The Importance of a Daily Money Manager

For many Americans, managing money is a time-consuming and challenging task. Bills, medical documents, emergency planning, and other financial responsibilities add up quickly. It’s no surprise that according to the American Psychological Association, money is one of life’s biggest stressors that negatively impacts countless people every day. Additionally, senior citizens who receive Social Security benefits are impacted by these challenges particularly heavily.

Yet, there’s an entire industry dedicated to individuals and families who need assistance taking care of their financials that many people have never even heard of: daily money managers. Daily money managers wear many hats when it comes to handling money and helping others understand how to manage it. They serve as educators, risk assessors, advocates, organizers, and more. Let’s take a deeper look at the people daily money managers can help, what they do, and what to look for when choosing the right daily money manager for you.

Who Daily Money Managers Help

As we already know, countless Americans need an extra hand when it comes to managing their finances. Daily money managers are experienced when it comes to working with specific populations and understanding their unique needs.

Senior Citizens

Medical bills, insurance claims, and Social Security benefits are tough. There’s a lot to understand and keep track of, which is where the daily money manager steps in. Imagine a married couple where the partner who manages the finances sadly passes away. The surviving spouse now needs to understand years’ worth of documents, files, and accounts in order to keep up with payments.

A daily money manager can help senior citizens get organized, sort documents, and even develop customized filing system solutions. When it comes to maintaining independence with advancing age, a daily money manager can help senior citizens to maintain their current living standards and spend more time with the ones they love (instead of trudging through piles of bills, mail, and paperwork).

Additionally, and unfortunately, senior citizens are more at risk for scams and financial exploitation. By having an experienced, trustworthy daily money manager, the elderly can mitigate that risk and preserve the finances they’ve worked so hard to build.

Busy Families or Individuals

Corporate executives, families with working parents, and other time-challenged people can certainly benefit from adding a daily money manager to their team. By working with a daily money manager, busy professionals and their families can focus on what’s most important to them instead of sorting mail, shredding documents, and keeping track of countless bills.

People With Disabilities

Individuals living with disabilities may benefit from a daily money manager. Ordinary tasks like check writing can be challenging for someone with arthritis. Or, individuals with dementia or Alzheimer’s disease may face difficulties paying multiple bills on time each month. A daily money manager can assist those with disabilities manage their finances effectively without sacrificing independence.

Now let’s say that you don’t need a daily money manager, but you know someone who might. Or you may be managing the finances of a loved one. Individuals with aging parents, grandparents, or even siblings may need to step in later in life to ensure the financial health of a family member. This will require time and resources that many of us just don’t have. We would much rather spend quality time with our family members instead of discussing bills and credit card accounts.

Hiring a daily money manager to help you take care of a loved one can take more off your plate, so you can fill it back up with quality time. They can help you and your family stay organized, avoid financial mistakes, and advocate on your behalf with insurance companies. The daily money managers at Help Unlimited support family custodians and prevent caregiver burnout.

What Daily Money Managers Do

Depending on the daily money manager you choose to work with, the services they offer can vary. The services provided by the daily money managers with Help Unlimited can assist you with the following:

Bill Paying Management Services

  • Sorting and paying bills
  • Reconciling credit card and bank accounts
  • Handling medical bills

Mail Management

  • Sorting and opening mail
  • Organizing files and documents
  • Shredding mail with sensitive information

Expense & Budget Tracking

  • Tracking expenses
  • Balancing checkbooks
  • Helping you reach financial milestones

Tax Organization

  • Organizing both personal and professional income
  • Working with your CPA or tax office
  • Collecting records

File Management

  • Sorting files and documents
  • Organizing emergency information
  • Developing a file management system

Medical Paperwork Assistance

  • Filing health insurance claims
  • Defining health insurance benefits
  • Filing claims and ensuring they’ve been paid

Insurance Claims Management

  • Itemizing assets
  • Photographing property
  • Preparing a comprehensive list of items in case of emergency

Notary & Banking Services

  • Making deposits
  • Resolving banking disputes
  • Managing cash

Additionally, daily money managers can help translate digital financial systems to those who may not be comfortable with technology. Many transactions with banks, medical facilities, and insurance companies are routinely handled through websites In order to make payments on time, receive important documents, and even schedule appointments, daily money managers can be the middle-man between countless tasks, the online environment, and individuals who need some support.

