Funds Management 101
As an NDIS participant, the last thing you do not want to happen is to be overwhelmed with too many details on how to use your funding so that you can achieve your goal towards independence. Clearly defined goals stem from clearly identified needs. At Yogi Care, reaching your goals is our utmost priority that is why we have provided you with tips to help you maximize your funds.
1.Identify your needs- So that you will not be overwhelmed, departmentalize your needs according to these areas
Daily Living – self-care challenges, consumables you need to assist you with daily life activities, ATs you need to move around or attend your appointments
Social and Community participation – do you need assistance from a support worker to gain access to social and community participation? Identify how often do you want to get involved and how many support workers will you be needing
Work – do you need help accessing jobs that will fit you? Or do you need assistance in building skills for you to find a job or do you need support to keep your job?
Health & Wellbeing – do you need a 1 on 1 training to manage your weight? do you need help with meal preparation? do you need further knowledge on how to independently make healthy hearty meals? do you need to access physiotherapy, psychology, occupational therapy? how often? Do you need an additional support worker for you to attend your appointments?
Academics – do you need further education to upgrade your skills? Do you need AT to assist you with your learning? Do you need a support worker to help you go to and from your school?
Improved Relationships –do you need to improve your social skills? Do you need behavioral support to boost your self-esteem in dealing with other people?
2. Set up your goals
Laying out clear goals can be tricky as you cannot be too specific about it. Instead of saying I want to access art therapy so that I will be able to express myself in a creative way and build my confidence in relating with others, you say “ I want to be able to learn how to effectively communicate with others in a unique way and learn how to express myself creatively”, the latter still states your goal by not being too specific about it which means not limiting your options to accessing art therapy alone.
3.Understand and prepare for your plan
The NDIS itself is a whole new ecosystem. It has different terms which you need to be familiar with. Never be afraid to ask and make clarifications with your LAC about the terms you need to know, the support system put in place for you, and of course, the funding which you need to fully grasp as it has its own definition and scope in terms of coverage. If in the event that you do not agree with your funding, you always have the choice to ask for a review but you have to be ready with documents and information to explain why you think your plan is not fit for you.
3. Identify your informal supports: friends & family
Informal supports are any form of support or assistance given freely by a family member, relatives, and friends. It is important to note that the NDIS does not fund these services as it is not deemed as reasonable and necessary. Once you identify your informal supports, you will be able to identify the gaps as to which areas your informal supports are not available for you.
5.“Plan your Plan”
This simply means to plan how you manage your plan. The NDIS gives you options on how you manage your plan, it is important to choose what suits you and which option gives you the opportunity to focus on yourself and achieving your goals. Most plans are designed to last for 12 months, but in some cases where the needs will less likely change with a longer period , the plan usually lasts for 2-3 years. It is important that you manage your plan properly to prevent you from underspending or overspending it as you do not want to incur any out-of-pocket expense. Monitor your activity bills or fees you incurred from the supports you are getting so that you will be able to see the trend. If you think, this task can be daunting for you, do not fret, as you can always let somebody else do it for you. Another great option and is now getting traction in the management of funds is Plan Management. With Plan Management, you get help from people with strong financial expertise. You never have to spend extra hours tracking your funds as they can do it for you.
Quit the worrying, maximize your NDIS plan, and be Plan Managed with Yogi Care. We offer you nothing else but excellent customer service and our expertise.