Is anyone using a daily money manager?

[LA_Newsboy]

Hello folks,

Anyone using a daily money manager to handle their bill-paying, etc.? I've been noodling with the idea that, years down the road, I might want someone to handle my small-caliber financial matters--cable bill, utilities, insurance, etc.


I've researched the job and understand what a daily money manager does, but I'd like to hear some tales from the trenches of how it works, including any advice, does/don'ts, etc.



Thank you for any and all help.

 

[pb4uski]

A bit of a moot issue for many of us who have everything possible on autopay.

I do fill that role for my 91-yo mother, though most everything that she has is set up on autopay as well.

 

[COcheesehead]

Technology exists to do much of this today without paying someone.

 

[ownyourfuture]

No experience relating to daily money managers.

One of my nieces, along with myself, are starting to take care of things like that for my Mother. Might that be an option for you when the time comes ?

 

[Jerry1]

Having everything on auto pay is fine, but shouldn’t someone be responsible for reviewing transactions and making sure everything is on the level? I guess that’s a little different than a money manager, but if I didn’t have a trusted family member to handle my situation when it comes to that, I think I’d be okay with paying for it. Of course finding a trustworthy person/company would be the challenge.

 

[Taxman59]

A bit of a moot issue for many of us who have everything possible on autopay.

Wasn't there a case of a woman who was found in England mundified in her home? She had her pension direct deposited, all bills on auto pay.
Apparently she was a loner, and no family. I would have thought that either the extreme build up of cash in her account or a cash shortfall would have occurred and triggered a question or two. As long as the AC was working the neighbors couldn't smell. And think how quiet a neighbor she was!

 

[OldShooter]

Wasn't there a case of a woman who was found in England mundified in her home? She had her pension direct deposited, all bills on auto pay.
Apparently she was a loner, and no family. I would have thought that either the extreme build up of cash in her account or a cash shortfall would have occurred and triggered a question or two. As long as the AC was working the neighbors couldn't smell. And think how quiet a neighbor she was!

You can't make decisions on edge cases. The statistical probability of this happening to any one of us is zero to several decimal places.

Other, more likely scenarios should govern planning. We have a son and a good attorney that we'll get involved when the time comes. Like @PB4, though, almost everything is on autopay.

 

[donheff]

I do it myself right now but we have another thread going about how we are planning to handle things when/if we become incompetent. This is an aspect of that. My son or daughter can take over the day to day since they live nearby and are over frequently. A lot of people don't have someone nearby and it can become an issue.

 

[rk911]

Hello folks,

Anyone using a daily money manager to handle their bill-paying, etc.? I've been noodling with the idea that, years down the road, I might want someone to handle my small-caliber financial matters--cable bill, utilities, insurance, etc.


I've researched the job and understand what a daily money manager does, but I'd like to hear some tales from the trenches of how it works, including any advice, does/don'ts, etc.



Thank you for any and all help.

all of our usual and routine bills are on autopay and all of our income, other than giffs, are on auto-deposit. been doing this for a long time since it made traveling very EZ. this will have the added benefit of aiding my wife if I pass first.

 

[Retired Expat]

I know people who used to do this and many got ripped off. With auto pay, pay from your phone, e bills where you get the bill from your bank and they tell you when to pay, Zelle and so many other ways this has been made so much easier I can’t see ever paying a stranger to do this. I manage a bunch of properties is different states and countries. No big thing anymore!