How to make the most of your NDIS funds?
1. Track your spending
Tracking your spending on a regular basis is a great way to make sure you don’t under-spend or over-spend your NDIS funds. Dividing the amount left in your budget by the number of months left in your plan will give you a good idea of how much to spend each month.
If you are managing your NDIS funds yourself, it is necessary to keep track of each expenditure and adjust the balance accordingly in order to fully utilize your NDIS funds. This can be very laborious and tedious.
2. Managing with an independent administrator
More and more people are choosing independent administrators to manage their NDIS programs. Currently, more than 54% of NDIS participants use an independent administrator. An important consideration when choosing an Independent Administrator is whether or not the organization offers an application that allows you to log in at any time to track your spending and see how much money is left in each category.
3. Allocate your expenses throughout the year
While it is a good idea to “save for a rainy day,” the NDIS is there to help you pay for disability-related services and supports. Your NDIS budget should be enough to cover the cost of consumables, other supports, and other expenses throughout the year. It is helpful to allocate a portion of each budget category to things you know you need, especially for flexible funding, such as consumables. Once you have received your NDIS funds, review the budget breakdown you made in preparation for your planning meeting. Divide the approved funds into 12 parts for each category to give you a monthly amount to work with.
4. Allow plenty of time
Some expensive assistive technology, home and vehicle modifications may require longer lead times. If you have funding for these items in your program, start your program early so you have enough time to get a quote, book installation and wait for delivery. After a new crown, longer than usual waiting times may be required due to ongoing staff shortages and product delays.
5. Flexible use of core support budgets
Core Support is a very flexible budget, meaning you can use funds from one Core Support category to pay for another. Depending on your goals, you may choose to use this funding to support volunteering, work experience or gaining new skills.