How to manage your NDIS budgets
When you have an NDIS plan, it’s essential to manage the funding efficiently if you want to meet all your goals. However, many NDIS participants don’t achieve their goals when they receive their NDIS funding. At Assist Plan Managers, different people have spoken to us and told us about their experience with their NDIS plans. Most admit they need to improve how they spend their funding to manage it better. We have come up with different ways to help NDIS funding participants to execute their plan better. This page will be of great help if you are looking for tips to manage your NDIS budgets more efficiently.
Understanding NDIS budgets before planning
Recipients of NDIS plans have three main NDIS support budgets. They include the core support budget, capital support budget and capacity building budget. These budgets are different in their purpose, and it’s important to understand them, in order to make the most of the NDIS plan.
Core support budget is meant to fund consumable items, social and community activities, transport and help with your daily activities. The capacity building budget covers the highest number of events that are meant to make you achieve your NDIS goals. They include:
Social and communal activity participation
Extensive learning, including learning to higher education
Home living, especially for you to get and retain a home
Health and wellbeing, including exercise
Daily activities like therapy
Employment counselling and interviews
Capital support budget, on the other hand, assists NDIS plan participants to be updated with technology and modify their homes.
Spend the NDIS budgets wisely
When you start to understand the different NDIS budgets, you need to ensure that you spend your budgets wisely. You can get NDIS Support Coordination providers to help you coordinate your budgets. Also, you should ensure that you reduce the number of people who offer you NDIS services so that you do not spend too much money paying them for the NDIS services you get.
Ensure that you are keeping track of your expenses
As you pay for your NDIS support coordination, NDIS services and spend your NDIS funding, you have to ensure that you keep track of all your expenses. This will be essential in NDIS budget management and also help you to avoid overspending your NDIS budgets.
Have the right plan manager
With the right plan manager, you will be able to get all the help that you need when it comes to using your NDIS funding and budgets. The right plan manager will give you confidence using your budget knowing someone will be managing it to avoid any issues.