How to Manage Your Money with a Daily Money Manager

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 bill payments, paperwork, and tax documents. DMM’s are frequently hired by elderly clients to manage their financial accounts, they can even be given power of attorney. Other times people hire DMMs because they don’t want to have to worry about their finances or they are just too busy. Though there are many different things a DMM can do to manage your money, we are going to highlight a few:

Daily Finances

Maintaining control and accuracy of daily finances is the core job of the DMM. They will ensure your bills get paid on time and securely. DMM’s keep a close eye on your records. They know where your money is going and where it has been. Additionally, they provide an extra layer of security against fraudulent spending. They will know if anything suspicious is going on in your account since they are very familiar with it. Some common daily finance services DMM’s provide are:

  • Paying personal bills
  • Balancing Personal accounts
  • Sorting emails and mail
  • Budget preparation
  • Electronic File Conversion
  • Prep Tax Documents
  • Organizing Personal Documents

 

Negotiations

Another service DMM’s provide is negotiations. They deal with creditors, banks, or insurance companies on behalf of their clients. They can translate statements or bills and they can call providers directly to discuss any inconsistencies or late payments.  DMMs may be able to negotiate a better rate on services on behalf of their client. Having a DMM around to manage confusing situations can be a big help. Here are some areas DMMs have the knowledge to navigate and/or dispute for you:

  • Credit disputes
  • Medical bills
  • Insurance payments
  • Utility bills
  • Taxes
  • Bankers

 

Assistant to the Financial Power of Attorney

Seniors are the fastest growing segment of clients for DMMs. A lot of older retirees have trouble understanding advanced financial concepts, especially now that everything is done on computers and smartphones. They often forget to pay bills and become overwhelmed with organizing their personal documents. DMMs have the expertise to help financial power of attorneys sort through all their client’s affairs. They do things like:

  • Offer additional peace of mind and security
  • Prevent phishing through email monitoring
  • Offer recommendations on spending/allotment
  • Minimizing the chances of the client being taken advantage of by others
  • Collaborate with other trusted professionals on your behalf

 

Education

Another overlooked area is education. DMMs can actually help you learn how to do some financial management for yourself. A DMM will take all your needs into consideration to help you become more knowledgeable and independent. For example, you may need some help learning how to manage your budget, to start a small business, or getting your office organized. Maybe your partner is suddenly out of the picture and you are forced to learn how to manage your finances alone. A DMM can teach you basic skills to help you reach your goals.


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