updated 10/28/2010 4:45:20 AM ET 2010-10-28T08:45:20

HARRISBURG, Pa., Oct. 27, 2010 (GLOBE NEWSWIRE) -- There are many reasons a person can fall behind on household finances—death of a spouse, disabilities, military deployment, job responsibilities and even travel. Bills and forms can pile up and lead to missed payments, cancellation of services and even bad credit.

Daily Money Managers (DMMs), who are members of the American Association of Daily Money Managers (AADMM), are professionals who can help individuals with the financial tasks necessary to keep their lives running smoothly.

A True Story

During Charles and Dorothy's more than 50 years of marriage, Charles always handled the household finances. Paying the bills, maintaining tax records and sorting through those confusing medical claims and insurance statements was Charles' responsibility and Dorothy was more than happy to let him take care of it.

When Charles passed away, those tasks fell to Dorothy. "Suddenly all this was my responsibility," she says, "and it made me feel overwhelmed. I couldn't focus to get the work done and I was late on just about everything." Dorothy worried that she was starting to miss payments.

The mail and forms started to pile up. Dorothy's children were willing to help, but they lived several hours away. Whenever Dorothy received a piece of mail she did not understand or did not know what to do with, the kids had to do their best trying to help over the phone. "They were busy with their own lives," Dorothy says, "and when we talked I wanted it to be about them and the grandchildren, not my checkbook!" 

This common situation has given rise to a growing sector of financial services: daily money management. Daily money managers provide clients help managing their personal financial affairs. DMMs serve a wide spectrum of clients such as senior citizens, someone with a disability, busy professionals, business travelers or military personnel who are far from home for extended periods of time.

DMMs are skilled professionals who assist clients with all of the daily financial tasks we each have to perform to keep our lives running smoothly. Depending on the client's needs, a DMM might help organize tax records, balance checkbooks, pay bills and file Medicare or insurance claims. They can also help clients develop budgets, track spending and work with their CPAs, attorneys and portfolio managers to ensure timely, efficient and comprehensive service.

A DMM's Solution

According to Amanda DesBarres, a certified Professional Daily Money Manager,"Dorothy contacted Help Unlimited, a daily money management firm my family owns in Maryland. Dorothy quickly became one of my favorite clients. We started by addressing her immediate needs: paying bills and filing tax returns. We were able to remove the late payment fees from her credit cards and we were also able to get tax refunds due to some property tax credits that Dorothy did not know she was eligible for.

"We then looked at making life simpler in the long run. We created a filing system and established a budget."

"Working with Amanda brought clarity," says Dorothy, "And those property tax credits were like Christmas come early!"

DesBarres continues, "Each month, I would visit Dorothy and help her sort through her mail, pay the bills, and keep important documents properly organized. For senior citizens, one of the great advantages of hiring a DMM is that the work can be performed in the client's residence. For people struggling with physical limitations, DMMs help them maintain their independence and control over their personal finances. For seniors grappling with memory issues or dementia, a trusted DMM can help protect them from exploitation and abuse. Additionally, since DMMs work face-to-face with their clients, they might be able to suggest other senior services, such as Meals on Wheels or home health services, that could benefit the client."

Says DesBarres, "Daily Money Managers are also cost-effective. Although CPAs and attorneys could perform some of the functions of a DMM, many want to avoid becoming involved with these daily items. A DMM can often accomplish these tasks more quickly and at a fraction of the cost."

AADMM members also promote excellence in daily money management services through a voluntary certification program that emphasizes both experience in the field and continuing education. Members must adhere to a strict code of ethics and standards of practice. Certified DMMs must also submit to random background checks.

Membership in AADMM is constantly growing. DMMs can be found in 42 states and the province of Ontario, Canada by visiting www.aadmm.com and clicking on "Find A DMM," which allowing search by state, city or ZIP code. Referrals can also come from a lawyer, accountant or social worker.

Amanda DesBarres is a certified Professional Daily Money Manager who has been working with seniors since 2002 and now owns Triad Daily Money Management, Inc. in Winston-Salem, South Carolina.

The American Association of Daily Money Managers (AADMM) is a membership organization comprised of individuals who provide daily money management services directly to their own clients. AADMM is committed to promoting high standards of client services provided by members through its professional certification program and to supporting the growth of the daily money management industry in numbers of providers, in recognition of the field and in the quality of services provided. For more information go to:  www.aadmm.com .

(Editor's Note: Sections of the article above involve a true story of how American Association of Daily Money Managers (AADMM) members help their clients keep financial order. Dorothy's last name is held for client confidentiality.)

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com