What To Look For In A Daily Money Manager

Now that we know what daily money managers can do and who they serve, it’s important to understand what to look for when choosing the right daily money manager to work with.

Quality Reputation

Just like any other business, it’s best to research a company’s reviews and reputation, , then ask friends or family for references before signing a contract or entering into an agreement.

People you know may already be working with a daily money manager they can recommend to you. Search the Internet for daily money managers in your local area. There are many ways to find a daily money manager, but be sure to read their testimonials and online reviews. You can read what some of our clients have to say about our daily money management services by visiting our testimonials page.

Clear Contracts or Outlines of Responsibility

Daily money managers are organized and responsible - which is why they should be able to clearly explain their services, the associated costs, and how they can serve you.

If there’s a contract, be sure to read it thoroughly before signing and consider having an attorney look it over as well. Because money management is involved, it’s best to protect you and your family from individuals who may not be as qualified as they say they are.

Help Unlimited has countless positive testimonials and we’ve been helping families and individuals manage their finances for more than three decades. We let our hard work and experience speak for itself, and value helping those who can use an extra hand.

Honest and Efficient Communication

Emergencies happen. We might need to make last-minute payments, and sometimes we overlook or forget deadlines. We all need financial accessibility to our assets 24/7 just in case something pops up. The daily money manager you work with should be communicative and readily available for this very reason.

We value communication and keep all parties in the loop to promote financial well-being. We’ve been in business since 1985, assisting individuals, busy families, people with disabilities, the elderly, and more effectively manage their finances. Give us a call or contact us online to speak with a representative today. We’re happy to answer each and every question you have about our services and what our daily money managers can do for you.

Testimonials

I call Amanda my ‘person who gets things done’. When I first met her, my husband had just passed away and I couldn’t face all the bills and forms that started to pile up on my desk. We tackled the paperwork together. She helped me prioritize tasks and get everything tidy and properly managed. Now we have out twice-a-month routine. I set everything aside for her and we take care of things when she comes. It’s such a relief to know I have her in my corner!”

Dorothy V.  |  View More Testimonials »

Talk to One of Our Money Managers to Learn More!

Services We Offer

file-management

File Management

insurance-claims-management

Insurance Claims Management

medical-paperwork

Medical Paperwork Assistance

mail-management

Mail Management

notary-banking

Banking Services

professional-services

Professional Services Coordination

tax-organization

Tax Organization

expense-budget-tracking

Expense & Budget Tracking

The tasks of managing and paying bills can overwhelming for anyone, especially when faced with an emergency. Could someone successfully manage your financial affairs if you are unable to do so yourself? Even if you execute a “financial power of attorney” designating someone as a “financial agent” to act on your behalf in financial matters if you’re incapacitated, the issue isn’t so much whether he/she lacks financial savvy—it’s that figuring out someone else’s finances on the fly is a massive challenge. 

There are some steps you can take in order to organize your finances to ensure that it would be easy for someone to step in and act on your behalf in financial matters. In an article titled "Prepare Your Finances for an Emergency Handoff" published on BottomLine Inc, our owner, and expert Daily Money Manager Amanda DesBarres outlined in detail the steps that one should take to be prepared in case you need to hand off your finances. These steps include:

Simplify In Advance

Consolidate credit cards and bank accounts so that the person who takes over is able to easily see where there are payments to be made, and more accounts mean higher odds of overdrafts. 

Create A Roadmap

Putting together a financial guide with income sources, recurring payments, accounts, and pertinent personal information will make sure that your financial agent is able to easily take control of your finances and not get overwhelmed.

Provide Guidance

Review this document with your financial agent to ensure clarity and answer any questions, be sure it is stored securely, and review to make sure it is up to date at least once a year. 

Having a financial plan in place for health emergencies is on many people’s minds more often now because of the coronavirus pandemic, but an emergency could come up at any time. Make sure to read more in depth about Financial Planning for an Emergency from our Article on BottomLine Inc., and Contact Help Unlimited if you are in need of financial organizing services! 

What is a Daily Money Manager?Personal finances are a very important part of many people’s lives, however, they are often neglected or handled incorrectly. Whether it is the inability to pay bills on time, balance a personal budget, or just knowing what areas of personal income should be allocated to which personal expense, personal finances can be difficult to manage. In addition to those individuals who have issues with managing their own money, there are also people who prefer to outsource their personal finance management activities to a skilled and experienced professional who can do it better. Knowing how to manage personal finances (income and expenses) can mean the difference between always being broke or building for a very comfortable and satisfying retirement.

