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.