So what is a Daily Money Manager?

Published on:
Wed, 10 Sep 2014
By:
Barbara
Penny Stacks

I love managing money, developing financial goals, talking about money, reading money articles, sharing my money successes and failures, and of course spending money! Actually, I like spending money ONLY if I feel it’s well spent. My passion for money has led me to a wonderful career as a Daily Money Manager (DMM) for older adults and veterans! I have the privilege of helping my clients pay their bills on time, reconcile their bank statements and other financial accounts, while being ever vigilant about scams, identity theft and other schemes that are lurking everywhere!

Why “Mary’s Daughter”?

In 2011, I created my company, Mary’s Daughter LLC, which was named after my mother, Mary who was influential in my becoming the helping professional I am today. She died peacefully at home at age 93 on February 26, 2014. Mary’s Daughter is a tribute to my mother’s great love and compassion for all of our family, and her willingness to help others in whatever way she could. I am so fortunate to be able to honor her memory and combine my nearly 40 years of social work experience with my passion for service and money management. As far back as I can remember, money or the lack thereof has been a theme throughout my life. I knew my mom worked hard for what she earned and I wanted to do what I could to help out. In elementary school, my classmates were given their lunches on trays. I became adept at asking the popular kids (yes, even then we could tell) if they wanted me to take their trays to the area to be washed. Usually they would leave change on these trays, which I would collect. I would be ecstatic when I made 6 cents because at 2 cents per carton, I would have earned 3 days of milk money. Fast forward to today, I am still a “penny pincher” who will work hard to help my clients manage their financial affairs. I also NEVER pass up an opportunity to pick up a fallen penny, and feel I’ve really scored when I find loose change in my car!

Trust is important!

As an active member of the American Association of Daily Money Managers, a national organization of DMMs who help clients with money matters, I abide by a strict Code of Ethics that I share with clients during our first meeting. It’s important to know and trust anyone who is handling your money, and as we’ve seen way too often, the safeguards that are in place with banks and other financial institutions and are no guarantee against fraudsters and scammers who continue to find new ways to separate you from your money. That is why it is important to review your monthly bank statements, credit card bills, and other financial accounts on a regular basis. For my personal use, I like mint.com, because I monitor my bank accounts daily. I’ve recently seen some new money management apps that are awesome and provide a variety of options for people to keep track of their money. I’d love to hear your thoughts…do you think it’s important to track spending? Why or why not?