Sometimes it’s easiest if the handling of day to day finances doesn’t fall on one of the adult children when Mom or Dad are unable to manage their finances alone. Often, no one has the time to handle the daily bills, or perhaps a lack of trust between siblings makes handing off the task make sense. Daily money managers, a relatively new profession, are gaining popularity, but are they the right choice for your loved one?
A daily money manager is a professional experienced in dealing with the mundane financial matters, including:
- Writing checks
- Reconciling bank accounts
- Organizing tax documents
- Paying bills
- Dispensing cash
- Negotiating with creditors
- Making bank deposits
- Keeping track of investments
On average, a daily money manager will cost between $30 an hour and $150 an hour, depending on what services they offer and what demographic they serve. For low-income seniors, the AARP offers money management services.
