Late payment notices, overdraft fees, missed deadlines, confusing medical bills--you don’t have to be a senior to encounter these unwelcome surprises in your mailbox. While keeping up with paperwork is something people of all ages must do, it can be especially overwhelming for seniors and the disabled. A trusted family member or friend can help, but people often do not want to be a burden on loved ones or might not have a local support system in place willing and able to be of regular assistance. The results of letting things “fall through the cracks” can be disastrous and costly.
“Here is where a daily money manager comes to the rescue,” says Karen R. Caccavo, MBA owner of Personal Money Manager in New City, NY. “Ours is a relatively new profession but a needed one,” she has observed during her ten years in business in the New York tri-state area.
What do Daily Money Managers Do?
“We’re not accountants, attorneys, or financial planners but we often provide the “boots on the ground” for these professionals (and often our clients’ families, too) working with individuals who want or need in-home help with paperwork.” Karen is a New York State notary and belongs to the 700 member American Association of Daily Money Managers (AADMM.com), and adheres to the professional organization’s strict Code of Ethics. She also belongs to the over 4,000 member National Association of Productivity and Organizing Professionals, but is strictly a financial and paper organizer—no attics or basements, please.
Personal Money Manager’s clients range in age from 49 to 101. They work with her on a weekly, monthly or “as needed” basis. “Some of my clients are simply outsourcing that aspect of their lives – having me open mail, pay bills, track their spending, organize paperwork for taxes and bring to their attention important correspondence. Others are disabled or elderly and simply can’t do these essential tasks any more. My assistance helps them stay independent. Each client is different and I tailor my services to his or her needs,” says Karen.
As John SanFilippo, VP Financial Consultant with Charles Schwab said, “As a Daily Money Manager / Financial Organizer, you provide a very important service, and more people—clients and other trusted advisors—need to know about it.”