Daily Money Management - The Basics
What is a daily money manager?
A daily money manager (DMM) brings clarity and order by providing assistance to clients who are busy or have difficulty managing their personal financial matters. Examples of the kinds of services that DMMs provide include bill paying, checkbook balancing, banking, budgeting, receiving and opening mail, organizing records, and filing statements and receipts. Because each client’s needs are different, services are custom-tailored to your desires.
What’s typically included?
Bill Payment and Management:
Ensuring bills are paid on time to avoid late fees.
Tracking due dates and managing cash flow.
Setting up payment systems
Bank/Credit Card/Investment Account Reconciliation:
Maintaining client records in comparison to financial institution records.
Identifying discrepancies and resolving issues promptly.
Monitoring and Reporting:
Keeping track of income and expenses.
Providing periodic financial reports to clients or their family members.
How are these services delivered?
On-Site: Some clients prefer in-person services where the DMM visits their home or office.
Remote: Others may opt for virtual meetings and online document sharing, which can be more convenient and cost-effective.
Payment Methods: Manual check writing, use of online payment systems, or a combination of these methods.
What is the frequency of services?
Regularly Scheduled: Weekly, bi-weekly, or monthly meetings to manage ongoing financial tasks.
As-Needed: Providing support during specific times, such as tax season or when financial challenges arise.
With what level of involvement?
Hands-On: Directly handling financial tasks on behalf of the client.
Advisory: Providing guidance and oversight while the client retains control of day-to-day tasks.
As a DMM, I make time to help!