4 tips to avoid underspending your NDIS budget
Many Australians who receive the National Disability Insurance Scheme (NDIS) support struggle with managing their funding correctly and ensuring nothing goes to waste. Underspending your budget can be dangerous—it means you may not be getting all the support you’re entitled to, and you may struggle to achieve the goals set out in your plan.
If you’re having trouble with your NDIS budget, consider contacting an NDIS provider such as Instacare to help maximise your control over your spending.
Or, read on to learn more about how to avoid underspending NDIS budget issues.
1 - Understand what to do once you receive your plan
The simplest way to avoid underspending your NDIS budget is to be knowledgeable about your plan. Read through your plan carefully and make sure you have an understanding of the language used, support categories and budgets.
Unfortunately, NDIS plans can be complicated and difficult to understand. You may not be sure about how exactly to spend your budgets and which support categories to prioritise. Some support categories may require more spending than others, and this can be not easy to coordinate. At Instacare, we provide support coordination services that can help you with negotiating prices, obtaining quotes and monitoring your spending to ensure every dollar is well-spent.
2 - Find the right service providers
Finding the right NDIS service providers can be a difficult task, particularly for people living in regional areas. If you struggle to find suitable service providers, you may underspend your budget.
The easiest way to find suitable service providers is to work with an NDIS specialist. At Instacare, we will work with you to find all the support services you’ll need to make the most of your plan and budget.
3- Keep on top of your support providers’ invoicing
Another important tip for managing your budget well is to keep on top of payments and invoices. Stay in touch with your support providers to ensure they are providing regular invoices. This will help you with budget tracking and allow you to assess if any changes should be made.
Late invoices can throw your budgeting off-track and lead to underspending. For easy tracking, it’s a good idea to request for your invoices to be sent out on the same day each month.
4- Track your spending with spreadsheets
Keeping an up-to-date spreadsheet to track all of your spending for each support category can help you ensure every dollar is spent. Budget actively and record every payment made. If you prefer to work on paper, keep all of your invoices, receipts and payment records in a safe space and review them regularly to ensure your spending adds up.
If you choose to work with an NDIS plan management provider, they will help your stay on track with your spending and notify you of every processed invoice. This way, you’ll avoid underspending by staying informed.
If you have any other questions about your NDIS plan or budget, contact the friendly team at Instacare today.