FAQs
Why work with a DMM?
Busy individuals and older retirees often struggle with managing their finances, such as forgetting to pay bills, finding financial concepts confusing, or feeling overwhelmed by paperwork. These issues can increase their vulnerability to scammers. Furthermore, when a spouse responsible for finances falls ill or passes away, the surviving partner may have difficulty managing everyday financial matters and remaining independent, necessitating outside help. Significant life changes like a medical emergency or divorce can also leave a remaining partner feeling overwhelmed and unsure how to assume financial responsibilities. Frequently, family members cannot offer support due to time constraints or distance. In such situations, a DMM can collaborate directly with clients to help them continue living independently.
What does a Daily Money Manager do?
Each client is unique, but the general scope of a DMM includes:
Bill paying, including calls to payees regarding incorrect bills.
Reconciling credit cards, checking accounts, and investment statements.
Preparing and making bank deposits and withdrawals.
Organizing important statements and tax documents.
Preparing budgets or spending plans.
Providing general organization of financial papers and systems.
Referring clients to legal, tax, and investment professionals and to community resources.
Negotiating with creditors.
Can a DMM help me save money?
Yes! A DMM will review your current spending habits and review your bills to find ways to cut your expenses. Maybe you are receiving credit card charges for a subscription you forgot about, or you are paying more for phone, cable or streaming services than you need to. A DMM will also help you avoid late fees or overdraft charges by working closely with you on a budget and timing of payments.
Can a DMM help me avoid financial fraud?
Absolutely! Having a DMM monitor and track your finances will allow them to spot suspicious activity in a timely manner and help you resolve any issues that do arise. We will teach clients how to spot potential scams and vet any questions or concerns our clients have.
Can you help me improve my credit score?
A DMM can offer credit counseling, help you understand what contributes to your score, and offer ways to improve it. Services can include pulling and reviewing credit reports, freezing credit to avoid potential scams, and assistance with improving your score.
I am feeling overwhelmed with mail paperwork. Can a DMM help me sort through it all?
A DMM will happily work with you to organize and systematize your financial paperwork and mail to help you understand what should be kept and for how long. We can also contact solicitors to have you removed from mailing lists allowing you to get out from mountains of junk mail and only receive important documents.
Will I give up my independence if I hire a DMM?
No, a DMM will assist you to maintain your financial independence and keep you involved in decision making. We work with you to ensure all bills are paid on time, you never have a late payment, and you understand where your money is being spent. Whether our client is a senior or person with special needs requires a second set of eyes and someone to walk side by side with them, or a busy professional needs to focus their attention elsewhere, a DMM can offer peace of mind that your personal money matters are in good hands.
Will a DDM help me with taxes?
While a DMM is not a tax professional, we will work with your tax accountant to be sure you have all the necessary paperwork provided for tax season. Estimated quarterly payments will also be arranged by a DMM.
Does a DMM replace my Financial Planner?
Think of a Financial Planner as the one who handles the broad picture of your retirement and investments, while your DMM covers the daily transactions. We can work hand in hand to ensure both aspects of your financial life are covered.
How do I find a trusted Daily Money Manager?
You can start with the American Association of Daily Money Managers using their professional directory, or ask other professionals in your life including Accountants, Attorneys, and Financial Planners.
“When our parents could no longer manage their finances, Debra stepped in with compassion, patience, and clarity. Knowing that everything was organized, monitored, and handled with absolute integrity meant more to us than we can express. She is someone you can trust with both the details and the heart behind them.”
