Monthly Budget shows the difference between your recurring income and all your fixed direct debits. In addition, you will of course have other expenses, such as groceries, bills, presents and other costs that are not automatically debited from your account.
This gives you a clear picture of what is left for all those variable expenses. It also shows how much you can set aside. By doing this straight away, you reduce the chance of accidentally spending it.
To use Monthly Budget, you need Look Ahead. When you activate Look Ahead, future (fixed) debits and credits will be shown. These are predicted based on previous transactions from your payment account and credit card.
We only do this if you give permission. You’ll then get:
Do you still have money left once you have also taken all your variable expenses into account? Then you could consider saving or investing that amount. Which option suits you best depends on your situation. Do you have a healthy financial buffer for unexpected expenses? And are you still able to set aside extra money? Then investing may be a good option.
With investing, your money may grow faster than with saving alone. However, keep in mind that investing also involves risks and costs — you could lose (part of) your investment.
Monthly Budget shows the difference between your recurring income and expenses, giving insight into your monthly financial space.
It’s partly based on predictions. For example, your salary deposit is predicted based on past transactions.
The same goes for fixed expenses; if your energy provider has consistently debited €150 in recent months, that amount is included as a recurring expense.
If an amount changes, the prediction is adjusted based on previous transactions. This keeps your overview as up-to-date and reliable as possible.
Monthly Budget is included in all ING orange packages. There are no additional costs for Monthly Budget within those packages.
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Extra income from selling something on a marketplace, or expenses like clothing purchases, aren’t recurring transactions, and therefore can’t be predicted.
When you activate Look Ahead, you give permission to display future (fixed) debits and credits in Look Ahead, Monthly Budget, and Recurring Expenses.
For these predictions, we use previous transactions from your payment account and credit card.
The prediction of future (fixed) transactions is fully automated, without human involvement, and only used for Monthly Budget, Recurring Expenses, or Look Ahead.
Read more about how ING handle your personal data in our privacy statement.