The Top 5 Benefits of a Daily Money Manager
May 31, 2023
The term “Daily Money Manager” is still relatively new to the financial universe. Often, people know they have stress around their personal finances and they take to Google, but they don’t really even know what they’re searching for or if there’s someone who can help. Below, I outline the top 5 benefits of a daily money manager so you can see if this is the right path for you!
1. Peace of Mind
The most important benefit of having a daily money manager is that we offer our clients peace of mind knowing that their bills are being paid on time and with care. Generally, when we speak with prospective clients, they’re stressed out about their finances. They’re missing due dates or they’re feeling disorganized. They don’t have time to properly manage bill payments and budgets and they’re looking for someone to offload the burden to. We’re in an era where we don’t have to be all things to all people. It’s ok to focus on what you’re good at and what makes you happy. Delegating the management of your personal finances to an expert in her field will bring great peace of mind.
We like to tell our clients that we’re taking care of the nitty gritty leg work so that we can put them in the CFO seat. Our goal, as daily money managers, is to dig deep into the numbers and present the data to our clients in a clean, simplified state. A huge benefit of hiring a DMM is getting yourself out of the weeds and into the c-suite. You are the decision maker, not the worker bee. No more overwhelm or disorganization. Professionals are now managing your bills and presenting you with real times cash flow data and recommendations so you can swiftly and confidently make decisions about your personal finances.
When it comes to personal finances, we’re often looking at our spending history and analyzing what already happened. When prospective clients call, they’re often expressing anxiety that they don’t know what’s going to happen next week, month, or year. Another benefit of hiring a daily money manager is that we’re trained to project in the short to medium term. Do today’s spending behaviors jive with your plans for a family trip to Europe in 2030? Can we put a savings strategy in place to ensure that vacation comes to fruition? Yes! We as daily money managers love nothing more than to help make your short-to-medium term financial goals come to life. That’s the fun part!
More times than not, we find our new clients in a state of over-complication. There are too many bank accounts, too many credit cards. Bills are being paid from all different places, some on autopay, some not. The wife takes care of certain things while the husband takes care of others. All of these things can cause stress, and the idea of digging yourself out is scary. We’re experts in simplification. The best way to fully and comprehensively understand your personal financial state is to get back to basics. We like to see our clients with one Bill Payment Account, one personal checking account, one savings account, and one or two credit cards that have great travel or cash back benefits. A major benefit of a daily money manager is to have someone help you simply your financial life.
5. Improved Credit Score
Although there are many more than 5 benefits of a daily money manager, the final one for this article is an improved credit score. Most times we miss due dates, it’s not because we didn’t have the cash to pay the bill on time. It’s because we were busy with various other things, and we forgot to make the payment. Or we forgot to ensure the checking account was funded ahead of those automatic ACH’s. Daily money managers are always looking ahead at account balances and due dates so that bills are paid on time and accounts are sufficiently funded. A long history of on-time bill payments is the number one factor in determining your credit score.
If you’re ready for more peace of mind, control, foresight, and simplicity of your finances, we’re here to help. Click here to learn about how we work with you to make sense of your daily money management.