Hi, Reader --

There's no guarantee, but it is looking really, really, really likely that September will bring something that consumers have been waiting a long time for.

​I and most other experts expect the Federal Reserve to reduce interest rates for the first time in four years at its next meeting in mid-September.

So why does a Fed rate cut matter?

When that happens, interest rates for many installment loans, credit cards, savings accounts and other financial instruments will likely fall within a few weeks to a couple of months.

That's not great news for savers because it means that the relatively high rates we're seeing today on high-yield savings accounts and CDs are likely to fall off -- and soon.

However, rate cuts are oh-so-welcome news for borrowers. That's especially true for those with credit card debt. That's because most credit cards in the US are so-called variable-rate cards, meaning that when the Fed raises or lowers rates, most credit cards' rates will move as well, in the same amount and the same direction as the Fed's movement.

The even better news for cardholders is that these lower rates will apply to current card balances as well as future balances. (Note: That's not the case with installment loans such as personal loans, mortgages and auto loans. Rates offered on new loans of those types will likely fall, but the rate paid by those currently holding those loans will not.) Cardholders can expect to see their rates fall within a month or two of the Fed making its move.

But here's the most important thing to know... When rates fall, they probably won't fall much at first. That means it is still important for you to take action.

Sorry to burst your bubble, but it is true. No one should expect their credit card bill to change dramatically overnight. No one knows just how big the Fed rate cut will be, but even a really aggressive change likely isn't going to be a massive game-changer for most people. The real impact will come later, when future small cuts start adding up to something significant.

Ugh. Really? So what should I do in the meantime?

Take matters into your own hands. The moves you make now can be way more impactful than what the Fed will do.

Here's what I mean...

• Getting a 0% balance transfer card can save you way more any Fed rate cut ever would.
• If you don't qualify for one of those cards -- the banks are kinda stingy with them these days -- a personal loan can help, too. It won't save you as much as a 0% card would, but it can lower your rate more than the Fed is expected to.
• Calling your card issuer and asking for a lower interest rate on your credit card works 76% of the time and brings an average reduction of 6 percentage points. That's WAY beyond what the Fed will do. (I walk you through how to do this in my book, "Ask Questions, Save Money, Make More: How To Take Control Of Your Financial Life.")
• Just shopping around for a better rate on an auto loan, personal loan or mortgage can make a dramatic difference in your interest rate and save you a bunch of money.
• If you haven't moved your savings to a high-yield savings account (HYSA), you've still got plenty of time. Even though you may miss out on the record highs, the difference in rates between the HYSA and your old account can be significant enough to make it well worth the effort.

Don't get me wrong. Lower rates are great for borrowers. Just make sure that you're not expecting miracles.

Does football season mean big spending for you?

Basketball will always be my favorite sport, and I'm in love with soccer, too, but there's nothing quite like football season. I am a Texan, you know.

My first fantasy league draft of the season is tonight. (I'm in three leagues, including two for money.) I'll also likely go to at least one high school and college game this fall, too, along with watching a lot at home from the comfort of the couch. Can't wait.

Do you spend a lot during football season? Whether we're talking game tickets, merch, food and drinks for parties or even gambling, it's easy to do so. I'd love to hear your stories.

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Have a great Labor Day weekend, y'all!
Matt