Here's how the Fed's decision to raise interest rates could impact your life

If you've ever borrowed money or opened a savings account, then the Federal Reserve matters to you.

The US central bank just raised its benchmark interest rate for the first time in a year - to a target of 0.5% to 0.75% - and signaled that there are more increases to come.

That rate, called the Fed funds rate, serves as a benchmark for basically every interest rate on the planet: Government borrowing rates, mortgage rates, credit-card rates, savings account yields, and so on.

So, even if you're not a titan of finance, the Fed's interest rate decision could still affect you if you're planning to buy a house or save for retirement. Here are some of the major ways the Fed can impact the lives of everyday Americans.