Many of us have never heard the term ‘daily money management’, but it is something with which most of us are very familiar. Tasks such as paying bills, balancing checkbooks, creating and monitoring budgets, and general oversight of our personal finances are all components of daily money management. These activities typically occur on a very frequent, if not daily, basis.
Additional activities which may be considered segments of ‘daily money management’ with which we deal on a less frequent basis include selecting successor trustees for living trusts, handling insurance claims, establishing and carrying out powers of attorney. Nonetheless, these activities are some of the most important for the financial and emotional health of ourselves and our loved ones.
The importance of daily money management was highlighted for the author as his parents declined in health. Tasks which they had previously handled as standard chores of everyday life without a second thought gradually became increasingly difficult to carry out. Eventually some of these daily money management tasks fell to family members who were, fortunately, both willing and able to assist.
In addition to persons of declining health, others who may benefit from assistance with daily money management tasks include frequent travelers, busy professionals, those serving in the military, persons with disabilities, individuals experiencing the loss of a partner due to death or divorce, or those who simply wish for someone else to take the lead on day to day financial matters.
While we often view daily money management from a simplistic 40,000-foot perspective, a sudden change in health, employment or marital status can rapidly bring financial issues into very clear focus for each of us. Should you find yourself in such a situation, know that a professional daily money manager (DMM) is available to assist in safely navigating this uncharted territory.