Top tips to budget your NDIS plan more effectively
Budgeting is an important way to ensure you can get the most out of your NDIS plan. Both overspending and underspending are common issues but there are plenty of strategies you can use to minimise the risk. Here are some top tips to help you with budgeting your NDIS plan.
- Understand your NDIS budget categories
Make sure you understand why you have been given the funding you have. Do you know what your budgets can be used for? If you would like help interpreting the information in your plan, just give us a call on 1300 800 110.
- Assist your planning by dividing your funding into months
Dividing your budget into smaller amounts may be helpful. This will make the funding easier to keep track of and you will know if you are under or overspending faster. Keep in mind there may be times throughout the year where you will need extra support, like during holiday periods. Be sure to take this into account.
- Use service agreements to help you forecast
Many providers will create service agreements where they will outline the prices that have been agreed upon for the plan period. You can use these service agreements to forecast how much funding you will have left in your NDIS budgets after all the services have been provided.
- Use tools to help you track your funding
Once you start receiving supports, it can be tough to keep track of your funds. Some tools we provide to help you with this include:
- A client portal with both a Participant and SC login
- Monthly and weekly statements
- Email notifications
- SMS invoice notifications
How can we help with NDIS budgeting?
Using our client portal, you have access to the information you want, when you want it. You can use our portal to:
- Check the status of invoices that are currently being processed
- View your payment history
- Request and view funding reports
Our portal has a login for both Participants and Support Coordinators, creating an easy place to get the information you need.
Weekly and monthly statements
We provide weekly and monthly statements so you can keep track of your remaining funding.
Our monthly statements are comprehensive and will outline all the invoices we have claimed this month on your behalf and provide a breakdown of the remaining funding.
Our weekly notifications provide an overview of the funding in your budgets as of the day it was sent.
Email and SMS invoice notifications
If you want to be notified when we receive an invoice to be claimed from your NDIS funds, we offer options for email notifications via our client portal and SMS text notifications.
What happens if you’ve overspent?
If you are projected to run out of money, make sure you consider your options:
- Talk to your service providers and see if there are any ways they could accommodate your funding situation to ensure you don’t have a gap in supports.
- Consider cheaper alternatives to your supports. For example, consider group supports where a support worker looks after multiple participants instead of one-on-one supports.
- Contact your SC or LAC about your plan funding and see whether you should request a plan review. The process can take a while and isn’t guaranteed to be successful, so it isn’t good to rely on one.
If you have any questions about your NDIS spending or need advice on ways you can use your funds, get in touch with us by calling 1300 800 110 or sending an email to firstname.lastname@example.org.