe vacation.

3) Investigate travel insurance
If you plan on spending thousands of dollars on your vacation, you may consider travel insurance that will reimburse you in case your plane is delayed or canceled. Some travel insurance policies can cost up to 8 percent of your trip

For more of Gerri's Top Tips, watch CNN weekdays at 10:15 am Eastern Time on CNN.

Hurricane Gustav evacuees may soon be heading home. Here are tips on how to keep safe while returning to a storm-ravaged home.

1) Inspect your surroundings
Carefully inspect the outside of your home, checking for loose power lines, gas leaks, and structural damage. Wear waterproof boots and gloves to avoid floodwater touching your skin. If you smell gas, don’t go into your home. If you hear a hissing noise or smell gas when you do go into the home, make sure to turn off the main gas valve from the outside, if you can. Call the gas company from a neighbor’s residence. If you shut off the gas supply at the main valve, you will need a professional to turn it back on.

2) Get rid of mold
Mold is a big problem if you have flooding in your home. First, take out items that have been waterlogged and cannot be cleaned and dried. Then air out the rooms by using fans and dehumidifiers. Open as many windows as you can. To remove mold, mix 1 cup of bleach in 1 gallon of water, wash the item with the bleach mixture, scrub rough surfaces with a stiff brush, rinse the item with clean water, then dry it or leave it to dry.

3) Save your stuff
If the object is still wet, rinse with clear water or a fine hose spray. Clean off dry silt and debris from your belongings with soft brushes or dab with damp cloths. Air dry objects inside if you can. Remove wet paintings from the frame and let it air dry, away from direct sunlight. Rinse mud off wet photographs with clear water, but do not touch surfaces.

For more of Gerri's Top Tips, watch CNN weekdays at 10:15 am Eastern Time.

If your kid is heading off to college this fall, make sure they have enough insurance coverage. Here's what you need to know.

1) Check into health coverage
Full-time students between the ages of 18-23 are usually covered under their parents’ health plan. If your health plan has a network, you’ll want to scout out a doctor near where your child is going to be living. Then you’ll need a referral from your local physician. And if your child is no longer on your plan, most colleges offer limited health insurance plans for students.

2) Revisit car insurance
Basically insurance companies reward you if you don’t drive. Case in point: your children – if they have a car in their name – can get a discount on their insurance if they leave their car at home while attending school. But the school must be at least 100 miles away. You’ll also want to notify your insurance company if the car will be garaged in a different location because your premium could go down depending on where your child's college is located.

3) Know the limits
If you have a kid that’ll be living on campus, chances are, your homeowners’ policy will cover most of their possessions. In most cases, your homeowners insurance will cover about 10 percent of property that’s outside the home. And if your kid is going to be living off-campus in an apartment, your homeowners policy won’t be helpful. In this case, you’ll want to look into renters insurance. Rates run about $250 a year for contents of about $15,000.

For more of Gerri's Top Tips, watch CNN weekdays at 10:15 am Eastern Time.

If you’re headed off to college this fall, it’s not too late to secure a student loan. But it IS getting harder.

1) Get the stats
It’s estimated that 100,000-200,000 of would-be borrowers could be turned down this year for student loans. That's because lenders have tightened their standards. Previously if you had a credit score of 620-650, you would be eligible for a loan. But today, you’ll likely need a credit score between 680 and 700 according to Mark Kantrowitz of finaid.org, an online student loan information site.

2) Improve your credit
First, check your credit score at annualcreditreport.com. After that, the student can either opt to become an authorized user on their parent’s credit card or they can have a parent co-sign a credit card with them. This way, the student has the benefit of an older, more established credit history. One note here—you want to make sure the co-signer has a credit score of over 700. Keep in mind that who ever co-signs the credit card is equally responsible for the debt. By using a co-signer you increase your chances of getting a loan with better terms.

3) Know where to go
Make sure you go to Uncle Sam first for money. If you qualify for federal aid, you will get it. Plus, federal student loans have lower interest rates. You may be eligible for up to $31,000 in Stafford loans if you’re a dependent undergrad and $57,500 if you’re an independent undergrad. Your credit won’t be checked for this. If your parents have been denied a PLUS loan, you automatically qualify for more money thorough the Stafford Loan Program. You should also go to your student aid office if you’re having trouble securing a loan. They will know who is lending and who isn’t.

For more of Gerri's Top Tips, watch CNN weekdays at 10:15 am Eastern Time.

Summer vacation is winding down and that means class will soon be in session. If you're worried that the costs of starting the new school year will leave you in the red, relax. In today's tips we're going to give you ideas on how to save some green.

1) Do your homework
If it's electronics you're after, go online and compare what stores are offering. Check out sites like buydig.com or mysimon.com. Some retailers offer less expensive items on their web site rather than in their stores. You can also check out froogle.com and shopzilla.com.

2) Pay less for books
Your textbook bills can cost hundreds of dollars. But you don't have to carry that kind of financial burden. Get textbooks at eBay's half.com. On this site, you can get textbooks from business and economics to philosophy for about $40.

3) Buy in bulk
Buying in bulk at a discount warehouse like Costco or Sams' Club is a great way to save a lot of cash, especially if you have a large family or you can team up with other parents. Go to your school's Parent Teacher Association and see if it's possible to pool buying needs and resources.

For more of Gerri's Top Tips, watch CNN weekdays at 10:15 am Eastern Time.

Over the past few days we saw the second-largest failure of a financial institution in American history. Here's how to tell if your savings are protected.

1) Look for the logo
There is one thing that will save your money if your bank goes under– that's FDIC insurance.
Look for the FDIC logo at your local branch. If you don't see it, ask the bank, or go to the FDIC'S website at FDIC.gov and click on "Bank Find."

2) Know the limits
As an individual, your deposits are insured up to $100,000 in an FDIC-insured bank.
This includes your savings, your checking, any certificate of deposits (CDs) and money market accounts. Joint accounts can be insured up to $200,000. IRAs and Keoghs, these are retirement plans, can be insured up to $250,000. Not covered: money invested in stocks, bonds, mutual funds, life insurance policies or annuities. One thing IndyMac customers should know...The FDIC will pay uninsured depositors 50 percent of your uninsured deposit if you have more than $100,000 in an IndyMac account.

3) Get the rules
When a bank fails, a healthier banking institution normally buys the failed bank. Your checks will still clear, you can still use your ATM card. But, there's one thing you may not be aware of–it's critically important if you have a CD–The terms of your investment can change.
For example, if you took out a CD with an annual percentage rate of 3.0 percent, the new bank may drop that interest rate. You do have the option to withdraw your funds without penalty if that happens.

For more of Gerri's Top Tips, watch CNN every day at 10:15 am Eastern Time.