What is a Daily Money Manager?

Daily money managers or DMMs are relatively new professionals. While professional money managers have been operating for decades, daily money management is a relatively new service that has only been in existence for the past 15 years according to The American Association of Daily Money Managers or the ADMM. According to the ADMM, “As personal financial matters become more complicated – finding time to focus on the daily tasks of money management becomes more difficult. Daily money managers offer services to ensure nothing falls through the cracks including necessities like paying monthly bills, assisting with tax records, balancing checkbooks, decoding medical bills, and negotiating with creditors.”

Not only does this type of financial service help individuals handle their income and expenses better, but it also allows clients the ability to spend wisely and secure better futures by having more money to retire successfully, send children to college, or leave an inheritance to their next of kin. Situations that may not have been possible without the skills and knowledge of a daily money manager.

What are the benefits of hiring a Daily Money Manager?

There are clear and obvious benefits of hiring a daily money manager. Bills will be paid on time which will eliminate harassing past due statements late fees and collection calls. As bills are paid on time, your credit score will improve, having enormous positive implications of its own. The best of these implications is the ability to save thousands of dollars in interest payments from low-interest rates obtained due to a higher credit score which was obtained by on time and consistent bill paying. In that sense, hiring a daily money manager becomes a wise investment.

Daily money managers can help achieve retirement goals.

Hiring a daily money manager also prevents individuals from spending foolishly and needlessly. The additional disposable income created from using a DMM means there is more money to allocate towards a 401K or pension fund as well as save more for children’s educations. Sometimes individuals fall into the trap of trying to “Keep up with the Joneses” and purchasing or taking out loans for things beyond their financial means. Maybe we buy that more expensive vehicle because our neighbor drives one or take that extra vacation each year because our coworkers talk about where they have traveled. These life events cause us to place ourselves in financial situations that could have easily been avoided with logic, common sense, and clear-headedness, Unfortunately, it is natural to fall into the overspending trap and a good daily money manager can help keep you on the appropriate spending course and steer you  clear from living above your means.

How Do I Find A Good Daily Money Manager?

DMMs handle highly personal and confidential matters for their clients. As in any business transaction, personal judgment and instincts are important when deciding with whom you would like to do business. When searching for a professional daily money manager we recommend starting your search in your geographic area first. Help Unlimited has been servicing the Washington D.C. metro area providing personal money management and related social support to the elderly, the disabled and the totally overwhelmed since 1985.

We are one of the most experienced daily money management companies in the United States and working with us is similar to other financial professionals. At Help Unlimited our trained staff are highly skilled at handling our client’s daily finances and handling them right.Contact us today!

5 Warning Signs Elderly Parents Need Help with Finances

man talking to his elderly parent

Maybe you’re going home for the holidays or making a surprise visit to see family and decided to check in with aging parents. Whether your elderly parents are living alone, with family members, or at a care facility, you might notice changes in their behavior, personality, and spending habits as they lose their independence. Identifying a few warning signs that a parent needs help isn’t easy, but there are some red flags to look out for — especially when it comes to their financial health. Here are some signs elderly parents need help managing their finances:

1. Unpaid Bills

You might notice warning letters and unpaid bill notices arriving in the mail or a stack of unopened letters and bills somewhere around the elderly parent’s living area. If the bills are left unattended, your parent may have forgotten to pay them (and is incurring fees), didn’t see them, or hasn’t organized their finances to pay bills on time.

2. Frequent Calls from Creditors

If their cell phone rings at odd hours or they keep getting calls from the same number that goes to voicemail, creditors and bill collectors may be on their heels. You can see who the callers are by looking at the caller ID logs and seeing the call logs on the billing statement from the cell phone provider.

3. Overspending

An aging parent might love to shop and this can be a fun hobby — as long as they stay within their spending budget. If you notice an elderly parent is spending more than usual, buying things they don’t usually buy, or seems to own a lot of new items all of a sudden, it could be a sign of a spending addiction.

4. Over-Budgeting

Elderly parents who are worried about not having enough money or fearful they don’t have enough might complain that they are on a very tight budget and can’t go out, fix something around the house, or even pay for gas. If you notice they are making big lifestyle changes because everything seems to cost too much, it could be a sign of financial problems.

