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Posted by C. Dolan & Associates on 05/26/2022

Daily Money Management

Daily Money Management

Money matters. And money matters can be complicated. Medical bills, insurance invoices, mail, bank statements, and retirement account information can pile up—and something important can easily be missed. But there are professionals who can help. 

What is a Daily Money Manager?

Daily Money Managers (DMMs) are financial professionals who handle daily money matters for clients including paying bills, establishing budgets and keeping records. DMMs serve older adults, people with disabilities, busy professionals, high net worth individuals, and small businesses.

DMM services provide value in monitoring medical bills, ensuring that Medicare and other health insurance have paid their share before the client pays any balance due. Additionally, DMM assistance in assembling papers needed for income tax preparation and in documenting medical and charitable contributions often means the client will pay lower taxes each year.

Since Daily Money Managers often work with elderly persons living in their homes, they can provide recommendations to other senior-serving professionals as needed. If they see that a client is in any way “at risk” due to impaired vision, physical limitations, or confusion, they can make referrals to community resources, including care managers, attorneys, and accountants.

How do I find a Daily Money Manager?

Because finances are a highly personal matter, hiring a DMM is an important and individual decision. Referrals from a friend, colleague, or other professional are a good place to start. 

The American Association of Daily Money Managers’ website (www.aadmm.com) can also provide valuable information that will help consumers learn more about daily money management and find a reliable DMM. The association represents professionals in the field by providing information and education to members and the public and maintaining a network of dedicated professionals. The website includes a “Find a DMM” search function that can help consumers find qualified professionals in their area.

Daily Money Managers can help:

  • Older adults who need help paying bills and managing accounts 
  • Individuals with disabilities who need assistance with personal finances
  • Victims of identity theft or fraud 
  • Adult children who are stepping in to help a parent manage finances following a hospitalization or because of declining mental or physical abilities 
  • Family members who are managing finances following the death of a loved one
  • High net worth individuals and small business owners who need help keeping accounts updated or preparing information to file taxes.

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