Tim is ING’s digital housekeeping book. Anyone who has a good overview of their expenses also knows where they need to cut back. ING has been participating in this since August 2010 by introducing the Tim digital household budget for its customers who use internet banking via ING. But what is Tim from ING? And what can you do with the ING digital housekeeping book Tim?
ING’s digital cash book is called Tim
ING’s digital cashbook is called TIM, or Making Transactions Insightful. The cash book was first extensively tested, but is now ready for the market. The bank hopes that in 3 years one million people will use the service. This is a quarter of all customers who bank with the bank via internet.
What does Tim from ING do?
- Tim organizes expenses into clear categories.
- It also compares expenditure with that of other families in approximately the same circumstances
- It provides a warning by text message if the customer is in the red or exceeds budgets that it has indicated itself
- The program is displayed in bar charts and graphs
What does Tim cost?
- The ING digital housekeeping book is free for the first year.
- After that it costs 75 euro cents per month
Tim is linked to the internet banking system
The ING digital housekeeping book is further linked to the ING internet banking system. A customer does not have to register with two different sites, but can use both by registering once.
Disadvantages of the ING digital household ledger
- The disadvantage of Tim is that it takes a lot of time to organize all expenses. ING has come up with sections itself, but most people have many more things that need to be accommodated. For example, credit card expenses are not included.
- Money that has been withdrawn and spent cannot also be specified.
- Transactions via other accounts at other banks are also not included in the housekeeping book, so the overview is incomplete.
Other banks will also introduce digital household accounts
It is very likely that other banks will follow ING’s example. However, providing insight into expenses and income is often the most difficult for the group that needs it most.
Use housekeeping book
According to Nibud, only 1 in 3 Dutch people keep a household budget in which their expenses and income are recorded. Many people would also like to do that, but think it takes too much time and energy. Furthermore, many people simply find it very tedious work.
Research into digital household accounts
The Consumers’ Association will investigate all institutions that offer people a digital household budget. To be examined:
- Site security
- Handling bank details