diff --git a/app/helpers/budgets_helper.rb b/app/helpers/budgets_helper.rb
index 4c73f52da..7b48cad1a 100644
--- a/app/helpers/budgets_helper.rb
+++ b/app/helpers/budgets_helper.rb
@@ -1,5 +1,9 @@
 module BudgetsHelper
 
+  def show_links_to_budget_investments(budget)
+    ['balloting', 'reviewing_ballots', 'finished'].include? budget.phase
+  end
+
   def heading_name_and_price_html(heading, budget)
     content_tag :div do
       concat(heading.name + ' ')
diff --git a/app/views/budgets/index.html.erb b/app/views/budgets/index.html.erb
index 810c505ae..dffa56e1d 100644
--- a/app/views/budgets/index.html.erb
+++ b/app/views/budgets/index.html.erb
@@ -89,14 +89,19 @@
         </div>
 
         <p>
-          <%= link_to budget_investments_path(current_budget.id) do %>
-            <small><%= t("budgets.index.investment_proyects") %></small>
-          <% end %><br>
+          <% show_links = show_links_to_budget_investments(current_budget) %>
+          <% if show_links %>
+            <%= link_to budget_investments_path(current_budget.id) do %>
+              <small><%= t("budgets.index.investment_proyects") %></small>
+            <% end %><br>
+          <% end %>
           <%= link_to budget_investments_path(budget_id: current_budget.id, filter: 'unfeasible') do %>
             <small><%= t("budgets.index.unfeasible_investment_proyects") %></small>
           <% end %><br>
-          <%= link_to budget_investments_path(budget_id: current_budget.id, filter: 'unselected') do %>
-            <small><%= t("budgets.index.not_selected_investment_proyects") %></small>
+          <% if show_links %>
+            <%= link_to budget_investments_path(budget_id: current_budget.id, filter: 'unselected') do %>
+              <small><%= t("budgets.index.not_selected_investment_proyects") %></small>
+            <% end %>
           <% end %>
         </p>
       <% end %>
diff --git a/spec/features/budgets/budgets_spec.rb b/spec/features/budgets/budgets_spec.rb
index 71ae6805a..d391dc9be 100644
--- a/spec/features/budgets/budgets_spec.rb
+++ b/spec/features/budgets/budgets_spec.rb
@@ -4,6 +4,7 @@ feature 'Budgets' do
 
   let(:budget) { create(:budget) }
   let(:level_two_user) { create(:user, :level_two) }
+  let(:allowed_phase_list) { ['balloting', 'reviewing_ballots', 'finished'] }
 
   context 'Index' do
 
@@ -77,6 +78,45 @@ feature 'Budgets' do
         expect(page).not_to have_css('div#map')
       end
     end
+
+    scenario 'Show investment links only on balloting or later' do
+
+      budget = create(:budget)
+      group = create(:budget_group, budget: budget)
+      heading = create(:budget_heading, group: group)
+
+      allowed_phase_list.each do |phase|
+        budget.update(phase: phase)
+
+        visit budgets_path
+
+        expect(page).to have_content(I18n.t("budgets.index.investment_proyects"))
+        expect(page).to have_content(I18n.t("budgets.index.unfeasible_investment_proyects"))
+        expect(page).to have_content(I18n.t("budgets.index.not_selected_investment_proyects"))
+      end
+    end
+
+    scenario 'Not show investment links earlier of balloting ' do
+
+      budget = create(:budget)
+      group = create(:budget_group, budget: budget)
+      heading = create(:budget_heading, group: group)
+      phases_without_links = ['drafting','informing']
+      not_allowed_phase_list = Budget::Phase::PHASE_KINDS -
+                               phases_without_links -
+                               allowed_phase_list
+
+      not_allowed_phase_list.each do |phase|
+        budget.update(phase: phase)
+
+        visit budgets_path
+
+        expect(page).not_to have_content(I18n.t("budgets.index.investment_proyects"))
+        expect(page).to have_content(I18n.t("budgets.index.unfeasible_investment_proyects"))
+        expect(page).not_to have_content(I18n.t("budgets.index.not_selected_investment_proyects"))
+      end
+    end
+
   end
 
   scenario 'Index shows only published phases' do