When Money Doesn’t Add Up

If you or your loved one has become overwhelmed with managing finances, paying bills, or keeping track of financial documents, it might be time to get some help. What kind of assistance is available?

Sign up for online bill pay

If paying bills on time or correctly is a problem, setting up the bills to be paid automatically through the bank can keep the main utilities up to date.

Have someone in the family checking the finances

Sometimes things need to be checked — like whether the credit card bill really contains legitimate charges, or whether your loved one signed up to send in donations that are not in their budget. Someone doing a monthly check might take care of this concern. In addition, apps such as Quicken or Money Monarch can help with budgeting and sending out payments for multiple scenarios.

Hire a money manager

If things are more complicated or you don’t have anyone to help, it may be time to enlist a certified daily money manager (DMM) — someone who has been specially trained to manage finances.

A money manager can help an older adult retain their independence while alleviating the stress of financial management. They can also lighten the burden for caregivers who may be trying to manage a loved one’s finances from out of town.

Money managers can provide things like:

• Paying monthly bills and balancing an account

• Getting rid of unused subscription services

• Preparing and delivering bank deposits

• Acting as a liaison between you and insurance brokers, attorneys, and healthcare providers

• Deciphering medical bills and tracking insurance claims

• Maintaining financial records and organizing documents

“I provide peace of mind for the [older adult] and their family, knowing that their financial tasks are being taken care of in a timely fashion,” says Jim Gravitt, a CPA and certified senior advisor who owns Grace Financial Care PLLC in Louisville.

It is perfectly normal to feel nervous or apprehensive about turning your finances over to someone else, Jim adds. It’s important to note that you will maintain complete control, including signature authority over all your banking and financial accounts. Jim also recommends selecting a professional DMM who is a member of the American Association of Daily Money Managers. Members of this organization are subject to a background check and must adhere to professional standards and ethics. In addition, you should check professional and client references. “An in-person meeting goes a long way to ensure a good fit for both parties,” Jim says.

By Kym Voorhees Raque