DMM Story

How a Daily Money Manager Came to the Rescue of an Overwhelmed Widow

During James and Catherine’s more than 45 years of marriage, James always handled the household finances. Paying the bills, maintaining tax records, and sorting through those confusing medical claims and insurance statements – all of that was James’ responsibility, and Catherine was content to let him handle it.

When James’ passed away in 2010, the job fell to Catherine. “All of a sudden, this was my responsibility,” she says, “and it made me feel overwhelmed. I couldn’t focus to get the work done, and I was late on just about everything.” The bills and forms started to pile up. Catherine’s children were willing to help, but She did not want to burden them or make them think she was incapable of handling things on her own.  Besides they were busy with their own lives,” Catherine says, “and when we talked I wanted it to be about them and the grandchildren, not my finances!” The pile grew larger, and Catherine worried that she was starting to miss payments.

This is an example of a common situation that has given rise to a growing sector of financial services: Daily Money Management. Daily Money Managers (DMMs) provide assistance to clients who need help managing their personal financial affairs. DMMs serve a wide spectrum of clients such as senior citizens, persons with disabilities, busy professionals, or business travelers. Even sun loving retirees who simply do not want to try to find an Internet connection in Tahiti use DMMs to make sure that their bills are paid on time.

DMMs are skilled professionals who assist clients with all of the daily financial tasks we each have to perform to maintain a smooth running household. Depending on the client’s needs, a DMM might help organize tax records, balance checkbooks, pay bills, and file Medicare or insurance claims. They can also help clients develop budgets, track spending, and work with their CPAs, attorneys, and portfolio managers to ensure timely, efficient, and comprehensive service.

Catherine’s immediate needs were addressed first:  paying bills and filing tax returns. Negotiations with creditors resulted in late fees being removed from her credit cards. A real bonus for Catherine were tax refunds due to property tax credits that Catherine did not know she was eligible for.

Afterward the goal was to make life simpler in the long run. A filing system was created and a budget was established.

Working with a Daily Money Manager brings peace of mind and clarity.