Do you fantasize about someone paying your bills and keeping you organized with your money and budget? Are you exhausted trying to assist an aging parent with keeping up on their finances? Are you one of many adults who struggle with money due to a neurological processing difference?
Good news! Hiring out the chore of bill-paying is not just for the rich and famous. In fact, there is a whole professional group out there waiting to assist people of normal means.
I give you, drumroll please, Daily Money Managers! From the American Association of Daily Money Managers website, “Daily Money Managers (DMMs) deliver essential personal financial services to seniors and older adults, people with disabilities, busy professionals, high net worth individuals, small business and others.”
Just what can a DMM help you (or your loved one) do? Again, from the website:
- Bill paying, including calls to payees regarding incorrect bills and preparation of payments for client approval.
- Reconciling checking accounts and investment statements.
- Preparing and making bank deposits.
- Organizing tax documents.
- Negotiating with creditors.
- Reviewing medical insurance papers and verifying proper processing of claims.
- Providing general organization of financial papers and systems.
- Referring clients to legal, tax, and investment professionals and to community resources.
Some, but not all DMMs will also provide additional services, such as:
- Notary services.
- Accepting responsibility to act as power-of-attorney or representative payee for Medicare.
- Fiduciary services such as trustee, executor, conservator, guardian, or health care proxy.
- Preparation of payroll checks for home employees including calculation of Federal and state withholding and FICA taxes.
- Financial counseling.
- Preparing budgets or spending plans.
- Preparing plans to reduce debt.
Where I see this helping my clients is when they are caring for loved ones by helping with day-to-day finances.
Sometimes, the caregiver doesn’t have the time or energy to pay bills other than their own. In other situations, the person who needs help with financial activities doesn’t want their kids/relatives all up in their business and would prefer a non-family professional to provide the help.
Whatever the reason, investigating the services of a Daily Money Manager could provide welcome relief if you are overwhelmed with taking care of a loved one’s finances – or even your own.