5. Always Sick

If an elderly parent has been diagnosed with a disease or illness that limits their ability to be at the computer, talk on the phone for long periods of time, or manage day-to-day tasks, they might have neglected to pay important bills. Parents who are sick may need help organizing their finances and taking care of outstanding bills so they can keep their basic comforts.

It can be heartbreaking to watch an aging parent’s behavior and habits change over time but adults of elderly parents have resources available for helping aging parents with finances. Financial planning and daily money management are critical for aging parents. They will feel more secure when they have a handle on balancing their checkbook, paying bills on time, and keeping track of their spending.

Use these tips to identify any warning signs an aging parent might need help with their finances and connect them with resources like Help Unlimited where qualified daily money managers provide advice on money management for seniors.

A Bill-Paying Service for Seniors Could Help Your Parents

 Bill Paying for Seniors ForbesBills need to be paid, and your elderly parent probably maintains that they can still take care of it. That’s great until you realize that there is a stack of unpaid bills on their kitchen table. It’s a common concern of those with elderly parents, wondering if bills are getting paid on time for the correct amount.

As people age, cognitive impairments set in making it difficult for senior citizens to manage their finances. Mild cognitive impairment affects about 20 percent of people 71 and older and close to half of adults in their 80s as noted by Richard Eisenberg in Forbes. These impairments may seem harmless at first, but they may lead to forgetfulness that can have a large impact on their ability to manage daily and long-term finances.

Family Intervention – Managing Bill Paying and Finances

Once you and your loved ones may notice these slight changes in your aging family members, you then have to decide the best course of action. Eisenberg notes that taking on a parents’ bill paying responsibility “means hours of detail work – examining every bill that arrives, getting each check paid and mailed and reconciling the checkbook routinely.” You could determine that it would be best if you or a relative close by manages the elderly family members finances, but taking on a parent’s financial management may put more strain on their ability to manage their personal finances. In recent years, many families have begun to turn to alternative options to help their elderly parents deal with their finances.

Daily Money Managers Costs

Richard Eisenberg notes that having a bill-paying service for seniors, such as a daily money manager, will come at a price. Many Daily Money Managers charge from $25 to $100 an hour. Annual total costs can range from $1,200 to $4,800 depending on the complexity of their finances and number of bills to be paid. But in reality, any solution to helping your parents with their finances is going to come at some sort of cost. With the work done by a daily money manager, you can rest assured that your parent’s financials are monitored and maintained to avoid late fees, fraudulent charges, and overdraft expenses. The Help Unlimited team is a proud member of the American Association of Daily Money Managers. As a member, we are held to a code of ethics, and take our trusted position seriously when it comes to helping people manage their finances.

As Eisenberg also notes, having a bill-paying service helping your parents with their financial responsibilities can also be helpful in safeguarding against fraud and financial abuse. The Senior Safe Act, signed into law earlier this year requires additional training for financial industry firms to better spot and handle senior financial abuse. When your elderly family member has a daily money manager, any instances of abuse are spotted and addressed rapidly. Having a neutral third party allows your aging loved ones to have someone they can talk to who is an expert in finding these abusive tactics and helps to mitigate any potential financial losses. Having peace of mind that these things will be taken care of and your parent has the help they need is priceless.

The Benefits of a Daily Manager Outweigh The Costs

A daily money manager will come at a cost. But this cost is heavily outweighed by the savings that are provided, both monetary and psychological. No more paying late fees on unpaid or late bills. No more worrying about your elderly loved one being taken advantage of financially. No more spending all day pouring over financial documents when you should be spending quality time with your family. Each specific family has to determine whether the service is worth the cost, but most would agree that you can’t put a price on the assurance that there is a dedicated professional who is going to making sure your loved ones have the help they need with their finances. That financial security allows you and your family to spend real, quality time together without the burden of balancing checkbooks or paying bills, while also safeguarding your loved one’s finances.

Safeguarding Elderly Parents’ Assets

Protecting assets from fraud and exploitation is just one way that a bill-paying service may assist an elderly family member with their finances. Though most banks will monitor and alert you if they suspect suspicious activity, some things may slip through the cracks. Some businesses offer specific fraud protection and monitoring for financial exploitation, which can be extremely helpful, but may not be comprehensive enough financial support for your elderly parent. When your parent is in need of a comprehensive financial assistant, a daily money manager who specializes in bill-paying services for seniors such as Help Unlimited will help to act as a third party monitor for financial exploitation.

