The Benefits of a Daily Money Manager

by Beth Carroll, CPA Cornerstone Money Management

During the last two years of my mother’s life, she faced serious illness. The stress of my mom’s declining physical health was exacerbated by financial concerns about the future, such as the availability of financial resources to pay for her home care and my father’s ability to now handle their daily financial responsibilities. As a certified public accountant, I was not able to cure her medical challenges, but I organized her finances and crafted a plan, allowing her to focus on her health and family.

I had become my mother’s daily money manager. Managing money is one of the ways we maintain independence and control over our lives. If one’s physical or mental state is deteriorating, financial management often becomes more challenging, thus jeopardizing one’s independence and/or financial well-being.

A daily money manager is a financial organizer who pays bills and manages daily financial tasks. An adult child with the parent’s best interests at heart is often the senior’s daily money manager. However, some seniors do not have children, while others have adult children that live far away or the adult children do not have the time or ability to be responsible for their parent’s finances.

Examples of someone who can benefit from the services of a daily money manager include an elderly gentleman struggling with illness who is having trouble remembering to pay his bills on time or a recent widow who does not have the confidence to manage her cash flow. Adult children responsible for managing an aging parent’s financial affairs might also need the assistance of a daily money manager.

Be observant for warning signs that the senior in your life is having trouble with their finances. These signs include unopened mail, unpaid bills, excessive purchases and increasing credit card debt. Precipitating factors may include physical illness, response to medications, loss of a spouse, and depression.

After my mother’s passing, I searched for a way to share my organizational and financial skills with others. As a daily money manager, my goal is to help seniors and their families take control of their finances, simplify their lives, and achieve peace of mind.

If you have any questions or are interested in these services, please call Beth Carroll at ​(401) 323-4895.

Beth Carroll, CPA
Cornerstone Money Management, LLC
Phone: (401) 323-4895