Daily Money Management

Trusted Professionals Helping You Navigate Bills, Budgets and Record Keeping

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WHAT IS DAILY MONEY MANAGEMENT?

Daily money managers (DMMs) provide personal business assistance to clients who have difficulty in managing their personal monetary affairs. The services meet a continuum of needs, from organizing and keeping track of financial and medical insurance papers, to assisting with check writing and maintaining bank accounts.

WHO NEEDS THE HELP OF A DMM?

There are many factors which contribute to the need for a DMM. DMMs work with senior citizens, people whose careers make it difficult for them to find time for their own paperwork, and with people whose medical issues simply make it difficult to keep up with their finances, among others.Within the senior client base, most have a need for DMM services due to a physical change precipitated by the aging process, such as limited vision, arthritis or other conditions which limit the ability to write, dementia, or a simple loss of ability to follow through on tasks. It is not uncommon for the adult child of an older person to seek the assistance of a DMM if the child does not feel they have the time or ability to maintain their parents’ affairs.

IF I HIRE A DMM, WHY DO I NEED AN ACCOUNTANT, ATTORNEY OR SOCIAL WORKER?

A DMM does not take the place of professionals in the accounting, investment, or social service fields; rather, their work complements the work of other professionals by facilitating the completion of the day to day tasks rather than determining long-term plans. 

For example, a DMM, by organizing and maintaining accurate financial records for a client, can easily compile the necessary documents for tax preparation by an accountant. When the accountant has prepared the required tax returns, the DMM makes sure they are correctly signed, that the appropriate checks are attached, and that returns are mailed on time. 

WHAT TYPES OF TASKS A DMM WILL HANDLE?

The expertise of DMMs covers a broad range of tasks, and the actual work they do depends on client need. However, the scope of a DMMs work generally includes the following:

• Bill paying, including calls to payees regarding incorrect bills and preparation of checks for clients to sign
  
• Balancing checkbooks and maintaining organization of bank records
  
• Preparing and delivering bank deposits
  
• Organizing tax documents
  
• Negotiating with creditors
  
• Deciphering medical insurance papers and verifying proper processing of claims
  
• General organizational assistance
  
• Providing referrals to legal, tax and investment professionals​

Call Greggory today!

702.524.1150