If you or someone you love could benefit from a bill-paying service for seniors or a daily money manager, contact Help Unlimited today to get the help and assurance that you need with your finances.

Elder Financial AbuseDiscussing Elder Financial Abuse

Financial exploitation is a growing form of abuse of seniors. One 2015 study showed that older Americans lose $36.5 billion each year to financial abuse and scams. Many seniors have a different mindset than that of younger generations. They are more fearful of risk, but also tend to be more trusting and therefore, more susceptible to financial abuse.  According to the Federal Bureau of Investigation, seniors are targets for financial abuse for a variety of reasons.

  • Seniors tend to have readily available funds, own their home, or have great credit.
  • People who grew up in the 1930s, 1940s, and 1950s were generally raised to be polite and trusting. Scammers may attempt to exploit these traits, knowing that it is difficult for these individuals to say “no”.
  • Senior citizens are more interested in products promising increased cognitive function, virility, physical conditioning, anti-cancer properties, etc.
  • They are less likely to report the crime, due to a feeling of embarrassment, not knowing who to report it to, or simply not recognizing that they have been scammed.

Recognizing the Warning Signs

Though many people may think that they can not be taken advantage of because they are “cognitively intact”, they are still at risk. In a given year, 1 in 18 “cognitively intact” older adults are affected by a financial scam, fraud or abuse, according to a study published in the American Journal of Public Health. The analysis covered 12 studies involving roughly 41,700 people.

Defending yourself or your loved ones from financial abuse begins with recognizing that you or someone you love is a potential target. Some things to look for that could indicate someone is being targeted include:

  • Lack of knowledge or forgetfulness in regards to financial issues

Forgetting where you left your keys is one thing, but having purchases or withdrawals that do not ring a bell is one of the biggest red flags in regards to recognizing elder financial abuse early. If lack of recall is a consistent problem, the person’s finances should be immediately examined and more closely monitored on a regular basis to safeguard the person’s assets.

  • Isolation

If living on their own, far away from family, it may be easier for a stranger to come into a senior’s life and take advantage of them for an extended period of time before anyone even realizes it. Isolation can make a senior a target for financial abuse because they are more open to building connections with people, and there is no family around to recognize the abusive relationship for what it is.

  • Questionable behavior of relatives

On the opposite end of the spectrum, a live-in relative may also be able to take advantage of an older person’s finances because they have constant contact with that person. A relative with ulterior motives may convince the senior to transfer their funds to them or make large withdrawals in order to slowly siphon money from them.

Protecting against Elder Financial Abuse with Daily Money Manager

At Help Unlimited, our goal is to provide you with peace of mind and help independent seniors maintain their freedom, while not having to fret about finances. Whether you have been living independently for years or just suffered a sudden loss, we are here to help.  Our team can help take the load that is finances off of your back, allowing you more free time with friends and family. By having a professional team in your side who can help you with balancing a checkbook, paying bills, and even fully re-organizing your finances to make things run more smoothly, you are lessening the chances of being targeted by people who want to exploit your financial situation and providing a line of defense if you should be targeted.

You can rest easy knowing that you are not alone, and have a team full of experts in your corner to protect you from scams and elder financial abuse and spot them before they become a real threat to your financial future. At Help Unlimited we are able to recognize the signs of elder financial abuse and exploitation, and can act as a neutral party so that a stranger or even a family member can not take advantage of you or someone you love.

No matter the circumstances, we are here to help seniors maintain their financial security, and sleep easy at night knowing that their finances will always be in order. If you or someone you love could benefit from assistance with money management, contact us today for a no-cost consultation.

Check out time 13:15 to about 20:36: http://montgomerycountymd.granicus.com
High-yield accounts offer slightly higher interest rates compared with a standard checking account, more liquidity than a certificate of deposit and less risk than stocks or bonds, says Chris DesBarres, co-owner of Help Unlimited, a money management service in Winston-Salem, N.C.
Banning short-selling on distressed financial stocks a bad idea, writes Help Unlimited co-owner Chris DesBarres in New York Magazine.   http://www.nymag.com