Today’s Q&A on is about Daily Money Management

Question:  “What would be a reasonable hourly wage to pay someone to take care of financial and household management for my senior mother here in Sacramento County, CA?”

Answer:  It sounds like your mother needs a daily money manager (DMM).  DMM’s help people handle their daily finances and, depending on their individual practice, a variety of other administrative tasks.  Rates will vary based on the tasks they handle as well as geographic area and other factors.  Whatever the rate they charge, any potential DMM should thoroughly discuss the scope of the work you need and agree on a price before any work is done.  Be sure you understand how the DMM bills and what charges you will be billed for. 

Be sure you hire someone who has experience in handling personal financial matters as well as being insured.  This is not a time to hire the cheapest person you can find.  You want to be sure your mother’s affairs will be handled correctly and ethically. 

Although there is no licensing for Daily Money Managers, many are members of The American Association of Daily Money Managers and are members of the national ElderCare Matters Alliance. 

You can find many Daily Money Managers on – America’s #1 source for Elder Care Experts, Information & Answers.

Cindy Lail, DMM
Checks & Balances, Personal Financial Services, LLC
Lawrenceville, GA  30044
Member of the national ElderCare Matters Alliance, Georgia chapter

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