Frequently Asked Questions
What is Daily Money Management?
Daily Money Managers (DMMs) provide customized day-to day financial assistance to clients who have difficulty in managing their personal monetary affairs. The services meet a continuum of needs, from organizing and keeping track of financial and medical insurance papers, to assisting with check writing and maintaining bank accounts.
Who needs a DMM?
There are many reasons as to why an individual needs the help of a DMM. DMMs work with senior citizens, people with busy lifestyles that don’t have the time for their own paperwork, frequent travelers, and with people whose medical issues make it difficult to keep up with their finances, among others.
Senior Citizens, in particular, are in need of a DMM due to physical changes such as limited vision, arthritis or other conditions that make it difficult to write, forgetfulness, dementia or the simple loss of the ability to keep up with every day tasks. Also, for those seniors that are active in their retirement and are too busy or don’t want to spend their valuable time handling their personal finances.
In addition, adult children who care for a family member or an older person often seek the assistance of a DMM due to the lack of time to maintain their financial affairs. Thus, allowing more time to attend their more crucial needs.
What are the benefits of hiring a DMM?
Services provided by a DMM have many benefits including, but not limited to, on-time bill paying to avoid late fees and bank charges, increase in credit ratings, organization of financial records, a third party to act in your best interest and support for those who are going through major life-changing events (change of health, loss of a loved one or divorce).
If I hire a DMM, do I still need an accountant, lawyer or Social worker?
A DMM does not take the place of other professional including accountants, lawyers, financial planners or social workers. DMMs compliment and will work with these professionals to best serve the needs of our clients.
DMMs can provide referrals to legal, tax, and investment professional, as well as, community resources.
Will I be giving up my independence if I hire a DMM?
No, in fact our services help many seniors to avoid guardianship or remain in their home longer. In addition, it gives you more time, freedom and independence to do the more important things in life.
How much will it cost for your services?
Charges for services are billed at an hourly rate. Since our services are customized to fit the specific need of our clients, rates will vary depending on the services requested. In some cases, costs for travel time and out-of-pocket expenses (copies, postage stamps etc.) will be charged if applicable. Services are performed in your home or office at your convenience.
Contact us for a free consultation and estimate that will be tailored to you.
Is Personal Bookkeeping Support, LLC insured?
Yes. Daily Money Management Services has professional liability insurance. We are also a member of the American Association of Daily Money Managers (AADMM) and are bound by its highest standard of service and Code of Ethics.
Yes. Confidentiality is our primary concern. We will not exchange, distribute or share information about a client to any third party, unless the client gives us expressed authorization to do so. That includes the sharing of information about a client with other professional partners such as accountants, attorney, financial advisors and family members.