Provides oversight of daily financial matters. These may include insurance claims handling, document organization, bill paying, keeping careful watch for erroneous fees, charges or over billing, corresponding with creditors, negotiating for better payment arrangements on debts, budgeting, account reconciliations, handling tasks associated with identity theft and more.
Many older adults need Daily Money Management (DMM) due to aspects of the aging process, such as: limited vision, arthritis, dementia, or a simple loss of ability to follow through on tasks. Others are so active that travel and social activities make it difficult to keep up with paperwork.
An adult child who provides care for a parent may seek the assistance of a DMM, if he or she doesn’t have the time or ability to maintain their parents’ daily finances.