You can’t read or watch the news these days without coming across a story about the teetering economy, falling sales or another corporate cutback.

The economy’s situation is motivating many of us to keep a closer eye on our spending habits, to think twice about jumping on the “buy now, pay later” treadmill. It’s also a good opportunity to review your financial IQ — and aim to sharpen it.

Do you have a good picture of your current financial situation? How much do you really know about the financial products you own? For example, do you know your credit card’s annual interest rate? Are you making the most of your mortgage?

Becoming financially literate pays off in so many ways — improved peace of mind, greater ability to spot and avoid costly mistakes, and more confidence in making financial decisions. So make a plan today to get a better grip on that hard-earned money of yours.

To find objective, accessible and, most importantly, understandable financial information, check out the Financial Consumer Agency of Canada’s (FCAC) web site moneytools.ca and view or download:

• tip sheets on financial products and services;

• easy-to-use booklets and;

• interactive web-based tools that allow you to compare products such as credit cards and banking accounts.