It may be worth the temporary poverty in your line of work, which is based almost entirely on who you know and experience.
Calgary, despite being fairly expensive, provides a lot of opportunities to gain high level experience and it's not so much an "old boys club" like other cities. This means you can network your way into good jobs a lot easier than in other cities.
The drawback to Calgary is that it is a boom or bust town. So when your contract is up, if things aren't going well in Calgary, you will have a tough time finding a job.
All this being said, I lived on far less during university and got buy fairly easily. It all comes down to how old you are, what your expectations are, how much time you spend in clubs/bars, etc...
When I was 18 I lived on $800 a month (this was about 12 years ago though).
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