Financial management tips for NDIS participants
Published at 20-05-2024 10:15:00
Financial management tips for NDIS participants
Managing your finances can be tricky, especially if you are receiving support from the NDIS. It’s important to develop a financial plan to ensure you are making the most out of your funding. Here are some useful tips to help you manage your NDIS budget effectively and maximise your everyday funds too!
1. Understand your plan
First and foremost, make sure you fully understand your NDIS plan. Get familiar with the details of your funding and the types of services and supports that are covered. This will help you spend your money wisely and avoid using funds for non-covered items.
If you feel a bit confused, your NDIS planner, LAC, support coordinator and plan manager are all people who can help explain your plan to you!
2. Develop a budget
Creating a budget is an important step in managing your finances. It’s good to include all your NDIS payments, recurring expenses as well as other income sources. Make sure that you reguarly review this budget to make sure your evolving needs and any changes in your circumstance are correctly reflected in your plan. There are also many budgeting tools and apps that can help you stay organised!
At Just Plan Managers, we provide you access to our portal, which shows your budget and expenditure for your NDIS funding, so you can always have a quick and easy point of reference!
3. Set clear financial goals
Decide what you want to achieve with your NDIS funding and how it can assist you to achieve these goals. Whether it’s gaining more independence, accessing community services or improving your daily living skills, having clear goals will help you to prioritise your spending and stay focused!
4. Keep track of your spending
Make sure that you are regularly reviewing and monitoring your expenses to ensure that you are sticking to your budget. Keeping track of what you spend helps you to identify any expenses that might be unnecessary so that you can make adjustments as needed. You can use bank statements and financial apps to keep an eye on your transactions. Here at Just Plan Managers, we will provide you with a monthly statement that clearly highlights all your spendings. Our portal is also a big help in keeping track of expenses.
5. Prepare for unexpected costs
Life can be unpredictable, so it’s important to set aside some money for emergencies. Unexpected expenses like medical bills or car repairs can disrupt your budget. Having an emergency fund set aside can ensure that you are prepared for these situations without affecting your regular expenses.
6. Seek professional advice
If managing your finances feels overwhelming, don’t hesitate to seek help! Financial planners with experience in the NDIS can offer personalised advice to help you make the most of your personal funds as well as your NDIS funding. Support coordinators and community organisations can also provide valuable guidance.
7. Utilise a plan manager!
Plan management services can be a great help in managing your NDIS funds. Plan managers handle all the administrative tasks such as processing invoices and payments, keeping track of your budget, and letting you know if you are going over budget. This allows you to put more focus towards achieving your goals and maintaining your well-being!
Here at Just Plan Managers, we pride in bringing our expertise and support to you. We are here to help you navigate the complexities of the NDIS and make informed financial decisions.
In a nutshell
Effectively managing your NDIS funding is essential to make the most out of the support available. By understanding these tips, you can take control of your finances and improve your quality of life! Staying organised and proactive will help you achieve your financial goals and make the most of your NDIS plan.
Get in touch
If you have any questions, we’d love to help you out, call us on 1300 217 037 or email us at info@justplanmanagers.com.au and our friendly team will get back to you in no time.