Being worried that you are using your funding too quickly is a common pain point for NDIS participants. If you are worried about the rate that you are spending your funding, rest assured that you are not alone. Plenty of people worry about money, especially when that money allows you to access the supports you need.
The Bright Plan Management team knows that worrying that you are running out of funds is not pleasant, so we have put together a handy to-do list to tackle this problem.
Figure why you are running out of funds
First things first - you need to get to the source of the problem. You need to determine if you are in fact running out of funds, why this is the case. It’s also important to note that you can feel like you are running out of funding, but you are actually spending your funding in a sustainable way.
Some questions to ask yourself when figuring this out:
Does my plan have an adequate budget?
Do I regularly keep an eye on my funding?
Do I know how much my providers are charging?
Have any hidden costs cropped up that I wasn’t expecting?
Am I actually spending my funding at a reasonable rate?
Answering these questions may help you determine what is going on with your funding. Maybe your providers have charged more for overtime or added travel costs. It’s possible that your needs have changed and your budget no longer covers your required support. It’s also possible that you weren’t aware of how much funding you use on a regular basis and need to consider implementing a budget.
Act on those findings
After reflecting on your funding and how you currently spend it, you now need to take action. This action depends on what you learnt from asking yourself the above questions.
For example, if you believe your budget no longer covers your support requirements, your next step is to request a plan review.
If you notice your providers are regularly charging for extra time or travel, it might be a good idea to set up a service agreement with your providers to avoid any of these hidden costs.
Taking action will help you feel more in control of your funding.
If you find that it is hard to manage your funding, or that managing your funding causes you to worry about money, working with a plan manager can alleviate this stress.
Not only does a plan manager make sure all of your invoices are processed on time, they also keep track of your funding and will send you regular reports so you can put your money worries to the side.
If you’d like to hear more information about how a plan manager can help you manage your funding, reach out to the Bright Plan Management team today. We’re happy to help!