Money expert, Mom and friend of Oprah, Jean Chatzky, gives us the 4-1-1 on what the new interest rates news really means for Moms.

The Wall Street Journal announced today that Federal Reserve Chairman Ben Bernanke surprised many by cutting interest rates three quarters of a point. If you're anything like some of us here, you're wondering 'What does that mean and how does it affect me?"

We asked new friend of Mom•Logic, Jean Chatzky that very question. "What this means for Moms is that we have a great chance to get our personal balance sheets in shape.

• Assess your debt. "Look at the debt you're currently carrying. See if it now makes sense to refinance your mortgage. [You can actually] call your credit card companies and ask for a lower interest rate - even refinance your car loan. Come July when the rates reset -- consolidate your student loans."

• Don't panic! "The best investment strategy is to have one. Know how much of your money you want to put into stocks and into bonds, and do that on a monthly basis through automatic investments for your retirement, college for your kids, and emergency savings for yourself!"

Sounds like the perfect time to kick start the finances! Will the news motivate you to make any changes?