Have you been paying attention to your nest egg?

With the economy facing hard times, it’s wise to keep an eye on your savings

Temperatures may be up, but the economy is not looking so hot, especially for Quebecers. The Canadian dollar is way down, and numbers from the Institut de la statistique de Québec show we are officially the poorest people in the country.

While West Island residents might fare a bit better, overall salaries in Quebec are the lowest in Canada and taxes are the highest. We have the lowest disposable income, earning on average $26,046 compared with the national average of $30,270.

The third Monday in January is said to be the most depressing day of the year. The timing of the Institut’s report doesn’t help. Spring is still far away and the cost of a week on a beach somewhere just got way more expensive. To top it off, 2016 is a leap year, and we have an extra day in what is probably the second-most depressing month of the year.

On the positive side, we have one extra day to contribute to our RRSP. Great news for procrastinators! In light of the realization that we are, in fact, as broke as we feel, we could use the extra time to pay close attention to what we are doing with the dollars we manage to save.

I have been putting money aside since I started working full time (a few moons ago). Somewhere along the road, interest rates plummeted, tech markets crashed, some funds disappeared thanks to Earl Jones-type characters, the rosy projections of a sizable nest egg wore off, and dreams of an early retirement evaporated.

To be honest, I have not spent a great deal of time tending to my nest egg. Like many women, I work hard, invest most of my time taking care of everybody else, and hope that people who are looking after my investments will make sure that I have what I need.

I found out the hard way that I need to pay closer attention. Like about half of all adult Canadians, I invest in mutual funds because they are a convenient way to have a diversified portfolio. Not only did my net worth tank along with the market at the end of the year, but I recently sold some investments and learned that there were DSCs (deferred sales charges) attached. These sneaky DSCs disappear if you hold the fund long enough (usually five to seven years), so you may not even notice that you have them. But if you need funds earlier, you may end up paying hefty fees.

Like lawyers, investment advisers get paid whether you win or lose. Small differences in fees can make a big difference in the size of your nest egg over time. Take the time to get informed about the types of fees your adviser charges and read the fine print.

John Abbott College offers a continuing education course on successful retirement strategies. (Hurry, it starts in February.) And there is lots of information on the web, like getsmarteraboutmoney. ca, as well as online courses, like the Canadian Securities Course for Investors.

Spring is 46 days away. Work on getting your nest egg ready!