Easy steps to managing your NDIS budget

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NDIS budget management doesn’t have to be overly complicated for self-managing participants. This guide will help you keep track of your NDIS funding

Self-managing your NDIS funding gives you greater choice and flexibility to plan the support you need. However, it also comes with extra responsibilities.

As a self-manager, you’re responsible for NDIS budget management for the duration of your NDIS plan. This includes purchasing the right supports, claiming and paying for them on time, plus maintaining up-to-date records.

It takes careful planning and organisation to keep your funding on track and make sure it lasts for the length of your plan. This can be time-consuming and feel overwhelming to start off with. Take a look at the following steps to make the process more simple:  

Step 1: Understand your NDIS budget

Your NDIS plan will outline the types of support budget you have available for the duration of your plan. These supports are in addition to help you may already receive from family, friends and other community or government services.

There are three types of support budgets available:

  1. Core supports budget: This budget funds consumables, assistance with daily activities,  social and community participation, and transport.
  2. Capacity building budget: This is allocated across eight sub-support categories: matched to your NDIS plan goals. These are:
    • Choice and control, e.g. training in planning and plan management
    • Daily activity, e.g. therapy that builds your capacity to participate
    • Employment, e.g. employment assessment and counselling
    • Health and wellbeing, e.g. exercise advice to reduce the impact of disability
    • Home living, e.g. support to find and retain accommodation
    • Lifelong learning, e.g. support to move from school to higher education
    • Relationships, e.g. support strategies for reducing behaviours of concern
    • Social and community participation, e.g. life skills development and training.
  3. Capital support budget:  This is specifically for assistive technologies and home modifications.

It’s important to note how much funding you have allocated for each budget before you start making purchases/employing carers.

Step 2: Spend your NDIS budget wisely

Once you understand the funding available to you, you can now choose the right supports for the best NDIS budget management.

Supports must be linked to the goals outlined in your NDIS plan, and there are different types of support providers available, with different areas of experience and expertise.

As a self-manager of an NDIS budget, you have the option to:

  1. Buy your supports from a registered or unregistered business or organisation
  2. Use self-employed contractors who are registered or unregistered providers
  3. Directly employ and manage people to support you or the person in your care

Before you purchase any supports, you should consider:

  • Value for money: Is the cost of support reasonable compared with other options?
  • Quality: Is the quality of the support high and helping you meet your goals?
  • Quantity: How much support will you need over the length of your plan?
  • Budget: Can you afford the amount of support you need?

Step 3: Keep track of your expenses

As you pay for your support workers, you’ll need to track what money is coming in and what payments are going out. This is also necessary for better NDIS budget management.

Keeping a separate bank account for your NDIS funds is mandatory and helps with the management of your plan. It also makes sense to use dedicated NDIS support software, which will give you real-time online reporting and show you at a glance how much you are paying for care.

Step 4: Meet your reporting requirements

An important part of NDIS budget management is showing how you’ve spent your funding. You need to demonstrate at your NDIS plan review meeting that the supports you’ve purchased have helped you reach your identified goals.

You also need to keep records of any invoices, pay slips and bank statements as evidence that you’ve managed your plan responsibly.

Self-managing your NDIS plan is a hands-on approach which offers greater choice, control and flexibility. If self-managing is the right choice for you, Real Support Choices can make it easy to track, budget, report and spend wisely. This software was created with the help of NDIS participants to make self-management far less complicated.

READ MORE: NDIS SELF-MANAGING: HOW TO MAXIMISE YOUR NDIS BUDGET

Real Support Choices: Self-managed NDIS made easy

If you have decided to self-manage your NDIS care, Real Support Choices can save you time and money. This helpful app makes it easy to:

  • Book carers
  • Create rosters
  • Manage payments
  • Track your budget
  • Update timesheets
  • Report on your expenditure
  • Store all financial records
  • Manage the secure transfer of funds to your carers
  • Manage all employee obligations

Click. Click. Done.

Real Support Choices will save you THOUSANDS.

Visit Click Here to start your FREE 30 Day trial (valued at $99)

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