Daily Money Managers for the Average Jill or Joe
By Jay MacDonald
(Bankrate.com)—Nobody likes paying bills, reconciling his checkbook or scrutinizing credit card statements for identity theft and fraud.
Now there's an alternative: the daily money manager, or DMM.
Daily money managers began cropping up across the country in the past decade to take on the tedious monthly bills and paperwork for busy baby boomers, their aging parents and people with disabilities. For an hourly fee, they will pay your bills, make bank deposits, balance your checkbook, organize your tax information, negotiate with your creditors, and provide referrals to accountants, lawyers and financial planners. read more...
When Your Parents Need a Hand
Sometimes, despite the best-laid plans, your parents need your help.
Here's how to lend a hand without sacrificing your savings or your sanity.
Or their dignity.
By Penelope Wang
(MONEY Magazine)—Like the estimated 34 million Americans now caring for an aging loved one, you may be worried that one day soon your mom or dad will need your help. Maybe you've already spotted a few warning signs—a pile of unopened bills lying on a table when you visit, or their frequent complaints about the rising cost of gas or groceries.
You want to step in and help them. But taking on financial tasks for a parent can be a difficult diplomatic dance. Your mom or dad may be reluctant to accept a hand, out of embarrassment or fear of losing their independence. And you may be concerned about how much help you can afford to give without cutting into resources you need for yourself and your kids. read more...
A Money Manager for Mom
By Stacey L. Bradford
(SmartMoney Magazine)—Eighty-year-old Norma McNeal is a Parkinson's sufferer, an avid reader and a political junkie. So the last thing she needs to worry about is whether her utility bill is paid on time or whether she has enough money in her bank account to get through the month. "How could I keep track of things when I can't even sign my own name?" she asks.
About a year ago, McNeal found the solution: She contacted the PIMA Council on Aging in Tucson, Ariz., to help her manage her bills and maintain a budget. The nonprofit organization assigned her a volunteer daily money manager (DMM)—a woman named Chris Curry—who now comes to McNeal's home twice a month to open her mail, pay her bills and balance her checkbook. "Now all I have to do is glance at my mail, put it in a box in the kitchen and know that Chris will take care of it," McNeal says. "I don't know what I would do without her." read more...
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