The Bank of Canada raised its interest rate by a quarter of a point today, which could have an impact on many families.

Brian Denysuik, the President and CEO of CreditAid, is in Thompson, Manitoba right now doing a lecture on financial wellness and said this is going to hurt families, especially those in debt.

"Along with the recent gas price hike it means it's chipping away at our wallets a little bit more each and every day," Denysuik said.

Those it will affect the most are those with a line of credit, those getting a new car loan, and those renewing their mortgage.

Denysuik said this announcement means it's a really good time to sit down and work on your spending plan.

"The goal should be to track your money for at least a three month period," he said. This will help us see where our money is going and how we can change that.

Saving to spend is also an important thing to think about, according to Denysuik.

"We need to think 12 months ahead so that we can save to spend," he said. "If you [can do that], you can eliminate a lot of stress around financials in your life."

He also mentioned that you can't just focus on paying off debt, but you need to save at the same time.

Another group this may hurt is non-profits, who Denysuik said may see a decrease in donations.

"People are going to have less to donate potentially," he said. "It hurts everybody as interest rates go up."

The interest rate hike to one per cent today also helped the Canadian dollar jump to 82 cents, the highest it's been in over two years.