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.
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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!”