What is a Daily Money Manager?

A Daily Money Manager (DMM) helps to bring clarity and order to an individual’s management of bills, budgets, and organization of household paperwork. A DMM assists clients with bill paying, balancing their checkbook, banking, budgeting, medical and insurance paperwork, organizing records, statements and receipts, and providing referrals to local professional and social services.

A Daily Money Manager compliments the work of other professionals, such as accountants, lawyers, financial advisors, tax preparers and social services. They facilitate the completion of the day-to-day tasks rather than determining long-term financial plans.

Posted in Daily Money Mgr

How do you know if someone needs Daily Money Management Services?

There are many reasons a person might need daily money management services.

It is time to enlist the help of a professional Daily Money Manager if you see the following warning signs:

  1. Bills are not paid on time, resulting in discontinued utilities, late fees or penalties.
  2. The same bills are paid multiple times.
  3. Cannot keep track of assets or property.
  4. Bills, important papers, checks, cash or credit cards are misplaced.
  5. Forgets to open and pay bills or deposit checks.
  6. Makes irresponsibly large donations to charities.
  7. Spends excessively on miscellaneous items.
  8. Giving excessive financial reimbursement or gifts for needed care and companionship.
  9. Signed legal documents (property transfers, power of attorney or created a new will) but does not comprehend the transaction or what it meant.
  10. A caregiver has control of the money but is failing to provide for the person’s needs.

Contact Financial Friend, LLC for a free consultation by calling 937-408-9599 or by email.

For additional information on Daily Money Management or to find a provider in your area, visit the American Association of Daily Money Managers website  www.aadmm.com.

Posted in Daily Money Mgr, Financial Abuse & Exploitation, Warning signs

Financial Abuse & Exploitation

Seniors and dependent adults from all walks of life face abuse and neglect every day. Anyone can be a victim of financial abuse or exploitation. However, there are steps you can take to help protect yourself from abuse and neglect.

Plan for your future! Consult family members, friends and professionals you trust.

  • Have your income direct deposited into your bank accounts.
  • Update your legal documents. Talk with an attorney to create or update your estate plan, living will, revocable trust and durable power of attorney documents.
  • If managing your day-to-day finances become difficult, consider utilizing a professional daily money manager.

Be cautious! Dishonest people target seniors and will take advantage of them. Consider doing the following:

  • Register your phone number with the National Do Not Call Registry.
  • Reduce junk mail by removing your name from the mailing list of marketers.
  • Shred documents that contain personal information and account numbers.
  • Do not provide personal information such as your social security number, credit card numbers or bank account information over the phone unless you know who you are talking to or you placed the call.

Stay connected! Keep in touch with others on a regular basis. Build a network of family, friends, neighbors and groups that you can interact with every day.

Report abuse!

  • In case of immediate danger, call 911.
  • If you or someone you know experience abuse or neglect in a community setting, call Adult Protective Services (APS) in your area.
  • If you or someone you know experience abuse or neglect in a long term care facility, contact the Long Term Care Ombudsman Program.

Protect yourself and take a stand against financial abuse and exploitation.

Posted in Daily Money Mgr, Financial Abuse & Exploitation