| Existing applications and calculators | mybudget |
|---|---|
| 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. |