Should you consider money management?
By CARLA BUSH
and KAYLA WATKINS
Do you have a large pile of mail on a table or floor? Most of this mail maybe junk and should be recycled or disposed of quickly to maintain order in the home. Somewhere in this large pile of “junk mail” is one envelope holding important income tax information and another holding a medical bill that needs immediate attention. Hopefully, you will sort through and find the important documents and dispose of the rest. This is a simple task that we all have to do every day, but as we get older or our family members get older, this simple task can become overwhelming. This is where Daily Money Managers could help.
Daily Money Management services provide basic assistance in the area of personal finance for individuals or couples who can no longer manage their money adequately. DMMs can provide as much or as little assistance as needed. These services can be a great benefit to families who cannot pay bills on time, forget to pay bills, have difficulty writing checks, cannot get to their bank, have trouble managing finances, or are susceptible to scams. Key benefits include the following.
Help Maintain Independence
Although using a DMM may prevent or reveal abuse or fraud, a DMM could also be in a position to take advantage of the client. For this reason, there are some precautions that need to be taken. The first step is to get lots or referrals on anyone you hire. Additionally, consider the following.
If the DMM is paying bills, limit access to one checking account and limit the funds in that account to what is reasonably needed to cover bills.
Have your senior relative signs all checks if capable. DMM could prepare the checks, but the client should still sign.
A trusted family member should still review all bank statements and other records periodically. This will only take a few minutes to check for any irregularities, but could prevent your relative from being robbed. If DMM does not provide you with all records on request, you should terminate the service and find another DMM.