Daily Money Managers Can Help Seniors with Financial Chores
Savvy Senior
November 6, 2022 at 4:14 p.m.
...by Jim Miller
Can you recommend any services that can help my elderly mother with her financial chores? My dad always used to handle the bill paying and paperwork, but he passed away last year, and mom struggles to keep on top of things. And I don’t live close enough to help her on a regular basis.
--Concerned Daughter
Dear Concerned,
The types of services they provide typically includes paying bills, maintaining financial records, balancing checkbooks and negotiating with creditors. DMMs can also prepare checks for clients to sign, help older people organize bank and financial records, prepare and deliver bank deposits, gather and organize documents for tax returns, help decipher medical bills, and review bank statements in order to detect potential financial abuse or fraud.
The best place to look for a professional DMM in your mom’s area is through the American Association of Daily Money Managers (
Before hiring a daily money manager, however, get references from two or more of their clients and check them. Also, find out what they charge and what type of insurance coverage they have. Keep in mind that neither federal nor state governments regulate the DMM industry, so there is little oversight of these services. So before turning over your mom’s bills, make certain it’s someone you can trust.
One other highly rated bill-paying service you should know about that’s specifically designed for older adults and caregivers is SilverBills (
If you opt for this service, your mom will be paired with an account manager who will communicate and work with her over the phone, or through email, text or mail (her preference) – no computer is required. SilverBills also reviews all bills for errors and fraud and provides monthly statements showing the date, amount and manner of each payment.
