A Daily Money Manager (DMM) is a person that helps you keep your day-to-day finances in order. Often they are in charge of doing things like paying bills, budgeting, and organizing documents. You may have never heard of them, but the profession has been around for about 15 years now. DMM’s are frequently hired by elderly clients to manage their financial accounts, they can even be given power of attorney in legal matters. Other times people hire DMMs because their finances have become complex and they need help sorting out their daily tasks. Many people just don’t want to stress about their finances, so they bring on a DMM. Though there are many different benefits to employing a DMM we are going to go over a few of the most advantageous ones:
A DMM’s main job is to take care of your routine, personal financial matters. Since they are looking over your information daily, they quickly become familiar with your financial habits. They can find solutions to problems you didn’t even know you had. They provide you with security against identity theft and fraud, by using the latest data protection measures. They can pinpoint and remedy any payment or approaching budgetary issues you may be experiencing. A DMM can even automate your bills, so you can leave it and forget it. Oversight is especially helpful for older clients that may forget to pay their bills on time or need help understanding their account statements.
If you are a busy professional, working long days or traveling a lot- having a Daily Money Manager can take a very time-consuming burden off your plate. They can go through and pay your bills, while also ensuring you don’t have any late charges. They can make tedious calls to creditors and banks on your behalf. DMM’s setup filling and organization systems to keep your documents in order. Being able to find what you need at a moment’s notice preserves even more of your precious time (especially at tax season). Retirees may just want to enjoy their freedom and not be bothered with money matters. Every little task adds up. Hiring a DMM gives you more time to spend on things that matter, like your family and self-care.
A DMM is also there to offer you financial advice. They carefully analyze your situation and create a budget and plan that fits your goals. This is particularly helpful for people that find themselves in debt and need help consolidating or regaining control of their spending. They will establish a clear spending plan for you to get you back on your feet. They can develop detailed custom reports to show you exactly how to handle each credit card. They also offer retirement spending plans and portfolio advice. For disabled or elderly clients, a DMM can provide much needed financial guidance- allowing them to still feel independent and confident in their decisions.
DMMs are a part of your team to create and set your financial plans into motion. They are excellent collaborators and can translate the jargon of more specialized professionals. A Daily Money Manager has a large network of other professionals at their disposal to help you get the most out of life. When you need a more comprehensive service, that they can’t offer, a DMM will give you referrals to someone that can. They offer you a reliable and extensive connection to other professionals in your local community.