Daily Money Management Programs for Seniors
If you’re concerned about an elderly loved one meeting their financial obligations, it might seem like you’re having to manage both your own money and theirs. But don’t worry – help is available.
What is a DMM?
A daily money management program, or DMM, is a service for seniors who struggle to handle their financial responsibilities.
How does it work?
A DMM can be thought of as a personal money assistant. Seniors can get help with:
- Remembering important financial dates
- Paying bills
- Making deposits
- Maintaining financial records
- Communicating with creditors
- Guarding against identity theft
- Creating and maintaining a spending plan
What are the benefits?
- A DMM can not only help protect a senior’s assets, but spare them the embarrassment of money missteps
- It can help an elderly person stay in his or her own home instead of needing to move into a retirement facility.
- Family members have less stress knowing their loved one has some help taking care of their money.
- DMM staff can help a senior understand complicated medical bills that can be tough for someone in their golden years to interpret.
- If a senior has trouble writing checks or going to the bank, a DMM can help alleviate these problems.
What precautions should be taken?
There is no direct government oversight of the DMM industry, so it’s important to choose carefully when selecting a provider. Seek out referrals from friends or family if possible. Set up interviews with 2-3 different companies to learn about their services and the safeguards they take. Ask for and contact their list of references.
- Fees cover the expenses of providing this service, so carefully weigh this expense.
- Because you’re trusting someone else with your loved one’s money, it’s important to periodically review the actions taken by the DMM representatives.
Who provides the service?
The following sites have developed a reputation for providing information on trusted DMM providers: