The great thing about the NDIS is that you are in control of your funding. Once your plan is established, it’s up to you to spend your funding.
This gives you a lot of freedom in choosing your supports and providers. But it can also cause some stress!
As your NDIS funding will renew every 12 months, it's important that you budget your funding across the entire year, so you do not run out towards the end of the year.
The Bright Plan Management team have collected our top tips below to help you budget your NDIS funds.
As a first step, we recommend listing out all your required supports and expenses.
It’s important to understand all your costs across the entire month, so you can adequately budget for them.
Calculating how much you spend or will spend in a month makes it easier to ensure that your funding will last across the whole 12 months.
Establishing service agreements
To make budgeting easier, we suggest creating service agreements with your providers. This agreement outlines the service they will provide, the frequency of the service and the cost of the service.
Having service agreements in place means that you can easily predict the costs you will incur when engaging their supports, which in turn makes it easier to budget.
Reviewing and adjusting
A key part of budgeting, especially when budgeting for a long time such as 12 months, is consistently reviewing your spending and possibly altering your spending depending on what you find.
By reviewing your budget every few months, you can easily notice if you are spending too much of your funding too quickly, and adjust your spending to get back on track.
Regular reviewing also helps alleviate stress about your money because it keeps you well informed.
If you’re finding managing your NDIS budget tricky or time-consuming, reach out to the team at Bright Plan Management today! Our plan managers can help you easily manage your NDIS funding.