Here's how long it takes for Edmonton 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 Edmonton 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.
Edmonton came on top in a tie with Fort McMurray out of all the cities studied in the country, with just 19 months needed to save up for an emergency fund.
Our pals down in Calgary are right behind us, despite facing a bit of a steeper one-bedroom rent price, needing 20 months to save up for an emergency fund.
Zoocasa
At the very bottom of the list was Vancouver, with renters needing a whopping 27 months to save up for an emergency fund, followed by Halifax and Burnaby at 26 months and Toronto at 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.”