A message from ATB Financial:
Meet Neha Haider, a 24-year-old content creator living in downtown Calgary with her husband, Yousuf. As a newlywed couple, they are constantly learning about how to manage their finances, from merging their money to sharing responsibilities and how to balance saving for the future while still enjoying the present.
It's been a learning experience — one that, not unlike most twentysomethings, came with a few missteps. But between budget planning, saving, and dealing with a fluctuating income, Neha has found a few ways to make her financial journey easier. She's sharing her top six tips for making downtown living feel a little less out of reach.
Stick to a budget
As a content creator, Neha's income can fluctuate from month to month. So when she and Yousuf began looking for a new home in Calgary, they knew they needed to stick to a budget that would be manageable even in months when they earn less income. They also knew they needed more space and good natural lighting, since their home doubles as a space for Neha to film her content.
"I love the energy of downtown and wanted to be close to everything," Neha says. But downtown living comes with some hidden costs. "Going out is more tempting, because everything is nearby — a cute café or a nice restaurant is always steps away!"
Plus, living downtown usually means higher rent costs, extra parking fees, and can even mean higher grocery prices. "Some of the local grocery stores that are the most conveniently located for us to shop at are priced higher compared to larger chains in the suburbs," Neha notes. "But we do love supporting local!"
The first thing Neha and Yousuf did was set a non-negotiable rent budget of $2,400, leaving room for utilities and other bills to ensure they weren't overextending themselves. Then they set some budgeting rules, including:
- Fixed costs like rent, utilities, groceries, and student loans always come first.
- Review expenses monthly and adjust their budget as needed.
- Pay for purchases with a high-reward credit card — and pay off the statements right away to keep their credit score strong.
- Save a percentage of their income rather than a fixed amount to prevent stress during lower-income months.
- In higher-income months, save more and allow for some extra fun spending.
Neha says it's important to allow some flexibility in her spending, even budgeting for at least two dates a month. "We don't feel guilty about spending money on food or activities during those dates, because quality time is important to us."
Read on to get the rest of Neha's tips.
Explore Well Said, where ATB shares perspectives on life, money, and modern financial literacy.