Taking Control of Your Finances: How a Daily Money Manager Can Help

Managing day-to-day finances can become more challenging with age, especially if you're juggling medical bills, fixed income budgeting, or unfamiliar paperwork. That’s where a Daily Money Manager (DMM) can step in as a trusted partner to help you stay organized, secure, and financially independent.

What Is a Daily Money Manager?

A Daily Money Manager is a trained professional who helps with routine financial tasks. These can include organizing bills, balancing checkbooks, tracking expenses, preparing tax documents, and reviewing bank statements for unusual activity. While they do not replace accountants or financial planners, DMMs serve as hands-on assistants to make your financial life easier and less stressful.

Why Seniors Choose to Work with DMMs

For many older adults, working with a DMM offers peace of mind. It’s easy to lose track of paperwork, miss a bill payment, or feel overwhelmed by financial decisions. A DMM can help by creating a personalized system that keeps your finances on track without taking away your independence. They can also serve as a second set of eyes to prevent fraud and scams, spot billing errors, and help you avoid late fees or overdrafts.

DMMs are especially valuable for seniors who:

• Have multiple medical or insurance accounts to track

• Find technology-based financial tools confusing

• Live alone or don’t have nearby family to assist

• Want to remain independent while getting organizational support

  
  

How to Find a Reputable Daily Money Manager in NYC

In New York City, there are several ways to find a trustworthy DMM:

• The American Association of Daily Money Managers (AADMM) offers a searchable directory of professionals who adhere to a code of ethics and professional standards. Visit aadmm.com to find a DMM in your borough.

• Senior centers, community organizations, or other agencies like COHME, JASA, DOROT, or Carter Burden Network can often provide referrals or know of financial wellness programs that include money management support.

• NYC Financial Empowerment Centers and Financial Wellness Centers, while not offering DMM services, do provide both free and paid for financial counseling that may help with budgeting and planning. Visit nyc.gov/TalkMoney or https://www.nyc.gov/site/olr/financialplanning/financial-planning-individual-consultations.page to schedule an appointment.

Before hiring a DMM, ask about their experience, certifications, fees, and whether they are insured or bonded. You should also ask for references and discuss exactly what services you’ll need help with.

Protecting Your Financial Security

It’s important to only work with professionals who prioritize your privacy and financial safety. Always sign a written agreement, and consider involving a trusted family member or advocate in the initial meetings. A good DMM will empower you, not take control away from you.

Working with a Daily Money Manager can help manage financial tasks with greater ease and confidence. Whether you need help sorting your bills, spotting financial scams, or just keeping organized, a DMM can offer valuable support—allowing you to focus more on enjoying life and less on paperwork.