As our parents age, money management can often become a source of trouble and frustration for them. From financial stress, identity theft, and financial scams to banking technology, and the constant message “go to our website”, older adults might be struggling to keep up and the adult children might be called in to take over. But adult children often do not live in close proximity to their parents and they usually don’t have time or skill to manage it all.
When my mother was in her late 80’s, she was paying all her own bills and managing her investments. She was never scammed but came close once. When my brother offered to take over this drudgery for her, she was completely thrilled and relieved. In reviewing ‘the books’ he discovered that she had paid her property taxes late twice a year for five years! She was so embarrassed but also very grateful to him. But how much time do we have for another set of finances to manage?
Fortunately, there’s another worthy solution! According to the Wall Street Journal (“An Easy Way to Pay the Bills: Hiring Someone Else to Do It,” October 29, 2012), “money management is taking on a whole new meaning these days. While traditional money managers invest the assets, daily money managers are now popping up to tackle the day-to-day work for people who either can’t or won’t do it themselves.” Daily money managers will pay bills, reconcile bank statements, organize records for tax returns and even help consumers straighten out problems with banks and creditors, create spending budgets and analyze income and expenses for future planning. Their clients range from busy professionals to retirees. Increasingly, busy lifestyles and the bourgeoning aging population have made daily money managers a more sought-after resource. How do you know if a Daily Money Manager would be helpful for your family?
You could use a Daily Money Manager if:
- You are too busy with work or family to keep your finances in order
- You have recently experienced a significant life change (divorce, death of a spouse or parent, a move) and are feeling overwhelmed.
- You have an older parent who doesn’t seem to have the attention to detail they used to have
- You or your parent are in poor health and don’t feel able to properly manage money matters
These services can be extremely valuable for older adult themselves, too. A recent client of mine did not want her daughter knowing how she spent her money. But at age 85, also she did not feel confident in her ability to keep herself on a budget. With the help of her Daily Money Manager, she knew her bills were paid, her weekly cash allowance was sufficient, and her privacy was maintained.
Regardless of your situation, peace of mind results from total financial support. A daily money manager can be a core member of your parent’s team. This frees your time and attention so you can focus on enjoying your parents!
More information about this can be obtained from The American Association of Daily Money Managers (www.aadmm.com).
Need a referral? I have one! Let me know!
ALWAYS feel free to call Millie at 415-987-8636!