Keeping Senior Independent

The Chicago Tribune recently ran an interesting article that everyone who has a relative or loved one having trouble paying bills and managing life’s paperwork, especially insurance paper, would benefit from reading.

senior man

Photo credit: Chicago Tribune

Entitled Daily Money Management Services Keep Senior Independent, the article points out how hiring a professional daily money manager associated with the American Association of Daily Money Managers may help maintain a senior’s independence, protect their nest egg, and make their lives more peaceful and manageable.

When doctor bills, Medicare statement, and credit card bills begin to pile up, it’s a good indication that a senior may be becoming increasingly forgetful, unable to handle the mail because of poor eyesight, or is simply becoming overwhelmed.

The frauds prey on seniors and they are defenseless against money scammers. The article reported one client who was an “inch away from sending her checking account number to a foreign entity.” When the adult children live far away and can’t regularly monitor a senior’s bill paying, having a trusted daily money manager can be the only resource available to be 100% sure assets are protected, and what little money might be available is spent properly and legally.

Our fees for these services are reasonable, especially considering the risk taken without this type of financial oversight. Clients send their bills to us, and we in turn pay them from the client’s account. If there are insufficient funds in the account, or if an invoice or statement appears out of line with the norm, the senior and/or a family member is immediately notified.

Not just for seniors, busy executives who frequently travel, and snowbirds that maintain two residences, also benefit from daily money management services. If you believe these services may be beneficial to your or a loved one, we invite you to call us for a friendly no-obligation conversation at (513) 322-1036. You can learn more at or visit our website’s Money Management page.

Caring for Mom’s Nest Egg

Lillian was having problems paying bills on time and managing her life’s paperwork. She worried about it constantly, but didn’t want her grown children to know—after all, they had their own families to tend to and didn’t live close by. Since her early 70s she’d noticed her memory slipping, but after Joe her husband of 53 years passed a few years ago, life had become stressful. Joe had done everything around the house, including the bill paying. By her 76th birthday, Lillian was still in fairly good shape physically. She stayed active and tended to her dietary needs. However, her short term memory issues worsened so that some bills were paid late. Developing cataracts made close-up work difficult and bill paying a frustration.

After an honest and loving conversation between Lillian and her adult children about these struggles, the decision was made to engage a Daily Money Manager (DMM).

birds nestNot exclusively for seniors, DMMs have been in demand by the wealthy for generations. As the population aged and it became the norm for children to leave the hometowns they grew up in, daily money management filled a growing need. The computer age and the increase in fraud, especially scams that prey on seniors, called for a stronger degree of financial oversight for seniors. Whether living at home or in senior housing, elders without that oversight might see their nest egg gone.

Daily Money Managers provide services that are highly customized to their client’s needs. Nowadays, clients have their bills sent directly to the DMM company, which scrutinizes them for accuracy then pays them out of the client’s checking account. If anything irregular appears on a bill, they verify the payment with the client beforehand.

Had Lillian engaged with DLMoneyMatter’s DMM division, she would now be enjoying her retirement free from the worries of managing her daily financial affairs—and her children would have the peace of mind that Mom is safe from late fees, fraud, and daily money worries. If you have a Lillian in your life, or know someone who does, please forward this email or refer them to us for a free, no-obligation quote on Daily Money Management services with us.

Avoid Debt This Christmas

Gifts can be expensive at Christmas, but with a little planning and discipline you can put the “merry” back in shopping this season. Here are a few helpful tips:

Christmas presents

  • Make a List. If you prefer to shop the stores, before you go make a list and a budget. Decide in advance how much you’ll spend for each person on your gift list and don’t let anything deter you once you’re in the stores.
  • Use Gift Cards. Before heading for the mall, consider shopping with gift cards. Some stores offer discount gift cards including Apple, Costco, Target and many of the major banks. Discounted Gift Cards
  • Get Cash Back. Rather than use an assortment of store credit cards for purchases, use your credit card with the best deal on cash back. You can’t enjoy an immediate discount, but it may pay off in the long run.
  • Explore Social Media. Social media is packed with deals. If you know where you’ll shop, check their website’s social media buttons like Facebook and Twitter and read their posts to find money-saving discount codes.
  • Ask for Discounts. If shopping online, don’t hesitate to take advantage of a good barter. Once you have a few items in your cart, before you click the purchase button, try the online chat button. Let them know your cart’s total and ask for a 15% discount or you will abandon your cart and make your purchase somewhere else. This won’t work every time, but it’s worth the effort.
  • Group Gift. When buying gifts for an entire family or group, consider a “group” gift instead of individual presents. You might consider a basketball hoop and ball for an active family, or a gift from Omaha steaks that everyone in the family can enjoy.
  • Re-Gift. If you work in an office, suggest a Secret Santa ‘white elephant’ gift exchange.

According to a 2015 Gallup poll, the average shopper intends to spend an average of $830 on gifts, and 30% plan to spend over $1,000. Of the total, the amount spent on family members was $462, and couples, depending on how long they were married, spend from $92.50 in the first year to over $300 in the later years (hmm, how love grows!).

But one statistic stands out: how much you spend on yourself while shopping for others! According to one survey, 55.8% will splurge on themselves adding an extra $132 to their Christmas spending. With all the bargains out there this season, it’s no wonder we find it so easy to justify a little pampering for the weary shopper.

Have a merry shopping Christmas from all of us at DLMoneyMatters.