Discover the Benefits of Hiring a Daily Money Manager

Hiring a Daily Money Manager (DMM) can provide a range of benefits, particularly for individuals who need assistance managing their day-to-day financial tasks. Here are several key reasons why hiring a DMM might be beneficial:

1. Financial Organization

• DMMs help organize and maintain accurate financial records, track bills, payments, and income, ensuring that nothing falls through the cracks. This is especially useful for those who find it difficult to stay on top of their finances due to busy schedules or complex financial situations.

2. Avoid Late Fees & Interest Charges

• By managing bill payments on time, a DMM can help prevent late fees, missed payments, and accumulating interest charges. This ensures that credit scores are maintained and financial obligations are met on time.

3. Budgeting & Spending Control

• A DMM can help set up a realistic budget, track expenses, and provide guidance on managing spending. This is particularly useful for individuals who struggle with overspending or want to optimize their finances.

4. Help for Seniors & Elder Care

• Older adults, especially those who may have cognitive or physical limitations, often benefit from the services of a DMM. They help manage finances as aging adults face increasing medical bills and complex paperwork while ensuring their security from financial fraud or abuse.

5. Financial Advocacy & Fraud Protection

• DMMs can act as advocates, providing oversight to protect individuals from financial scams, fraud, or misuse of their funds, particularly for vulnerable populations like seniors or people with disabilities.

6. Stress Reduction

• For individuals overwhelmed by financial responsibilities, hiring a DMM can relieve the stress and anxiety of managing daily finances. This allows people to focus on other areas of life without worrying about bills, statements, or finances slipping through the cracks.

7. Support for Busy Professionals

• People with demanding careers or entrepreneurs often find it hard to devote time to managing personal finances. A DMM can handle bill payments, expense tracking, and financial organization, allowing busy professionals to focus on their work and personal priorities.

8. Assistance for Families & Caregivers

• Family members who are caregivers for aging parents or relatives can outsource the financial management responsibilities to a DMM, ensuring finances are managed correctly and freeing the caregivers to focus on other aspects of care.

9. Peace of Mind

• Knowing that a professional is handling your day-to-day financial management provides peace of mind. You can be assured that your bills are being paid, your records are in order, and any potential financial issues are being addressed promptly

In summary, a Daily Money Manager can be an invaluable asset, particularly for those needing assistance with the day-to-day aspects of financial management, including seniors, busy professionals, and individuals with complex financial lives.

Personal Client Story:I currently serve as Durable Power of Attorney (POA) for one of my elderly clients, a role she asked me to take on "when the time comes." Her attorney created the POA in 2018, and just last week, we visited her bank, Bank of America, to have the legal document reviewed and activated. The Bank had their Legal Department review it and they have their own POA forms that must be completed.

We’ve worked together for many years, and I’m grateful she made this decision in advance. Now in her 90s, her memory isn't as sharp, and writing checks has become increasingly difficult for her. She always planned to hire a person to manage her day-to-day finances. In fact, she shared that her parents had someone come in to pay their bills, and she wanted the same—rather than relying on a trust officer or a large institution.

In addition to my role, she has a financial advisor who manages her investments and a CPA who handles her tax returns. Together, we collaborate to ensure her affairs are managed in her best interest.

Adele Gross