WMBD/WYZZ-TV—PEORIA--The slash in interest rates may have you wondering what that means for you and your financial situation.

Whether you're thinking about buying, re-financing or making changes to that portfolio, Financial Advisors are singing the same song, use your common sense.

It's the sixth time the fed cut interest rates since September and financial advisors say the message is clear.

Baird Financial Advisor Jim Stowell said, “Expect the worst, hope for the best, it's a challenging economic backdrop and people need to have their financial house in order.”

For the "average Joe" living in Central Illinois that means be wise.

Stowell said, “For ‘mainstreet’ America it's not spending beyond your means, it's not going into debt to consume which seems to be apart of our culture.”

The desire to buy while rates are at the lowest since 2004 may be tempting.

Edward Jones Financial Advisor, John Ritter, said ”As rates get lower there's two things, there's fear and greed and when you've got a situation with low interest rates greed takes over and fear subsides.”

Still advisors say make sure all your bills are in line, before exploring options.

Stowell said, “The one thing that we need to make sure is needs and wants and when I talk to my clients things that are needs and things that are wants are way two different things!”

So if you're thinking about refinancing, Stowell said,  “Now's a good time to look at refinancing your house but one of the frustrations is the intent of lowering rates has not really brought about significant lower mortgage rates.”

Or if investing that’s tempting your wallet, Ritter said, “Focus on quality and diversifying and planning on the long term.”

Regardless of what you do, advisors say handle what you've already taken on before adding more to your plate.

Stowell said, “Every individual has to be treated just as that, as an individual in their situation, but again I would guard against taking on more debt.”

Advisors also want you to remember, as soon as our economy recovers the interest rates will rise just as fast as they dropped.