Daily Money Management Programs for Seniors
Green Country offers a money manager and tracking program inside online banking to help you keep track of your money and see where you’re spending your hard-earned dollars. But for some seniors, that may be too technical, or even just too much to keep up with. There’s another solution to help you and your loved ones stay on top of finances: Daily Money Management Programs.
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 seniors’ 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 that their loved one has some help taking care of their money.
- DMM staff can help a senior understand complicated medical bills that are tough for people of any age to interpret.
- If a senior has trouble writing checks or going to the bank, a DMM can help alleviate these problems.
What should I be careful about?
There is no direct government oversight of the DMM industry, so it is important to choose carefully when selecting a DMM plan. Seek out referrals from friends or family if possible. Set up interviews with 2-3 different providers to learn about their services and the safeguards they take. Ask for references and contact them.
- Fees cover the expenses of providing this service, so carefully weigh the expense.
- Because you are trusting someone else with your loved one’s money, it is 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:
Additionally, the Consumer Financial Protection Bureau has an education series called Money Smart for Older Adults and our financial education partner, Balance, offers many counseling, budgeting, and other financial services online and by phone (toll free 888-456-2227).