What Is Daily Money Management?
Daily money managers (DMMs) provide personal assistance to clients who have difficulty in managing their personal monetary affairs. The services meet a continuum of needs, from organizing and keeping track of financial and medical insurance papers, to assisting with check writing and maintaining bank accounts.
What types of tasks a DMM will handle?
- Bill-paying, including calls to payees regarding incorrect bills and preparation of checks for clients to sign.
- Balancing checkbooks and maintaining organization of bank records.
- Preparing and delivering bank deposits.
- Organizing tax documents and other paperwork.
- Negotiating with creditors.
- Deciphering medical insurance papers and verifying proper processing of claims.
Will I be giving up my independence if I hire a DMM?
On the contrary, the assistance of a DMM is often the piece of life’s puzzle which allows many seniors to avoid guardianship or complete loss of independence. If you find that you are late in paying bills or do not understand certain financial forms that come in the mail, your family might pressure you to turn over your affairs to a legal representative. Often times, a twice-monthly visit from a DMM will allow you to keep your finances under your own control, with the DMM helping you to keep on track and to avoid errors which may have raised the concern of loved ones.
What is a typical client for daily money managers?
A typical client for a daily money manager would be a widow(er) who is not used to handling finances, and is inundated by insurance claims and bills. Although a senior client will usually prefer to have their adult children assist, they may in fact be busy professionals who are pressed for time or live out of town, making it difficult for them to help their parents.
