NDIS Budgeting: How to Manage Your Funding and Make the Most of Your Plan
How to Manage Your Funding and Make the Most of Your Plan
23 May 2023 – Estimated reading time: 7 minutes
If you’re a NDIS participant or getting ready to access funding, you have many important choices to make. One of these is your budget. To make the most of your plan, you should familiarise yourself with NDIS budgeting and how to maximise it for your needs.
Don’t worry if you struggle with budgets or you’re new to NDIS funding – this article is designed to make things easier.
When you use the NDIS, you want to be confident your funds will last. This means spreading your expenses throughout the plan period and ensuring you have enough to work towards your NDIS goals, without overspending. It can be a balance to get it right. But with support from your team and tips to try, you can achieve your goals.
Let us show you how.
Make Your Needs Heard
Your needs are priority and as such, they must be shouted loud and clear to get the most from your NDIS funding.
Be specific about your disability needs when you engage with support services. The more information you give them, the better they can personalise your support.
NDIS budgeting works best when you can pinpoint the activities and services that can help you pursue your goals.
To do this, write down:
- What you need now and down the track
- What you’d like to achieve
- How can you get there
- What will motivate you to reach your goals
The list can be as long or as short as you like. Next, communicate this information to your support team and providers, so they can connect you to the best outcomes.
Choose Plan Management
If more independence is one of your goals, then you can choose plan management and still have control of your NDIS funding and services, without wasting time on admin.
There are three ways to manage your NDIS:
- Self-managed: you handle everything
- Plan-managed: you have a trusted partner to handle your plan and budgeting with your input, and they’ll pay providers on your behalf
- Agency-managed: the NDIA manages your funds, and you can only access NDIS registered providers giving you fewer provider options
While each has its own benefits and drawbacks, plan management is a flexible way to navigate the NDIS, handle your financial responsibilities and maximise your NDIS budgeting. It’s important to consider all options and decide which suits you.
Understand the Different Support Budgets
There are three levels of support budgets that help you achieve the goals in your plan. Some are more flexible than others. Knowing how they work and what things you can buy will make it easier to manage your funding.
- Core Support is the most flexible and supports everyday activities
- Capacity Building helps build your skills and increase your independence
- Capital Support is for home modifications and assistive technology
Use Your NDIS Funding – But Don’t Overspend
You’re entitled to your funds, so make sure you use it effectively.
The best way to do this is to track your spending. Your plan manager can help you with this. You can also use the budget calculator to manage invoices and support categories.
Make sure you:
- Set up service agreements with your providers so you know what costs to expect
- Avoid overspending with these tips
- Review and adjust your plan as your needs/goals change
- Know what the NDIS won’t cover ie: rent/mortgage payments, power, water and phone bills
- Learn the NDIS price guides and limits
Find Effective Ways to Use Your Funding
Knowledge is power when it comes to your NDIS budgeting and plan. The more you know and communicate, the more your support services can be adjusted to reflect your needs better.
Once you understand your funding, you can get savvy in how you spend it. For example, the core support budget is a great place to start. And your Capacity Building budget is a great way to build independence and improve your day to day life.
Your allied health professional or OT can recommend options.
It’s important to note that your supports must be disability related and represent value for money. You can refer to more information for reasonable and necessary to ensure your support meet NDIS criteria.
We’re Here to Help
NDIS budgeting can get complex quickly and spreadsheets aren’t for everyone, but at My Plan Assist, we’re here to help.
My Plan Assist is a qualified team who can assist you with the entire process. From monitoring your NDIS funding to reducing your admin tasks and helping you access reliable services aligned with your needs.
If you’re after a flexible, personalised approach to your plan contact us today to learn how we can support you.