Think of a Daily money manager as a financial assistant who lends guidance and order to older Americans, busy executives or folks who have money management difficulties on their own.
Zoe Morrison is a daily money manager who can help you decide whether comprehensive help or monthly reminders to pay bills is right for you.
Hiring the services of a daily money manager can mean the difference between living independently and residing in a nursing home.
Family members often breathe a sigh of relief when Daily Money Manager Zoe Morrison steps in to help. (Here is a list of tips on how to assist an elderly relative with their finances from Nolo: Helping Elders Manage Money & Finances.)
What Is a Daily Money Manager (DMM)?
Essentially, a daily money manager acts as a personal financial assistant.
Our most often requested services are:
- paying bills
- maintaining financial records
- preparing budgets and spending plans
- balancing checkbooks
- negotiating with creditors
- managing charitable donations that contribute to a ‘leaky budget’
We also can prepare checks for clients to sign, organize bank and financial records, prepare and deliver bank deposits and gather documents for tax returns.
Your Daily Money Manager can also help decipher medical bills and review bank statements in order to protect you from potential financial abuse or fraud.
We do NOT substitute for a good financial or legal professional. We are able to provide referrals to professionals like accountants, investment advisors, and lawyers.
How DMMs Can Help Elders and Their Caregivers
Helping with finances and avoiding service disruptions are some of the services we provide to those who:
- cannot keep track of bills and financial documents
- often forget to pay bills
- cannot write checks because of arthritis or other health problems
- have trouble getting to the bank
- can no longer manage money or finances, or
- are susceptible to financial scams.
There are many upsides to helping an older person handle their finances. Here’s a look at a few.
We help you maintain your independence
Our services can help you remain in your home longer, avoiding costly nursing home care. As a daily money manager, we make sure your bills get paid on time, checks are deposited, and taxes get paid. This helps avoid eviction, foreclosure, utility shutoffs, and other debt trouble.
Relieve Burden on Caregivers
Our services provide adult caregivers relief from some or all daily money management tasks. Often adult children live far away or have busy lives that make daily, hands-on money management difficult or impossible. We recommend a monthly review of our work and will provide materials so you can oversee our Daily Money Management performance.
As Daily Money Managers, we know how critical our work is in protecting the elderly from financial abuse or scams. We will review bank and credit card statements, looking for signs of abuse or fraud — such as large, unexplained withdrawals of money, checks written to charities or other groups in unreasonably large amounts.