The amount of money Calgarians need to cover their cost of living is now $24.45/hour — a shocking 63% higher than Alberta’s minimum wage. 3 ways to stretch your budget on a skinny paycheque

Minimum wage unchanged since 2018

VCC executive director Meaghon Reid told CTV News, “The challenge is that we have such a big gulf between our minimum wage and our living wage because that minimum wage hasn't increased since 2018."

“We're talking about adults who go to work every day, sometimes work two or three minimum wage jobs just to make ends meet, and that's not a very tenable salary for people who are adults with families and responsibilities," Reid adds.

In a written statement to CTV News, Matt Jones, Alberta’s minister of jobs, economy and trade said, “Alberta’s government understands that significant changes to the minimum wage could negatively impact small businesses, youth and Albertans seeking their first job or part-time employment,”

VCC called for fair wages and about 150 businesses in Calgary responded, committing to paying employees a living wage of at least $24.45.

Companies including The Establishment Brewing Company, Home Spritz and Lafarge Canada are finding that the higher wages are helping to attract and retain employees and make for a better bottom line.

The VCC wants to see Alberta raise the minimum wage to be in line with the living wage so that more Albertans can be paid according to what they need to cover their basic essential needs.

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Three ways to stretch your budget

When the cost of living is so high, here are some ways you can stretch your dollar.

1. Consolidate your debt by considering a loan to pay off those high-interest payments, including credit card payments. This simple move could save you money with one monthly payment at a lower interest rate.
2. Keep an eye on your food budget: Tonnes of food is wasted every year, which means money down the drain. Meal planning, using coupons and buying items in bulk can go a long way toward lowering your food costs.
3. Shop your business around: When it comes to insurance, cable, cell phone plans and other regular payments, make it a point to ask for better deals. You won’t know until you ask, and the worst they can say is that there are no better deals. But you may luck out with special pricing or promotions.

Sources

1. CTV News: Calgary's living wage now $10 per hour above Alberta's minimum wage (Nov. 18, 2024)