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‘Daily money managers’ can help seniors with financial matters

Having difficulty keeping on top of your bills and other financial issues? Maybe a “daily money manager” can help.

A daily money manager is a person who is experienced in dealing with financial matters that can build up and cause problems if they aren’t taken care of, ranging from paying routine bills to filling out complex medical claims. Daily money managers are members of a relatively new profession that now has its own professional association.

These managers can aid seniors with physical limitations such as arthritis, or who are simply having difficulty keeping track of their affairs. A manager can also help adult children who are serving as a caregiver for a parent but don’t have the time to devote to money management.

Some of the tasks that daily money managers can perform include:

  • paying bills
  • preparing checks
  • making bank deposits
  • reconciling bank accounts
  • dispensing cash
  • organizing tax documents
  • keeping track of medical insurance claims
  • reviewing and sorting mail
  • negotiating with creditors
  • tracking investments

Daily money managers typically charge between $30 and $100 an hour. However, in some states the AARP offers free daily money management services to low-income seniors. For more about the AARP program, go to: http://www.aarpmmp.org/mm_program.cfm.

To find a money manager near you, you can visit the website of the American Association of Daily Money Managers, at http://www.aadmm.com.

Before selecting a money manager, be sure to ask for references and thoroughly check them out. Also, make sure the money manager is bonded. The Association’s website has a helpful list of questions to ask money managers before hiring one.

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