What is a Daily Money Manager?

Submitted by Kathy Green, A Little Help Inc.

A Daily Money Manager (DMM) is a professional who provides a wide range of personal business assistance to individuals who want help managing their day-to-day monetary affairs.  Some tasks usually performed by a DMM include organizing and tracking financial and medical insurance papers, paying the bills and maintaining bank accounts.

A Daily Money Manager will also help with organizing tax documents, negotiating with creditors and appealing medical claims.  A DMM can save you time and frustration by helping you prepare for a move, or when buying or selling a home.

If you lack time or struggle with bill paying, balancing your checkbook or organizing and maintaining financial and medical records, you are not alone.

Who would benefit from working with a Daily Money Manager?

  • Adult children responsible for managing an aging parent
  • Adult children responsible for managing an aging parent’s affairs
  • Individuals who lack the time or interest for personal paperwork
  • Frequent travelers
  • Individuals living with a physical condition that may make it difficult to do paperwork
  • Organizationally challenged
  • Seniors who are challenged with remaining independent

Before you hire a Daily Money Manager

  • Ask yourself if you are willing to work with the DMM as you would your attorney, accountant or a family member.  It’s a partnership!
  • Find out what the fees are
  • Ask how long they have been in business.
  • Ask for references from both clients and professionals

Your DMM should be respectful, dependable and professional.  To find a Daily Money Manager in your area, check out the American Association of Daily Money Managers website.