Would you like to have someone make sure your bills are paid on time – every time, organize your tax documents and get them to your accountant? How about someone to check up on reimbursements from your insurance company that are due to you? If you think this sounds too good to be true, think again. You don’t have to be among the rich and famous to have someone to do all these things; you need to hire a daily money manager (DMM).

Daily money managers are a professional

Personal financial matters are becoming more complicated, and it’s tough to find the time to focus on them. Not spending the necessary time can cause personal finances to become unmanageable. What a good time to introduce a Daily Money Manager. Visit our blog, if you need some assistance on what questions to ask when hiring a DMM. A DMM is a bonded and insured professional ensuring that nothing falls through the cracks by providing essential financial services such as:

  • Paying bills, including making calls to clear up any issues
  • Balancing the checkbook and organizing bank records
  • Preparing and making bank deposits
  • Tracking expenses
  • Filling out insurance forms
  • Assisting with tax records
  • Negotiating with creditors
  • Create a clear filing system for your financial paperwork

Daily money managers are a compliment, not a replacement

A DMM will manage everything that comes across your monthly mail that relates to your finances but is not a replacement for a bookkeeper or accountant. Their work will complement the work of other financial specialists and help keep your finances running smoothly. Your accountant will make sure you get all the tax benefits due to you, and your DMM will make sure your accountant has all the information they need to do so. For example, a DMM will keep organized and accurate financial records which can be easily compiled for tax preparation by an accountant. Once prepared, the DMM can make sure the documents are correctly signed, the appropriate checks are attached, and that the returns are mailed promptly. Remember, a DMM will not offer legal or tax advice, but they should be able to recognize any relevant issues should they arise.

Daily Money Manager as a good partner

Your DMM can visit as often as you need them to. On a weekly, bi-monthly or monthly basis to review mail and pay bills. They will also review credit card statements, phone bills, etc., reviewing for any unwarranted charges. If there is a need, they will make phone calls to resolve any of these issues on your behalf. As a financial partner, you can rest assured that your DMM is working hard on your behalf. As a professional, you may need time to focus on other important things in life, like your family and career without losing sight of where your finances stand. Your DMM will help avoid late fees, therefore preventing falling credit scores. As a senior, you can have peace of mind that your finances are being kept up to date and correct, preventing the need for family members to step in.
So, if you are a senior looking for a second set of eyes on your finances or a busy professional who doesn’t have time, a DMM would especially be a good fit for you. Contact My Confidant today to learn more about daily money management services.

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