Daily Money Management for Seniors
- Saves children and other family members from becoming overburden.
Often the adult children do not live close by or are busy themselves which makes it hard or difficult for them to assume the responsibility. Daily money management (DMM) can make sure the bills are paid on time, bank accounts reconciled, and checks get deposited. DMM have the additional benefit of keeping older adults and family members up to date on older adults monthly sources of income and living expenses.
- Maintain independence.
Studies have shown that older adults who are assisted with DMM are able to maintain their living standards for a longer period of time. It is recognized that older adults who are unable to manage their finances are at risk for
- Impoverishment
- Homelessness
- Institutionalization
- Protects against financial exploitation and fraud.
DMM protects older adults from the illegal or improper use of an older adult’s funds or property. DMM reviews bank statements, canceled checks, deposits, credit card statements, large dollar activity, and suspicious activity.