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Daily Money Managers for Seniors

Many seniors use a daily money manager and it is important to understand the service to have insight on elderly financial assistance needs.

Photo of Andres Murillo
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Daily money management programs are a service for seniors that are not able to take care of their financials. Daily money managers (DMMs) are experienced in handling financials and are essentially  a personal financial assistant to their clients. DMMs can assist elderly individuals with handling anything from routine bill-paying to more complicated tasks like filing medical insurance claims.

Some of the many tasks daily money managers can perform include:

  • paying bills
  • maintaining financial records
  • preparing checks
  • preparing budgets
  • making bank deposits and reconciling bank accounts
  • dispensing cash
  • balancing checkbooks
  • organizing tax documents
  • keeping track of medical insurance claims
  • reviewing and sorting mail
  • negotiating with creditors
  • tracking investments

In general, it is a paid service. Daily money managers can cost between $30 to $100 an hour. In addition most DMMs charge for miscellaneous expenses such as travel time and any other out of pocket expenses.

According to an article by NOLO “In most cases, when elders need help managing money, adult children or relatives step in. Yet often adult children live far away or have busy lives that make daily, hands-on money management difficult or impossible.” DMMs are the solution to help with some or all daily money management tasks.

A DMMs are not professionals accountants, investors, or social servicers; instead, their work complements the work of other professionals.

Sources:

http://www.aadmm.com/dmms_and_you.htm

http://www.nolo.com/legal-encyclopedia/daily-money-management-programs-seniors-32269.html

http://www.elderlawanswers.com/daily-money-managers-can-help-assist-seniors-with-financial-matters-9167

What is a provocation or insight that might inspire others during this challenge?

Financial Institutions should recognize the needs of elderly and work hard to serve those needs.

Tell us about your work experience:

I am a senior Management Information Systems major at the University of Texas at Austin.

Specifically, please check all that apply:

  • I'm not currently involved in a credit union, but am curious to learn more!

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Photo of Hasan Ahmed Ansari

Nice article Andres. I was surprised to find out about Daily Money Managers (DMM). What is even more surprising for me is that these people tend to charge a more than decent amount for their services. It would be interesting to see if banks (or other financial services) may go onto integrate DMMs into their ranks in the near future. Especially given that life expectancy has increased over the course of times and we are likely to see a drastic increase in the number of senior citizens in the foreseeable future.