How does planning and forecasting help?
Humane allows you to plan your NDIS budget easily.
For each budget category, you can enter the repeating sessions (e.g. Physiotherapy every week at $150/hour) that you would like to have. Based on these, Humane gives you a forecast showing exactly how much funds you would have left by the end of your NDIS plan. You can add or remove sessions, change price or frequency of different sessions to build a schedule that helps you achieve your goals and make most of the plan.
It also allows you to make sure that you do not overspend or underspend your funds.
How do I plan and forecast my funds?
To do this, click on the 'Plan Budget' option from the left navigation bar. Now from the dropdown at the top, select the budget category you want to plan for.
Now, the 'Plan Duration' tab will be selected automatically. In this example, the NDIS participant Harry has just joined the platform in November but his plan started in June. He has already spent $4500 which he added during onboarding.
The red area shows the funds that have already been spent. This includes both 'Estimated initial spend' added during onboarding + spend from sessions recorded on the platform.
The dotted line shows you the ideal spend for each month. As you can see in the image above, for the month of November the red area is much lower than the dotted line.
You can learn more about how this chart works here How do I understand and best use the 'Plan Duration' chart on Budget page?
Your aim should be to plan your funds so that by the end of your budget duration, your planned budget matches the dotted line. There should be no gap between the two. But when you start planning, most likely there will be a gap which might look something like this, as shown below.
You can also refer to the cards at top of the chart i.e. Total budget, Spent, Planned and Remaining. Your aim should be to have the remaining funds as 0, i.e. all of the funds should be planned for.
Now, to plan for your budget, use the 'Plan Future Spending' section and click on 'Add repeating sessions' button.
For example, say you have a 'Support Worker' that comes in every week on Tuesday and Thursday.
Click on the 'Add Future Spending' button from the 'Planned Spending' section, and fill in the details for Support Worker session for every Tuesday as shown below. below, I have put in the start day as the nearest Tuesday and the end date as Tuesday before end of the plan.
After adding the session, you will see the chart update, and now the gap between 'Ideal Spend' and 'Forecasted Spend' decreases for each month.
Every session that you add here, automatically appears in the 'Track Support' page for you to easily track. You can find more details in other help articles.
Similarly, you can add another planned session for Thursday. After you add each planned session, you will see the chart update, and the gap between ideal and forecasted spend decrease.
You can keep adding planned sessions until you have planned for all your budget for the category. As you can see from the planning widget on the right as pointed in image above - "Every week you can spend $300.71 more to meet your target." This is a very simple tool that allows you to know exactly how much more you can plan for.
After we add, we can see that now the forecasted spending matches ideal spend. Woohooo!
We can confidently spend for the rest of the plan knowing we'll not run out of funding.
You can always update your planned sessions and plan again accordingly if your needs change over time.
Updated on: 13 / 11 / 2021