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5 Tips on How to Choose a Daily Money Manager

5 Tips on How to Choose a Daily Money Manager

Money matters. So if you’re struggling to cope with managing your finances, it’s important to know that a daily money manager (DMM) could be the answer to your financial woes.

Not sure how to choose the ideal DMM? Here’s are some actionable tips to help you decide.

Know what help you need from a daily money manager

Your financial position and personal needs are unique to your situation. So it makes sense that you have an honest think about exactly what financial tasks you need help with and which goals to set, such as paying your loans fast.

When you’re transparent about what you need your DMM to do, it makes their job much easier and you’ll get the best value from their service.

Need help understanding those medical bills? Struggling with creating a budget? Detest organizing all that paperwork? Having a frank conversation with your DMM means they can work with you on those problem areas, putting you on a positive pathto getting it sorted.

Ask for referrals from people you trust

Since daily money managers aren’t regulated, it’s vital you only work with those you can trust. After all, they’re handling your financial details and other sensitive data!

Start with your friends, family, and coworkers. As DMMs help all kinds of clients, then you probably know a few people who can give a solid referral. It’s often the best way to find a trustworthy service since people will usually tell you if they’ve had a bad experience!

Check with the American Association of Daily Money Managers (ADMM)

Although DMMs aren’t regulated, ADMM offers certification and training for daily money managers, so they’re a fantastic resource for finding a service you can rely on. Certification involves 1,500 hours of training and an exam to pass, and their mission is to provide ethical services.

And the best part? You can search their directory of DMMs for free, online.

Be clear on how your daily money manager charges for their services

We’re talking money, so a priority for you is knowing what your DMM charges, and how you’re billed for their time.

This varies drastically because there are so many factors that change case by case.

Does your daily money manager visit you in your home, and do they charge extra for this?

Do they charge a flat rate, or bill by the hour?

Do some of their services cost more than others, for example, if you need more complex help like with medical bills?

Meet with a few DMMs before you work together

The profession of the daily money manager is steadily growing in popularity, so there are many organizations out there providing this service.

But does that mean you should rush to work with the first person you contact? Not necessarily.

For your peace of mind, plan to meet with a few DMMs before signing any contracts. As they’ll be managing private matters of your life, it’s important you feel comfortable with the person you’re handing this over to.

Do you feel you can trust them, and most importantly, be honest with them about your situation and what you need help with?

Take the stress and confusion out of money matters. With this advice, find the right DMM for you and reach your financial goals.