Daily Money Manager: How to Tell If Your Aging Parents Need One

How can you tell if your aging parents already need help in managing their finances? How do you know when it is time for you to step in and take care of their financial affairs or hire a professional to do the job? While your parents may not be physically incapacitated in any way, you may need to provide the necessary intervention when you notice any of the following warning signs.

  • There is a huge pile of unopened mail which may include turn-off notices from utility companies and other such notices.
  • Excessive withdrawals of cash and the inability to account for it.
  • Non-reconciled checking account, an excessive number of checking account overdrafts, and late payment fees on credit card bills.
  • Payments to unknown people or companies, and an unusually large number of charitable donations.
  • Non-filing of income tax returns for more than one year.

When you start noticing these signs, it may be time for you to hire a daily money manager (DMM) or personal bookkeeper to help your parents put their financial affairs back in order. A daily money manager may be able to help your aging parents with the following tasks:

  • Reviewing and sorting mail
  • Paying bills on time, and filing or disposing paperwork as needed
  • Balancing their checkbook, preparing checks, dispensing cash and maintaining bank statements and records
  • Filing medical insurance claims and following up as necessary
  • Tracking investments and resolving creditor disputes
  • Organizing tax documents
  • Hiring a daily money manager can help seniors keep their independence while giving you the peace of mind that you deserve. To choose the right manager, look for someone with the right credentials and check if they belong to a reputable trade association such as the American Association of Daily Money Managers (AADMM). You should likewise ask for references from clients and meet a few before you decide.

    To make sure you choose someone you can trust, give us a call at 770-733-1957 (GA) or 410-329-3300 (MD) or send us an email at info@absolutely-organized.com.Absolutely Organized is a member of the AADMM and adheres to the high standards set forth in our industry for servicing our clients’ financial needs professionally and confidentially.

    Plus, be sure grab a download of theMedical Information Worksheet from our book:My Journey to an Organized Life!”

    Upcoming Events and News:

    Kathy Trezise will be presenting a program, “Freedom from Disorganization: Clear the Clutter and Live Your Life”, at the North Atlanta Home Show on Saturday, February 20 at 3:00 p.m. at the Infinite Energy Center in Duluth. Click here to learn all about the program: http://www.infiniteenergycenter.com/events/detail/17th-annual-north-atlanta-home-show

    Check out the article “Helping A Hoarder” in the February edition of NorthsideWoman.com in which Kathy Trezise is quote at http://northsidewoman.com/stories/Helping-a-hoarder,674?

    Photo courtesy of Ambro at freedigitalphotos.net