NDIS provides its participants with the funds to fulfil their needs and help them live independently. These funds are divided into three categories Core, Capacity Building, and Capital support, with each category providing participants with funds to spend on specific support and services. There are two kinds of supports under these categories:
Flexible: Core support is the most flexible support of the three, as it allows you to spend your funds on anything you want to buy.
Fixed: Capacity Building and Capital support, on the other hand, can not be spent on anything other than what has been mentioned in your NDIS plan.
Ebenezer Mission provides NDIS daily living support in Sydney and other NDIS-related services and support. They have a team of professional individuals to help you manage your plan the right way and move towards your goals.
What Can I Spend My Funds On?
NDIS allows you to use your funding for several different supports. You can access daily assistance, transport, medical help, education, home modifications, assistive technology, and anything necessary and reasonable to improve your living situation. All these supports are divided into the categories above. You can check the details about each budget to see which support falls under which category and the conditions for spending them.
How Can I Spend My Funds Smartly?
People often over and underspend their NDIS funds and then are left wondering what to do afterwards. We have made this guide to help you plan your NDIS funding in a way that will save you from any mishaps in the future.
1. Understand Your Plan
NDIS plans are not as easy as they may seem to some people; you will need professional help to understand everything on your plan fully. You cannot spend your funds wisely without understanding your plan. After all, everything you will need in the next 12 months is mentioned in your plan, so you have to plan your spending by keeping your plan in mind.
2. Use A Registered Provider
Many NDIS providers are not registered by the Government but are still operating, it is harder to trust an unregistered provider, and you shouldn’t do that. Get a registered provider to manage your NDIS plan. Professional service providers can guide you about spending your funding more effectively.
3. Keep Track
Hiring a service provider to manage your funds is not the final thing you need to do; keeping track of your funding is also your duty. Your service provider can manage the funds on your behalf, but you should also know where your funds are spent and how much of the funds are left to spend. Try to be as involved as you can.
4. Review Regularly
NDIS schedules a plan review meeting mostly after 12 months, but that should not be the only review of your plan. NDIS cannot review your plan regularly, but you can. Make sure you check your NDIS plan and funds regularly to know what works in your favour and isn’t. If something is not working and you keep spending your funds on it, you will end up overspending your funds, look for something else that might work for you so your money doesn’t go to waste.
Ways To Manage NDIS Funds
There are three ways to manage your NDIS funds; you can evaluate and choose which method works for you:
Self-Managed
This method allows you more independence. Self-managing your funds will enable you to spend your funding however you want without any interference from anyone. You can connect with service providers and negotiate the prices as you like.
Plan-Managed
Plan management is when NDIS provides funding to hire a professional plan manager to manage your funds on your behalf. The plan manager can present options for you to choose from, which makes decision-making easier, and he also keeps track of your funding which is beneficial for your mental health because you don’t have to stress about the funds anymore.
NDIA-Managed
In this method, the NDIA provider manages your funds; it is also called Agency-managed. Under this method, the NDIA will keep a record of your spending, and your options for hiring a service provider will also be limited to the providers registered with the NDIA.
If you want to know more about NDIS daily living support in Sydney and how you can spend your NDIS fund smartly, reach out to Ebenezer Mission, and their team will guide you as best as possible.
