Financial Tips from Daily Money Managers

At Everyday Money Management, we have more than 20 daily money managers who work tirelessly to organize their clients' financial lives. That often involves paying bills, tracking expenses, claiming insurance benefits, and even recovering from fraud. 

Together, our DMM's hold a wealth of knowledge, and we surveyed them to ask for their most important financial tips. 

Here are their words of wisdom:

  • Financial management is about progress, not perfection. Aim to live securely, not die rich, and remember that the best retirement plan includes room for joy.

  • Determine the difference between your wants and your needs. Make sure you have the money to pay for your needs, then consider if you can afford the things you want.

  • Start saving money as early as you can. Even if you can only put away a little at a time, you'll benefit from compounding interest.

  • Talk about money with your children and family so that it's not a taboo topic.


Get Organized!

  • Find your most important papers, record where you put them, and tell a trusted person. This includes:

    • Deeds

    • Wills and trusts

    • Powers of attorney

    • Birth, marriage, and death certificates

    • Divorce records

    • Passports

    • Social Security cards

    • Burial policies and plans

  • Review your memberships and subscriptions! So many of our clients aren't aware of all the things they are paying for. You can save a lot of money by cancelling the things you don't use or need. 

  • Use a password manager to store not only the password but also security questions & answers, and which phone or email receives two-factor codes.

  • Always send important payments, like taxes, by certified mail and keep the record until you know it’s cashed. USPS and recipients do lose items.

  • If math is not your strong suit, round bills up to the next dollar (round up $134.11 to $135.00). Using round numbers makes it easier to balance your checkbook.


Credit Card Tips

  • Use your credit cards for convenience, not to buy things you cannot afford, and pay it off in full each month. If you are struggling with debt, credit card interest will only make your problems worse.

  • If you can't pay your credit card in full, set up automatic payments for the minimum charge to ensure you don't get charged late fees.

  • Remember to claim your credit card rewards! Many of my clients have credit cards with large balances of unused reward points that represent real monetary value. You can redeem these points for merchandise, cash back, or as a direct credit toward your credit card bill.

  • Married couples should ensure each of them has a credit card registered in their own name. If one spouse passes away with everything in their name, the surviving spouse may be left without a functional credit card, even if they were a user on their partner's account.

  • Review the interest rates and benefits of your credit card against other options. There may be other credit cards that serve you better.

  • Make a copy of everything that's in your wallet and keep it in a safe place.  


Fraud Protection Tips

  • Don't ever click on a link that claims you need to make an urgent payment, especially if they say you need to do it within a certain time period. Even if it appears to be from a trustworthy source like the police, scammers prey on fear, so take the time to be sure it's valid.

  • Set up credit freezes with Experian, Equifax, and TransUnion to protect against fraud. Doing this online will allow you to temporarily unfreeze credit when you need to set up a new account.

  • Paying a bill online is often more secure (and cheaper!) than by mail, as fraudsters like to steal checks from mailboxes, wash off the recipient’s name, and try to cash the funds themselves.


Financial Tips for Seniors and Families 

  • Register for an ID.me account and establish online access for Social Security.

  • Set reminders on your calendar to pay estimated taxes at the beginning of the month to avoid late payments and penalties. You may even check with your accountant to see if they offer a direct debit option to make this easy.

  • It's important to keep your beneficiaries up to date for life insurance policies and IRA accounts. This can help your loved ones minimize probate issues. 

  • Download a snapshot of your Social Security payments each year from SSA.gov. This can be used as a substitute if the SSA-1099 tax form is hard to obtain.

  • Consider a limited credit card like True Link to help seniors maintain financial independence while protecting against fraud and cognitive decline. 


If you or your loved ones could benefit from working with a team with this wealth of financial knowledge, please reach out today! 

Leah Nichaman