WHY DO YOU NEED A DAILY MONEY MANAGER (DMM)?

WHAT DOES A DAILY MONEY MANAGER (DMM) DO?

A Daily Money Manager (DMM) brings clarity and order to an individual’s daily management of personal bills, budgets and record keeping. A Daily Money Manager (DMM) assists clients with activities such as bill paying, day-to-day banking,budgeting, insurance paperwork, and organizing records and receipts in preparation for income tax filing.

WHO NEEDS THE HELP OF A DAILY MONEY MANAGER?

A research study conducted by the Brookdale Center for Healthy Aging and Longevity of Hunter College states: “For vulnerable older adults, management of daily financial obligations can become an overwhelming burden, quickly spiraling into adverse behaviors and at-risk situations such as unpaid bills, un-deposited checks, and the terrifying consequences of cut-off utilities, bank foreclosures, evictions, and financial exploitation.”

An experienced Daily Money Manager (DMM) can provide day-to-day personal financial services for elderly parents, giving peace of mind to children that their parents’ financial affairs are being taken care of properly and professionally. Hiring a Daily Money Manager (DMM) may allow some seniors with health challenges to avoid guardianship and a complete loss of independence.

Daily Money Management is also helpful for busy professionals who travel often and don't have the time to take care of their financial matters in a timely manner. A Daily Money Manager (DMM) can also help a young professional get a solid start managing their financial affairs as they begin their careers.

WHAT SORTS OF TASKS DOES A DAILY MONEY MANAGER (DMM) TYPICALLY HANDLE?

In addition to bill paying, day-to-day banking, budgeting, and records organization, many DMMs are experienced with handling Medicare and other insurance paperwork. This service eliminates the stress and confusion that often comes with these tasks, offering seniors and their families increased peace of mind. Also, a Daily Money Manager (DMM) can be a vital link to help senior citizens access community resources they may not even have known existed. Many Daily Money Managers (DMM) are very knowledgeable about social support services for seniors – from Medicare home health benefits to Meals on Wheels.