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Tristram's NDIS journey
Join Tristram as he shares his personal NDIS journey in this witty and inspiring video series.
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Keeping track of my NDIS budgets
"Plan Partners have been instrumental in helping me, they've been incredibly supportive of my sporting dreams and aspirations. I can continue doing all these things that I love because I've got my NDIS plan in good shape." Tristram, Aussie Powerchair Team and Plan Partners' Customer
Episode 13 - Keeping track of my NDIS budgets
Tristram shares the importance of not overspending or underspending your NDIS budget and ways to keep track of your funds.
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Show Transcript
<p><strong>[00:00:00]</strong> Overspending, underspending, and tracking your spending to make the most of your plan.</p>
<p><strong>[00:00:13]</strong> Hi everyone, welcome to another episode of My NDIS Journey.</p>
<p><strong>[00:00:19]</strong> Congratulations, you've got your own plan, which is absolutely amazing.</p>
<p><strong>[00:00:23]</strong> Today we're going to look at why managing your budget is so important to making the most of your NDIS plan.</p>
<p><strong>[00:00:30]</strong> Your plan length can vary — it could be six months, twelve months, or even up to two years.</p>
<p><strong>[00:00:36]</strong> Make sure you check the end date of your plan, because that’s how long your budget needs to last.</p>
<p><strong>[00:00:48]</strong> Two things to be really mindful of when budgeting your plan are overspending and underspending.</p>
<p><strong>[00:00:57]</strong> Overspending is when you use your funds before the end date of your plan.</p>
<p><strong>[00:01:03]</strong> This can be a problem because you may go through a period of time without funds for your supports.</p>
<p><strong>[00:01:10]</strong> While you can request a plan review to access more funds, this takes time and can cause disruption.</p>
<p><strong>[00:01:20]</strong> Underspending is when you don’t use all your funds by the end date of your plan.</p>
<p><strong>[00:01:24]</strong> This is okay, but not ideal.</p>
<p><strong>[00:01:26]</strong> For example, you might only use 50% of your core support budget because you struggled to find support workers.</p>
<p><strong>[00:01:38]</strong> When you have your plan review, the NDIS uses your spending as evidence of what you need for your next plan.</p>
<p><strong>[00:01:46]</strong> It’s important to be able to justify any underspend going into your review.</p>
<p><strong>[00:01:54]</strong> To prevent over or underspending, actively tracking what you spend is essential.</p>
<p><strong>[00:02:02]</strong> If you are self-managed, you can log into the NDIS portal to monitor your spending week by week and month by month.</p>
<p><strong>[00:02:09]</strong> Creating a budget ensures that by the end of your plan, you're on track with your funding.</p>
<p><strong>[00:02:17]</strong> This helps you adjust your spending if you notice you’re over or underspending.</p>
<p><strong>[00:02:24]</strong> Alternatively, if managing this feels overwhelming, a plan manager might be the solution for you.</p>
<p><strong>[00:02:33]</strong> A plan manager administers your funds, pays your invoices, and tracks your spending.</p>
<p><strong>[00:02:39]</strong> They can notify you if they see signs of overspending or underspending and help you adjust accordingly.</p>
<p><strong>[00:02:50]</strong> If you're self-managing but finding it too much, you can request a plan manager at any time during your plan.</p>
<p><strong>[00:03:00]</strong> Speak to your LAC, planner, or support coordinator to adjust your plan and have plan management funded.</p>
<p><strong>[00:03:13]</strong> Plan managers can provide helpful overviews of your spending.</p>
<p><strong>[00:03:20]</strong> For example, Plan Partners provide monthly overviews and access to a useful dashboard.</p>
<p><strong>[00:03:26]</strong> Through the dashboard, you can review spending, check invoices, and make reimbursement requests.</p>
<p><strong>[00:03:33]</strong> This gives you support while ensuring you still maintain control over your plan.</p>
<p><strong>[00:03:37]</strong> For more information on managing your funds, check out past episodes of My NDIS Journey.</p>
<p><strong>[00:03:47]</strong> For more details on tracking your funding or how plan management can assist, visit planpartners.com.au or contact their expert team.</p>
<p><strong>[00:03:59]</strong> For more information on the NDIS and your journey, head to planpartners.com.au.</p>
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