How to create a budget for your NDIS plan

Published at 29-01-2025 12:00:00

How to create a budget for your NDIS plan

Creating a budget for your NDIS plan is an essential step in ensuring your funding is used effectively to support your goals. A well-thought-out budget can help you make the most of your plan, avoid overspending, and ensure your supports last for the entire duration of your plan. Here’s a step-by-step guide to help you create and manage your NDIS budget.

Why budgeting is important

Your NDIS plan provides funding to help you achieve specific goals, but it’s up to you to allocate and manage that funding appropriately. Budgeting ensures:

• You have enough funds to cover essential supports throughout your plan’s duration.
• You can prioritize the services that matter most to you.
• You avoid unexpected shortfalls or running out of funds before your plan ends.

A plan manager can assist by keeping track of your spending, monitoring your budget, and providing reports to help you stay on track.

Step 1: Understand your NDIS plan categories

Your NDIS plan funding is divided into three main categories:

1. Core Supports: Everyday assistance related to your disability, such as personal care, transport, or consumables.
2. Capital Supports: Funding for assistive technology and home or vehicle modifications.
3. Capacity Building Supports: Services designed to help you develop skills and achieve your long-term goals, such as therapy, training, or employment support.

Knowing how your funding is allocated across these categories is crucial for creating an accurate budget. If you want to learn more about each of these categories, see our previous resource: Understanding NDIS support categories

Step 2: Review your plan goals and priorities

Your NDIS plan is based on the goals you’ve set. Review these goals and consider the following:

• What supports or services are essential to achieving your goals?
• Are there services you want to prioritize over others?
• Do you have any upcoming activities or changes in circumstances that may require additional support?

Understanding your priorities will help you allocate your funds effectively.

Step 3: Break down your funding allocations

Your plan includes specific amounts allocated to different support categories. Break down your funding into smaller sections based on the types of services you’ll use. For example:

• Personal care: $X per week.
• Therapy sessions: $X per session, X times per month.
• Consumables: $X per month.

This step ensures you have a clear picture of how much funding is available for each area.

Step 4: Calculate your weekly or monthly budget

To ensure your funding lasts for the entire duration of your plan, divide your funding into weekly or monthly amounts. For example:

• If you have $10,000 in Core Supports funding for 12 months, divide $10,000 by 52 weeks to calculate your weekly budget.

This method helps you avoid overspending early in your plan and ensures your funding is spread evenly.

Step 5: Track your spending regularly

Budgeting isn’t a one-time activity—it requires ongoing monitoring to ensure you stay on track. Use tools like:

• The NDIS Participant Portal (myplace) to view your funding and spending.
• Budgeting apps or spreadsheets to track your expenses.
• Your plan manager’s dashboard, if you use plan management services, for real-time updates on your funding.

Step 6: Plan for contingencies

Unexpected expenses can arise, so it’s a good idea to set aside a small portion of your funding as a buffer. This can help cover unplanned services or emergencies without impacting your regular supports.

Step 7: Review and adjust your budget as needed

Your needs or circumstances may change during your plan’s duration, requiring adjustments to your budget. Regularly review your spending and discuss any changes with your plan manager or support coordinator.

Tips for managing your NDIS budget effectively

1. Prioritize essential supports
   • Focus on the services that are critical to your daily life and goals. Avoid spending on non-essential items until you’ve ensured your core needs are covered.
2. Communicate with your providers
   • Discuss your budget with your service providers and ensure their fees align with your plan. Ask for quotes or service agreements before committing to services.
3. Stay within NDIS price limits
   • Ensure the services you use comply with the NDIS Price Guide to avoid paying out-of-pocket for services that exceed your funding.
4. Seek professional guidance
   • If budgeting feels overwhelming, your plan manager or support coordinator can help you create and manage your budget. They can also provide advice on how to maximize your funding.
5. Request a plan review if needed
   • If your needs change or your funding is insufficient, you can request a plan review from the NDIS. Be prepared to provide evidence, such as reports or invoices, to support your request.

How Just Plan Managers can help

At Just Plan Managers, we specialize in helping NDIS participants create and manage their budgets effectively. Our team can:

• Track your spending to ensure your funding is used appropriately.
• Offer advice on how to make the most of your funding.
• Assist you with navigating the NDIS Price Guide.
• Provide you, your carers and support coordinators with access to our portal where you can view and track your funding, as well as receive monthly reports on your spending.

Final thoughts

Creating a budget for your NDIS plan is essential for making the most of your funding and achieving your goals. By understanding your plan, tracking your spending, and seeking support when needed, you can take control of your NDIS journey with confidence.

Get in touch

If you need help creating or managing your budget, Just Plan Managers is here to assist. Call us on 1300 217 037 or email us at info@justplanmanagers.com.au to learn how we can support you in achieving your goals.