Please remember that the DMM can provide personal finance tips, but they cannot act as a licensed financial adviser/broker or provide specific services. However, they are capable of providing referrals for professionals who can assist them when their client’s needs exceed their abilities. Your daily money manager will mostly handle your day-to-day financial responsibilities. If you will require long-term financial planning, you will need to ask your DMM or a referral from an accountant or lawyer.

What Are The Benefits of Using Daily Budget Management?

The elderly and disabled may not be able to keep track of their bills or write their own checks. Additionally, they are more susceptible to scams and fraud. Finding a daily money management program for seniors can help with this and more, such as handling finances, managing an emergency fund, and keeping you or your loved one debt-free. Even though DMMs do have their risks, the benefits that come along with daily money management far outweigh the associated risks. Those benefits include:

Remain Independent

One of the biggest benefits a DMM can provide to their client is the ability to remain independent. Growing old to live at a senior living home is hardly how most want to spend the ending years of their life. DMM services help seniors stay in their homes longer, thus saving their clients the cost of assisted living care and protecting their financial security.

Alleviate Caregivers Being Overwhelmed

Taking on the income and expenses for their elder parents may seem like the right thing to do to most children. However, it can be a lot to take on. The kids of senior citizens usually have their own children and financial responsibility to manage. Adding another person’s finances to the load of things to do every day can be a burden on the family member trying to help. To help keep stress at a minimum, hiring someone else to do the finances will open up their schedule and lighten the load.

Protect Seniors From Scams and Abuse

As we mentioned previously, seniors are more likely to fall victim to a scam, abuse, or identity theft more than other age groups. The National Center on Elder Abuse highly recommends DMMs due to their ability to be on the lookout for signs of fraud or abuse and any suspicious activity.

Keep Retirement Plan On Track

When it comes time to retire your paycheck stops coming on a regular basis which can mess up your monthly budget. A DMM will be able to guide their client through the adjustment and help them understand their social security benefits and payouts. DMMs can also help you with any retirement planning you may need.

Power of Attorney Privileges

Depending on the daily money manager you decide to work with, they may be qualified to act as the Power of Attorney in the event their client suddenly becomes incapacitated or incapable of making decisions. Having a plan in place for such an event will save everyone involved a lot of headaches than if it were to occur before there is a plan to execute.

How To Find a Daily Money Manager

If you live in the DC Metro Area or northern Virginia (including Charlottesville), we would be more than happy to meet with you and discuss your financial future. Here at Help Unlimited, we provide a wide range of daily money management services including, but not limited to:

• Bill Paying Service Management
• Expense and Budget Tracking
• Tax Organization
• Notary and Banking Services
• Medical Paperwork Assistance

For more information on how Help Unlimited can help you maintain financial health, contact us directly and we will get back to you with answers to your questions and provide any available financial advice.

If you live outside of our service area, you can reach out to your local again organization such as the Institute of Aging (IOA) or other non-profit organizations created to help the elderly live independently. They may not be able to provide the services themselves, but they will most definitely be able to provide you with some recommendations. If you have or know a lawyer or financial planner, you can always ask them for referrals as well. There is also the American Association of Daily Money Managers Database that you can access to find reputable DMMs near you.

Daily Money Management For Seniors Wrapped Up

As much as we try to avoid it, or even deny it, we are all going to get old and have memory issues one day. This can be a sad realization for most because it means they will lose their independence. However, as you now know, that does not have to be the case! Thankfully, there are budget management options for the elderly such as daily money management programs, designed to help seniors keep their independence by managing their day-to-day finances for them. Don’t forget to check out the specific daily money management services we have to offer so you or your loved one can have financial success. If you are looking for more money management tips, give us a call at (301) 589-7438 today!