How a Daily Money Manager Can Help Protect Elders

Help elderly manage money
Help elderly manage money

One of the ways in which to assist elders in maintaining an independent, fulfilling life is through the services of a senior Daily Money Manager. Whether it be from a comprehensive plan or monthly reminders to pay one's bills, a senior Daily Money Management (DMM) program are invaluable to elders and provide much-needed relief to loved ones caring for a senior.

Elders in need of DMM Services

  • They are unable to get to the bank• cannot write checks due to health issues (i.e. vision limitations, arthritis, dementia)
  • They do not remember to pay bills and are unable to keep up with of bills and financial documents
  • They are at risk for financial scams

Risks of failing to manage finances include

  • late fees
  • utility shut-off
  • foreclosure or eviction
  • becoming a victim of scams (i.e. identity theft, investment fraud, telemarketing scams)
  • damage to credit rating

The services of a daily money manager include:

  • Budget preparation
  • Check preparation and bill payment
  • Checkbook balancing
  • Bookkeeping
  • Bank deposits and withdrawals
  • Maintaining accurate financial records
  • Payroll preparation and distribution of home care providers (i.e. nursing staff, home maintenance)
  • Review of medical insurance documents plus filing of and confirm claims processing
  • Creditor Negotiation
  • Organize tax return documents and tax payment
  • Monitor accounts and medical statements for unauthorized financial transactions, abuse or fraud
  • Manage investment proceeds
  • Maintain rental income and expenses
  • Working with one's attorney when planning for long-term care and senior care managers assessing the cost of care needs
  • Notary public services
  • Representative payee for such as Medicare, Medicaid, etc.
  • Investments

What to look for in assessing the need for a Daily MoneyManager:

  • Elder displaying signs of increasing forgetfulness or confusion
  • What feedback do medical providers, friends, and family members have to offer regarding mental state?
  • Unorganized bills or scattered and mail remaining unopened
  • Checkbook, bank and credit card statements errors such as double entries, multiple payments, large disbursements to new parties, companies or individuals, etc.
  • Charitable contributions out of line with what an elder can afford or fraudulent charities that do not exist or are not valid
  • Monthly expenses such as mortgage or rent, utilities, phone, the internet, cable services and the like not being paid on a monthly basis. Remember to review amounts for consistency.
  • Late notices and review bills for late fees.
  • Confirm and organize check registries, statements, and other financial documents
  • Is elder aware of all bank and investment accounts or, at least, have a listing of such.

Expenditures to home shopping networks, lotteries, and contests.The best way to help protect a loved one's nest egg and future financial well-being is to discuss financial matters and come up with a plan for bill payment and money management before intervention is needed. Whether or not arrangements are made to recognize whether an individual suffers from debt or their expenses exceed income, it is vital to take immediate action. Though many would prefer to assist their elder personally with handling financial matters, this is not always possible due to busy schedules and distance. By utilizing the services of a Daily Money Manager, one can help protect their elder from loss of home, utilities, investments, financial abuse and scams, etc. with far less time commitment and, if they choose, can monitor the services provided.

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