|Existing applications and calculators
|Typically aimed at accounting of existing expenses or spending – sum of income and expenses. Uses a bottom-up approach.
||Uses a top-down approach to draw a budget. The budget is based on standard guidelines and best practises from various governmental and financial institutions.
| Require extensive input from the user to include most (all?) of expenses – time consuming!!!
||Requires only a few parameters.
|Usually require a sign up or a downloading a spreadsheet.
||Needs no sign up for mybudget.
|Integrate with 3rd party e.g. bank. Requires sensitive personal information and poses a risk of breach.
||No sensitive information needed.
|Offer little to reduce expenses.
||Offers tried and tested methods to reduce expenses.
|Offer little to utilize surplus cash.
||Offers suggestions for investments based on the amount of surplus cash.
|Usually no estimates on gross income.
||Estimates your gross income.
|Usually no estimates on tax returns.
||Estimates your tax returns.
|Shed little light on your income compared to other Canadians.
||Identifies your income bracket in Canada.