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The Best Times to Start Working with a Daily Money Manager

August 1, 2023

There’s no “bad” time to start working with a Daily Money Manager, but there are some life events we tend to see more often as we onboard new clients – events that trigger the need for a little help on the personal finance front. Here are some typical examples of the best times to start working with a Daily Money Manager (DMM).

Receiving a Substantial Raise or Bonus

We get a lot of phone calls from prospective clients who have recently received or who are about to receive a financial windfall of some kind. They have the foresight to know that they don’t want to squander the opportunity to be financially savvy. Should they pad their emergency fund? Can they afford to do that kitchen renovation? Can they join the country club now? A great time to find a reputable Daily Money Manager is when you have questions like this. It’s a good problem to have!

Purchasing a 2nd or 3rd Home

A second home is often more difficult to manage, financially, than your primary residence. There are just as many bills associated with it, but you’re not always there to receive the mail. Also…out of sight, out of mind. Right? The purchase of an additional home, whether it’s for pleasure or for income, often triggers financial stress and therefore the desire for help. A good Daily Money Manager can not only help you make sure all of your bills are being paid on time, but they should also assist you to track the cash flow of each of your properties. How much is the summer cottage costing on a monthly or annual basis? Your DMM should have these figures available at their finger tips.

Divorce or Passing of Spouse

The loss of a spouse, whether due to divorce or death, can often trigger the need for help with personal finances. In most cases, the person picking up the phone to call us is the person who was not in charge of the household finances in the past. They’re lost and don’t know how to proceed. They’re overwhelmed by the thought of having to identify all of their vendors and creditors and how to properly manage their money going forward. It’s a scary thing to take on this task as an adult when you’ve never done it before. This can be a good time to do your due diligence and find a trust-worthy Daily Money Manager.

“Lifestyle Creep”

Remember that guy or gal from up above who is climbing the ladder at work and making some good money? Well, he or she is probably experiencing what we call lifestyle creep. It’s not an “event” per-say, but more of a gradual upgrade in lifestyle as your income grows. It happens without you even realizing. And then one day you wake up and see all of these material items you own, memberships you hold, and activities you participate in and you’re like “Wait a minute. When did this happen? Is all of this really necessary?” A good Daily Money Manager can help you determine what your fixed costs are vs. what you have the ability to change. They can highlight the areas where you’ve slowly begun to overextend yourself. They can often even help you unravel those things.

If any of these life events ring true for you, and you think you might benefit from a conversation with a Daily Money Manager, feel free to drop us a line.