What is Daily Money Management?

Daily Money Managers help people handle their daily finances and, depending on their individual practice, a variety of other administrative tasks.

There are 2 different daily money management programs at Diablo Valley Foundation for The Aging: AARP Volunteer Money Management Program and Fee for Service Money Management Program.

The AARP Volunteer Money Manager Program offers money management service to help low-income older and/or disabled adults who have difficulty budgeting, paying routine bills, and keeping track of financial matters. An AARP Money Manager can also help deal with some debt problems, help obtain credit report/score. Organizations like Diablo Valley Foundation (DVFA) supervises volunteers and monitors all accounts. AARP recruits volunteers for the program and provides general guidelines.

Within AARP Volunteer Money Management Program, there are 2 programs: Representative Payee and Bill Pay.

When someone becomes the Representative Payee, he or she will set up a new bank account which is accessible only to the Representative Payee. A volunteer is assigned who will visit the client, work out a budget, and pay the bills. Clients must be 60 years old and older, and have a qualifying annual income limit of $35,298 for a single person and $49, 947 for the couple, assets under $35,000 (excluding home and car). AARP requires a medical verification of client’s inability to manage his/her own finances.

A monthly fee for Representative Payee Program may be charged depending on income and other expenditures

If someone becomes Bill Payer, all of the above applies, except the client retains control over his/her accounts, and medical verification is not required.

A monthly fee for Bill Payer Program may be charged on case-by-case basis.

A Fee for Service Money Manager will research all financial documents to determine the clients’ financial position and assets, sets up a Quicken or other financial software program that will track assets, expenses, and income. The Fee for Service Money Manager also writes client’s checks upon receipt of bills, reconciles all accounts monthly to statements, and sends reports to family when requested.

FFS Money Manager also reviews all accounts to analyze net worth, transfers funds when necessary, makes deposits/withdrawals from clients’ accounts, and prepares information for annual tax preparation.

Basic FFS Money Management fee is around $50/hr plus mileage to client’s residence.

Robert Kain, Executive Director
Diablo Valley Foundation for the Aging
Walnut Creek, California  94595

About Daily Money Management was last modified: May 22nd, 2018 by Phil Sanders