Here's how long it takes for Calgary renters to save for an emergency fund
Saving up for a rainy day is always a good idea, and a new report has revealed how long it takes for renters in Calgary to save up an emergency fund.
Zoocasa pointed to the 50-30-20 rule, which divides your after-tax income into three categories: 50% for needs, 30% for wants, and 20% for savings.
Using the 20% savings rule, Zoocasa analyzed Statistics Canada income data and Rental.ca’s December 2024 report to calculate how long a single person can save three months’ salary while renting a one-bedroom apartment.
Calgary landed near the top of the pack out of all the cities studied in the country, with renters needing 20 months to save up for an emergency fund.
Our pals up in Edmonton came on top in a tie with Fort McMurray, with just 19 months needed to save up for an emergency fund.
Zoocasa
Vancouver ranked last, with renters needing a whopping 27 months to save for an emergency fund. Halifax and Burnaby followed, with 26 months and Toronto, with 25 months.
Zoocasa added that building a three-month emergency fund can be daunting for many Canadian renters, especially when “balancing other financial priorities like repaying student loans, saving for a down payment, or planning to have children.”